What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-11-07 compared with 2025-08-08 · 176 added, 164 removed, 640 unchanged (35% of the section changed)

4 unchanged sentences

(In thousands, unaudited)

June 30, December 31,

September 30, December 31,

2025 2024 2024

18 unchanged sentences

Operating lease liabilities, net of current portion 76,599 70,496 76,184

83,001 69,223 76,184

Long-term debt, net of current portion and issuance costs 346,709 442,885 362,563

351,994 448,171 362,563

Deferred income tax 94,088 89,226 90,303

17 unchanged sentences

(In thousands except per-share amounts, unaudited)

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

32 unchanged sentences

(In thousands except per-share data, unaudited)

Three Months Ended June 30, 2025 and 2024

Common Stock Additional Paid-in Retained Accumulated Other Comprehensive DCP Vested

Shares Par Value Capital Earnings Loss Stock

Balance at March 31, 2025 41,802 $ 419 $ 311,215 $ 1,611,095 $ ( 34,626 ) $ ( 1,284 ) $ ( 25,105 ) $ 1,861,714

Three Months Ended September 30, 2025 and 2024

Common Stock Additional Paid-in Retained Accumulated Other Comprehensive DCP Vested Treasury

Shares Par Value Capital Earnings Loss Stock Stock Total

Balance at June 30, 2025 41,590 $ 419 $ 315,528 $ 1,702,437 $ ( 26,652 ) $ ( 1,235 ) $ ( 60,457 ) $ 1,930,040

Net income — — — 107,444 — — — 107,444

1 unchanged sentence

Pension adjustment, net of tax — — — — ( 16 ) — ( 16 )

— — — — ( 11 ) — — ( 11 )

Cash flow hedges, net of tax — — — — 5,158 — 5,158

Stock-based compensation expense and deferred compensation plan ("DCP") expense — — 5,705 — — — — 5,705

— — 4,375 — — — — 4,375

Common stock held in DCP — — 1,686 — — ( 1,686 ) — —

( 1 ) — ( 49 ) — — 49 — —

Distribution/ diversification of common stock held in DCP 1 — — — 62 — 62

Change in redemption value of stock awards in DCP — — 246 — — — 246

— — ( 69 ) — — — ( 69 )

Shares issued from release of Restricted Stock Units 1 — ( 91 ) — — — — ( 91 )

Repurchase of common stock, including excise tax ( 159 ) — — — — — ( 30,298 ) ( 30,298 )

( 217 ) — — — — — ( 35,352 ) ( 35,352 )

Cash dividends declared on common stock, $0.29 per share — — — ( 11,962 ) — — — ( 11,962 )

Balance at June 30, 2025 41,590 $ 419 $ 315,528 $ 1,702,437 $ ( 26,652 ) $ ( 1,235 ) $ ( 60,457 ) $ 1,930,040

Balance March 31, 2024 42,442 $ 424 $ 309,661 $ 1,440,165 $ ( 24,587 ) $ — $ — $ 1,725,663

Balance at September 30, 2025 41,433 $ 419 $ 322,828 $ 1,798,165 $ ( 21,158 ) $ ( 2,859 ) $ ( 90,755 ) $ 2,006,640

Balance June 30, 2024 42,163 $ 424 $ 313,323 $ 1,526,192 $ ( 24,881 ) $ — $ ( 50,257 ) $ 1,764,801

Net income — — — 93,519 — — — 93,519

3 unchanged sentences

Cash flow hedges, net of tax — — — — ( 11,427 ) — — ( 11,427 )

Stock-based compensation expense — — 3,667 — — — — 3,667

Stock-based compensation and deferred compensation plan ("DCP") expense — — ( 2,506 ) — — — — ( 2,506 )

Common stock held in DCP — — 1,074 — — ( 1,074 ) — —

Change in redemption value of share awards in DCP — — — ( 1,533 ) — — — ( 1,533 )

Shares issued from release of Restricted Stock Units 1 — ( 6 ) — — — — ( 6 )

Repurchase of common stock, including excise tax — — — — — — ( 23 ) ( 23 )

( 283 ) — — — — — ( 50,257 ) ( 50,257 )

Cash dividends declared on common stock, $0.28 per share — — — ( 11,807 ) — — — ( 11,807 )

Balance at June 30, 2024 42,163 $ 424 $ 313,323 $ 1,526,192 $ ( 24,881 ) $ — $ ( 50,257 ) $ 1,764,801

Balance at September 30, 2024 42,164 $ 424 $ 311,885 $ 1,606,371 $ ( 10,355 ) $ ( 1,074 ) $ ( 50,280 ) $ 1,856,971

The accompanying notes are an integral part of these condensed consolidated financial statements

3 unchanged sentences

(In thousands except per-share data, unaudited)

Six Months Ended June 30, 2025 and 2024

Common Stock Additional Paid-in Retained Accumulated Other Comprehensive DCP Vested

Shares Par Value Capital Earnings Loss Stock

Nine Months Ended September 30, 2025 and 2024

Common Stock Additional Paid-in Retained Accumulated Other Comprehensive

DCP Vested Treasury

Shares Par Value Capital Earnings Loss Stock Stock Total

Balance at December 31, 2024 41,878 $ 424 $ 307,197 $ 1,646,568 $ ( 46,773 ) $ ( 1,297 ) $ ( 100,771 ) $ 1,805,348

5 unchanged sentences

Stock-based compensation and deferred compensation plan ("DCP") expense — — 15,061 — — — — 15,061

— — 9,357 — — — — 9,357

Common stock held in DCP ( 16 ) — 1,724 — — ( 1,724 ) — —

( 16 ) — 38 — — ( 38 ) — —

Distribution/ diversification of common stock held in DCP 1 — — — 162 — 162

1 — — — — 100 — 100

Changes in redemption value of stock awards in DCP — — — ( 656 ) — — ( 656 )

— — — ( 902 ) — — ( 902 )

Shares issued from release of Restricted Stock Units 71 1 ( 4,680 ) — — — ( 4,679 )

Repurchase of common stock, including excise tax ( 522 ) — — — ( 90,755 ) ( 90,755 )

( 363 ) — — — — — ( 60,457 ) ( 60,457 )

Retirement of treasury stock — ( 6 ) — ( 100,765 ) — — 100,771 —

1 unchanged sentence

Common stock issued at $165.83 per share for stock bonus 21 — 3,526 — — — 3,526

Balance at June 30, 2025 41,590 $ 419 $ 315,528 $ 1,702,437 $ ( 26,652 ) $ ( 1,235 ) $ ( 60,457 ) $ 1,930,040

Balance at September 30, 2025 41,433 $ 419 $ 322,828 $ 1,798,165 $ ( 21,158 ) $ ( 2,859 ) $ ( 90,755 ) $ 2,006,640

Balance at December 31, 2023 42,323 $ 426 $ 313,119 $ 1,426,554 $ ( 9,990 ) $ — $ ( 50,363 ) $ 1,679,746

4 unchanged sentences

Cash flow hedges, net of tax — — — — ( 4,121 ) — — ( 4,121 )

Stock-based compensation — — 7,752 — — — — 7,752

Stock-based compensation and deferred compensation plan ("DCP") expense — — 5,246 — — — — 5,246

Common stock held in DCP — — 1,074 — — ( 1,074 ) — —

Change in redemption value of share awards in DCP — — — ( 1,533 ) — — — ( 1,533 )

Shares issued from release of Restricted Stock Units 124 1 ( 7,554 ) — — — — ( 7,553 )

Repurchase of common stock, including excise tax ( 283 ) — — — — — ( 50,280 ) ( 50,280 )

( 283 ) — — — — — ( 50,257 ) ( 50,257 )

Retirement of treasury stock — ( 3 ) — ( 50,360 ) — — 50,363 —

Cash dividends declared on common stock, $0.83 per share — — — ( 35,068 ) — — — ( 35,068 )

Balance at June 30, 2024 42,163 $ 424 $ 313,323 $ 1,526,192 $ ( 24,881 ) $ — $ ( 50,257 ) $ 1,764,801

Balance at September 30, 2024 42,164 $ 424 $ 311,885 $ 1,606,371 $ ( 10,355 ) $ (1,074) $ ( 50,280 ) $ 1,856,971

The accompanying notes are an integral part of these condensed consolidated financial statements

3 unchanged sentences

(In thousands, unaudited)

Six Months Ended

Nine Months Ended

September 30,

Cash flows from operating activities

1 unchanged sentence

Adjustments to reconcile net income to net cash provided by operating activities:

Gain on sale of assets and other ( 280 ) ( 436 )

Net gain on disposal of assets

( 14,361 ) ( 460 )

Depreciation and amortization 64,619 60,979

4 unchanged sentences

Noncash compensation related to stock plans and other changes in the fair value of DCP 19,716 16,017

Provision (recovery) for credit losses 837 ( 1,008 )

Provision for credit losses

Deferred hedge gain ( 5,320 ) ( 2,556 )

18 unchanged sentences

Repayments of line of credit and term loan ( 45,939 ) ( 20,080 )

( 38,392 ) ( 13,942 )

Dividends paid ( 35,557 ) ( 34,694 )

3 unchanged sentences

Net decrease in cash and cash equivalents 57,933 ( 90,395 )

( 48,971 ) ( 74,971 )

Cash and cash equivalents at beginning of period 239,371 429,822

13 unchanged sentences

Certain amounts in the Condensed Consolidated Financial Statements of the prior year have been reclassified to conform to the fiscal 2025 presentation.

For the three and six months ended June 30, 2025 , the Company also reclassified certain engineering costs related to the Company's digital efforts from research and development and engineering expense as well as selling expense to general and administrative expense.

For the three and nine months ended September 30, 2025 , the Company also reclassified certain engineering costs related to the Company's digital efforts from research and development and engineering expense as well as selling expense to general and administrative expense.

These reclassifications had no impact on the Company's Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Stockholders’ Equity or Condensed Consolidated Statements of Cash Flow.

6 unchanged sentences

The effect of the change to the straight-line method resulted in a reduction of $ 1.6 million in depreciation expense and an estimated $ 1.2 million increase in net income, or approximately $ 0.03 per basic and $ 0.03 per diluted share;

for the three months ended June 30, 2025 .

The effect of the change for the six months ended June 30, 2025 resulted in a reduction of $ 3.6 million in depreciation expense and an estimated $ 2.7 million increase in net income, or approximately $ 0.06 per basic and $ 0.06 per diluted share.

for the three months ended September 30, 2025.

The effect of the change for the nine months ended September 30, 2025 resulted in a reduction of $ 5.2 million in depreciation expense and an estimated $ 3.9 million increase in net income, or approximately $ 0.09 per basic and $ 0.09 per diluted share.

Interim Reporting Period

13 unchanged sentences

Every quarter, the Company evaluates the customer group using the accounts receivable aging report and its best judgment when considering changes in customers' credit ratings, level of delinquency, customers' historical payments and loss experience, current market and economic conditions, and expectations of future market and economic conditions.

The changes in the allowance for doubtful accounts receivable for the six months ended June 30, 2025 are outlined in the table below:

The changes in the allowance for doubtful accounts receivable for the nine months ended September 30, 2025 are outlined in the table below:

December 31, 2024 Expense (Deductions), net Write-Offs 1

June 30, 2025

September 30, 2025

Allowance for credit losses $ 2,998 1,772 ( 130 ) $ 4,640

$ 2,998 837 ( 1 ) $ 3,834

1 Amount is net of recoveries and the effect of foreign currency fluctuations.

11 unchanged sentences

The fair values of the Company’s contingent consideration related to acquisitions is classified as Level 3 within the fair value hierarchy, as these amounts are based on unobservable inputs such as management estimates and entity-specific assumptions and are evaluated on an ongoing basis.

The following tables summarize the financial assets and financial liabilities measured at fair value for the Company as of June 30, 2025 and 2024:

The following tables summarize the financial assets and financial liabilities measured at fair value for the Company as of September 30, 2025 and 2024:

(in thousands)

15 unchanged sentences

Contingent considerations — — 5,400 — — 6,587

(1) The carrying amounts of cash equivalents, representing money market funds traded in an active market with relatively short maturities, are reported on the consolidated balance sheet as of June 30, 2025 and 2024 as a component of "Cash and cash equivalents".

(2) The carrying amounts of our term loan and revolver approximate fair value as of June 30, 2025 based upon their terms and conditions in comparison to debt instruments with similar terms and conditions available on the same date.

(1) The carrying amounts of cash equivalents, representing money market funds traded in an active market with relatively short maturities, are reported on the consolidated balance sheet as of September 30, 2025 and 2024 as a component of "Cash and cash equivalents".

(2) The carrying amounts of our term loan and revolver approximate fair value as of September 30, 2025 based upon their terms and conditions in comparison to debt instruments with similar terms and conditions available on the same date.

(3) Derivatives for interest rate, foreign exchange and forward swap contracts are discussed in Note 7.

25 unchanged sentences

The deferred compensation obligation is measured independently at fair value of the underlying assets.

The Company previously presented certain DCP transactions within existing financial statement line items of the condensed consolidated balance sheets and Condensed Consolidated Statement of Stockholders’ Equity for period ended June 30, 2024.

The Company has reflected these DCP transactions in the accompanying Condensed Consolidated Balance Sheets and Condensed Consolidated Statement of Stockholders’ Equity for the periods ended June 30, 2025 and December 31, 2024.

The transactions resulted in reclassifying equity balances related to "Non-qualified deferred compensation plan share awards" as mezzanine equity for $ 9.7 million and they were combined with stock-based compensation expense in the Condensed Consolidated Statement of Stockholders’ Equity for the three and six months ended June 30, 2025.

The Company has evaluated the prior period reclassifications both qualitatively and quantitatively and has concluded that they have an immaterial impact on the periods presented.

Business Combinations and Asset Acquisitions

27 unchanged sentences

The provision for income taxes includes federal, state and foreign taxes currently payable, and deferred taxes due to temporary differences between the financial statement and tax bases of assets and liabilities.

In addition, future tax benefits are recognized to the extent that realization of such benefits is more

likely than not.

In addition, future tax benefits are recognized to the extent that realization of such benefits is more likely than not.

This method gives consideration to the future tax consequences of the deferred income tax items and immediately recognizes changes in income tax laws in the year of enactment.

14 unchanged sentences

Early adoption is permitted and the amendments can be applied either on a prospective or a retrospective basis.

The Company will adopt the ASU beginning with its fourth quarter ending December 31, 2025 and expects the application of this ASU will not have a material impact on its Condensed Consolidated Financial Statements.

The Company will adopt the ASU beginning with its fourth quarter ending December 31, 2025 and expects the application of this ASU will not have a material impact on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03 requiring public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the financial statements.

2 unchanged sentences

The Company is currently assessing the potential impacts of adoption on the consolidated financial statements.

In May 2025, the FASB issued ASU 2025-03 that clarifies the guidance in determining the acquirer in an acquisition transaction effected primarily by exchanging equity interests when the legal acquiree is a Variable Interest Entity (VIE) that meets the definition of a business.

The amendments require that an entity consider the same factors that are currently required for determining which entity is the accounting acquirer in other acquisition transactions.

The ASU is effective for annual periods beginning after December 15, 2026.

In July 2025, the FASB issued ASU 2025-05 that provides a practical expedient in developing forecasts as part of estimating expected credit losses.

The amendment permits the Company to elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset.

The ASU is effective for annual and interim periods beginning after December 15, 2025.

Early adoption is permitted and is effective on a prospective basis.

The Company is currently assessing the potential impacts of adoption on the consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06 that removes all references to prescriptive and sequential software development stages throughout Subtopic 350-40.

The amendment modernizes the guidance for internal-use software costs, including website development, by eliminating development stage requirements and introducing a probable-to-complete threshold for capitalization.

The ASU is effective for annual and interim periods beginning after December 15, 2027.

Early adoption is permitted and is effective on either a prospective, modified or retrospective transition approach.

The Company is currently assessing the potential impacts of adoption on the consolidated financial statements.

The Company does not believe other new accounting pronouncements issued by the FASB that have not become effective will have a material impact on its Condensed Consolidated Financial Statements.

3 unchanged sentences

Wood Construction Products Revenue .

Wood construction products represented approximately 85.1 % and 85.3 % of total net sales for the six months ended June 30, 2025 and 2024, respectively.

Wood construction products represented approximately 84.8 % and 85.2 % of total net sales for the nine months ended September 30, 2025 and 2024, respectively.

Concrete Construction Products Revenue.

Concrete construction products represented approximately 14.7 % and 14.6 % of total net sales for the six months ended June 30, 2025 and 2024, respectively.

Concrete construction products represented approximately 15.0 % and 14.7 % of total net sales for the nine months ended September 30, 2025 and 2024, respectively.

Customer acceptance criteria.

Generally, there are no customer acceptance criteria included in the Company's standard sales agreement with customers.

When an arrangement with the customer does not meet the criteria to be accounted for as a revenue contract under the standard, the Company recognizes revenue in the amount of nonrefundable consideration received when the Company has transferred control of the goods or services and has stopped transferring (and has no obligation to transfer) additional goods or services.

additional goods or services.

The Company offers certain customers discounts for paying invoices ahead of the due date, which are generally 30 to 60 days after the issue date.

12 unchanged sentences

The time period between when consideration was received to when performance obligations are complete may not be significant.

As of June 30, 2025 and 2024, the Company's contract liability was $ 6.0 million and immaterial, respectively.

The Company recognized revenue of $ 2.7 million during the period ended June 30, 2025 .

As of September 30, 2025 and 2024, the Company's contract liability was $ 4.1 million and $ 10.3 million , respectively.

The Company recognized revenue of $ 3.0 million and $ 1.6 million from the contract liability during the three months ended September 30, 2025 and 2024, respectively.

The Company had no material contract assets from contract with customers.

2 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in thousands, except per share amounts) 2025 2024 2025 2024

10 unchanged sentences

Under the 2011 Plan, no more than 16.3 million shares of the Company’s common stock in aggregate may be issued, including shares already issued pursuant to prior awards granted under the 2011 Plan.

Shares of the Company's common stock underlying awards to be issued pursuant to the 2011 Plan are registered under the Securities

Shares of the Company's common stock underlying awards to be issued pursuant to the 2011 Plan are registered under the Securities Act of 1933.

Under the 2011 Plan, the Company may grant restricted stock and restricted stock units.

2 unchanged sentences

Stock-based compensation capitalized in inventory was immaterial for all periods presented.

The Company recognized stock-based compensation expense related to its equity plans for employees of $ 6.4 million and $ 5.1 million for the three months ended June 30, 2025 and 2024, respectively, and $ 12.9 million and $ 10.4 million for the six months ended June 30, 2025 and 2024, respectively.

During the six months ended June 30, 2025 , the Company granted an aggregate of 117,279 RSUs and PSUs to the Company's employees, including officers at an estimated weighted-average fair value of $ 170.10 per share based on the closing price (adjusted for certain market factors primarily the present value of dividends) of the Company's common stock on the grant date.

The Company recognized stock-based compensation expense related to its equity plans for

employees of $ 5.8 million and $ 4.7 million for the three months ended September 30, 2025 and 2024, respectively, and $ 18.7 million and $ 15.1 million for the nine months ended September 30, 2025 and 2024, respectively.

During the nine months ended September 30, 2025, the Company granted an aggregate of 118,984 RSUs and PSUs to the Company's employees, including officers at an estimated weighted-average fair value of $ 169.91 per share based on the closing price (adjusted for certain market factors primarily the present value of dividends) of the Company's common stock on the grant date.

The RSUs and PSUs granted to the Company's employees may be time-based, performance-based, or time and performance-based.

6 unchanged sentences

In May 2025, the Company granted 6,000 shares of the Company's common stock to the non-employee directors, based on the average closing price of $ 155.09 per share and recognized $ 0.9 million of expense.

As of June 30, 2025, the Company's aggregate unamortized stock compensation expense was approximately $ 33.1 million which is expected to be recognized in expense over a weighted-average period of 2.3 years.

As of September 30, 2025, the Company's aggregate unamortized stock compensation expense was approximately $ 28.3 million which is expected to be recognized in expense over a weighted-average period of 2.2 years.

Trade Accounts Receivable, net

Trade accounts receivable consisted of the following:

As of June 30, As of December 31,

As of September 30, As of December 31,

(in thousands) 2025 2024 2024

4 unchanged sentences

The components of inventories are as follows:

As of June 30, As of December 31,

As of September 30, As of December 31,

(in thousands) 2025 2024 2024

7 unchanged sentences

The Company only enters into derivative instrument agreements with counterparties who have highly rated credit.

As of June 30, 2025 , the aggregate notional amounts of the Company's outstanding interest rate contracts, cross currency swap contracts, EUR forward contract, and net investment hedge were $ 376.9 million, $ 395.1 million, $ 321.7 million, and $ 557.2 million, respectively.

As of September 30, 2025, the aggregate notional amounts of the Company's outstanding interest rate contracts, cross currency swap contracts, EUR forward contract, and net investment hedge were $ 371.3 million, $ 389.2 million, $ 321.7 million, and $ 557.2 million, respectively.

In May 2025, the Company entered into a cross-currency swap expiring in May 2032 to hedge its exposure to adverse foreign currency exchange rate movements for its operations in Europe, which qualifies as net investment hedge.

4 unchanged sentences

Any difference between the change in fair value of the excluded component and amounts recognized in earnings will be recognized in the CTA section of OCI.

The effects of cash flow hedge accounting on the Condensed Consolidated Statement of Earnings and Comprehensive Income for the six months ended June 30, were as follows:

(in thousands) Cost of sales Interest income, net and other finance costs

Other & foreign exchange loss, net Cost of sales Interest income, net and other finance costs

Other & foreign exchange loss, net

The effects of cash flow hedge accounting on the Condensed Consolidated Statement of Earnings and Comprehensive Income for the nine months ended September 30, were as follows:

(in thousands) Cost of sales Interest income, net and other finance costs Other & foreign exchange loss, net Cost of sales Interest income, net and other finance costs Other & foreign exchange loss, net

Total amounts of income and expense line items presented in the Condensed Consolidated Statement of Earnings in which the effects of fair value or cash flow hedges are recorded $ 957,711 $ 4,315 $ 151 $ 916,551 $ 4,111 $ 352

7 unchanged sentences

Amount of gain reclassified from OCI to earnings — — — ( 188 ) — —

The effects of derivative instruments on the Condensed Consolidated Statement of Earnings and Comprehensive Income for the three months ended June 30, 2025 and 2024 were as follows:

The effects of derivative instruments on the Condensed Consolidated Statement of Earnings and Comprehensive Income for the three months ended September 30, 2025 and 2024 were as follows:

Cash Flow Hedging Relationships Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from OCI into Earnings Gain (Loss) Reclassified from OCI into Earnings

3 unchanged sentences

Forward contracts — — FX gain (loss) 11 ( 19,134 )

Cost of goods sold — —

Total $ 4,575 $ ( 20,285 ) $ 2,353 $ ( 15,169 )

The effects of derivative instruments on the Condensed Consolidated Statement of Earnings and Comprehensive Income for the six months ended June 30, 2025 and 2024 were as follows:

Cash Flow Hedging Relationships Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from OCI into Earnings Gain (Loss) Reclassified from OCI into Earnings

The effects of derivative instruments on the Condensed Consolidated Statement of Earnings and Comprehensive Income for the nine months ended September 30, 2025 and 2024 were as follows:

Cash Flow Hedging Relationships Gain (Loss) Recognized in OCI Location of Loss Reclassified from OCI into Earnings

Gain (Loss) Reclassified from OCI into Earnings

(in thousands) 2025 2024 2025 2024

1 unchanged sentence

Cross currency contracts ( 45,007 ) 3,048 Interest expense 1,929 3,433

Forward contracts — — FX gain (loss) ( 49,880 ) 14,484

Forward contracts — — FX loss

( 49,869 ) ( 4,900 )

Cost of goods sold — ( 188 )

Total $ ( 46,766 ) $ 5,221 $ ( 42,072 ) $ 7,648

For the three months ending June 30, 2025 and June 30, 2024, loss on the net investment hedge of $ 45.4 million and gain on the net investment hedge of $ 5.2 million were included in OCI, respectively.

For the three months ending June 30, 2025 and June 30, 2024, excluded loss of $ 1.3 million and gain of $ 1.3 million were reclassified from OCI to interest expense, respectively.

For the six months ending June 30, 2025 and June 30, 2024, loss on the net investment hedge of $ 49.5 million and gain on the net investment hedge of $ 9.9 million were included in OCI, respectively .

For the six months ending June 30, 2025 and June 30, 2024, excluded loss of $ 2.5 million and gain of $ 2.5 million were reclassified from OCI to interest expense, respectively.

As of June 30, 2025 , the aggregate fair values of the Company’s derivative instruments on the Condensed Consolidated Balance Sheet were comprised of an asset of $ 16.6 million, of which $ 14.6 million is included in other current assets, and the balance of $ 2.0 million as other non-current assets, and of a non-current liability of $ 98.5 million included in the “ Other long-term liabilities ” of the condensed consolidated balance sheets.

For the three months ending September 30, 2025 and 2024, net investment hedge gain of $ 7.8 million and loss of $ 8.8 million were included in OCI, respectively.

For the three months ending September 30, 2025 and 2024, excluded loss of $ 1.3 million and gain of $ 1.3 million were reclassified from OCI to interest expense, respectively.

For the nine months ending September 30, 2025 and 2024, loss on the net investment hedge of $ 41.8 million and gain on the net investment hedge of $ 1.0 million were included in OCI, respectively.

For the nine months ending September 30, 2025 and 2024, excluded loss of $ 3.8 million and gain of $ 3.8 million were reclassified from OCI to interest expense, respectively.

As of September 30, 2025, the aggregate fair values of the Company’s derivative instruments on the Condensed Consolidated Balance Sheet were comprised of an asset of $ 15.2 million, of which $ 13.9 million is included in other current assets, and the balance of $ 1.4 million as other non-current assets, and of a non-current liability of $ 87.5 million included in the “ Other long-term liabilities ” of the condensed consolidated balance sheets.

Property, Plant and Equipment, net

Property, plant and equipment consisted of the following:

As of June 30, As of December 31,

As of September 30, As of December 31,

(in thousands) 2025 2024 2024

12 unchanged sentences

The Company presented the asset's carrying value of approximately $ 2.4 million in “Other current assets” of the condensed consolidated balance sheets.

In July 2025, the Company sold its existing facility in Gallatin, Tennessee that is part of the Company's Administrative and All Other segment for approximately $ 19.0 million in net proceeds after closing costs and sale price adjustments, which resulted in an estimated gain on disposal of fixed assets of $ 12.9 million.

The Company recognized the gain as i ncome from operations with the Condensed Consolidated Statements of Earnings and Comprehensive Income.

To provide a temporary transition until the Company relocates to the new facility, the Company has leased back the sold facility from the buyer for approximately five months.

The Company treated the leaseback transaction as a short-term lease and will recognize the rent expense on the straight-line basis over the lease term.

Goodwill and Intangible Assets, net

Goodwill consisted of the following:

As of June 30, As of December 31,

As of September 30, As of December 31,

(in thousands) 2025 2024 2024

10 unchanged sentences

Foreign exchange 189 — 189

Balance as of June 30, 2024 38,130 ( 6,233 ) 31,897

Purchases 15,800 — 15,800

Balance as of September 30, 2024 38,787 ( 6,925 ) 31,862

Reclassifications 2

15,800 — 15,800

Amortization — ( 1,397 ) ( 1,397 )

1 unchanged sentence

Balance as of December 31, 2024 53,472 ( 8,322 ) 45,150

( 3,434 ) — ( 3,434 )

Amortization — ( 2,553 ) ( 2,553 )

Foreign exchange 5,522 — 5,522

Balance as of June 30, 2025 $ 54,762 $ ( 9,662 ) $ 45,100

Balance as of September 30, 2025 $ 55,560 $ ( 10,875 ) $ 44,685

(in thousands) Gross Carrying

5 unchanged sentences

Foreign exchange 382 — 382

Balance as of June 30, 2024 22,395 ( 20,704 ) 1,691

Balance as of September 30, 2024 22,890 ( 20,968 ) 1,922

Amortization — ( 302 ) ( 302 )

3 unchanged sentences

Foreign exchange 115 — 115

Balance as of June 30, 2025 $ 22,659 $ ( 21,638 ) $ 1,021

Balance as of September 30, 2025 $ 22,574 $ ( 21,815 ) $ 759

(in thousands) Gross Carrying

3 unchanged sentences

Balance as of December 31, 2023 $ 28,147 $ ( 15,745 ) $ 12,402

5,144 — 5,144

Purchases 29,095 — 29,095

Amortization — ( 1,824 ) ( 1,824 )

Reclassifications 1

( 1,673 ) — ( 1,673 )

Foreign exchange ( 6 ) — ( 6 )

Balance as of June 30, 2024 33,243 ( 16,585 ) 16,658

Purchases 8,956 — 8,956

Balance as of September 30, 2024 55,563 ( 17,569 ) 37,994

Amortization — ( 1,148 ) ( 1,148 )

Reclassifications 2

( 14,995 ) — ( 14,995 )

Foreign exchange ( 1 ) — ( 1 )

1 unchanged sentence

Amortization — ( 3,170 ) ( 3,170 )

Reclassifications

( 270 ) — ( 270 )

Foreign exchange 69 — 69

Balance as of June 30, 2025 $ 43,640 $ ( 21,165 ) $ 22,475

Balance as of September 30, 2025 $ 40,366 $ ( 21,887 ) $ 18,479

(in thousands) Gross Carrying

5 unchanged sentences

Amortization — ( 13,381 ) ( 13,381 )

Reclassifications 1

1,673 — 1,673

Foreign exchange 2,992 — 2,992

Balance as of June 30, 2024 266,053 ( 55,088 ) 210,965

Purchases 7,456 — 7,456

Balance as of September 30, 2024 288,108 ( 59,780 ) 228,328

Disposals 331 — 331

Amortization — ( 3,981 ) ( 3,981 )

Reclassifications 2

( 3,717 ) — ( 3,717 )

Foreign exchange ( 19,737 ) — ( 19,737 )

1 unchanged sentence

Amortization — ( 13,611 ) ( 13,611 )

Reclassifications

Foreign exchange 24,768 — 24,768

Balance as of June 30, 2025 $ 291,702 $ ( 73,003 ) $ 218,699

Definite-lived and indefinite-lived assets, net, by segment were as follows :

As of June 30, 2025

Gross Carrying Amount

Accumulated Amortization

Net Carrying Amount

Balance as of September 30, 2025 $ 290,672 $ ( 77,372 ) $ 213,300

Definite-lived and indefinite-lived intangible assets, net, by segment were as follows:

As of September 30, 2025

Gross Carrying Amount Accumulated Amortization Net Carrying Amount

(in thousands)

3 unchanged sentences

Total $ 524,722 $ ( 132,205 ) $ 392,517

As of June 30, 2024

Gross Carrying Amount

Accumulated Amortization

Net Carrying Amount

1 In 2024, the Company reclassified certain intangible assets from the “ Non-Compete Agreements, Trademarks and Other ” to “ Customer Relationships.

2 In 2024, the Company finalized acquisitions of businesses that resulted in reclassifications of certain intangible assets with offset to goodwill and other net working capital adjustments.

The final amounts are measurement period adjustments for conditions that existed at the acquisition date.

As of September 30, 2024

Gross Carrying Amount Accumulated Amortization Net Carrying Amount

(in thousands)

4 unchanged sentences

As of December 31, 2024

Gross Carrying Amount

Accumulated Amortization

Net Carrying Amount

Gross Carrying Amount Accumulated Amortization Net Carrying Amount

(in thousands)

5 unchanged sentences

Definite-lived intangible assets include customer relationships, patents, unpatented technology, and non-compete agreements.

Amortization of definite-lived intangible assets was $ 6.7 million and $ 5.7 million for the three months ended June 30, 2025 and 2024, respectively, and was $ 13.4 million and $ 11.3 million for the six months ended June 30, 2025 and 2024, respectively.

Amortization of definite-lived intangible assets was $ 7.1 million and $ 6.6 million for the three months ended September 30, 2025 and 2024, respectively, and was $ 19.9 million and $ 18.0 million for the nine months ended September 30, 2025 and 2024, respectively.

The weighted-average amortization period for all amortizable intangibles on a combined basis is 6.5 years.

Indefinite-lived intangible assets are primarily trade names, which totaled $ 112.1 million, $ 91.6 million, and $ 105.7 million as of June 30, 2025 , and 2024 and December 31, 2024, respectively.

At June 30, 2025 , the estimated future amortization of definite-lived intangible assets was as follows:

Indefinite-lived intangible assets are primarily trade names, which totaled $ 115.3 million, $ 95.7 million, and $ 105.7 million as of September 30, 2025, and 2024 and December 31, 2024, respectively.

At September 30, 2025, the estimated future amortization of definite-lived intangible assets was as follows:

(in thousands)

Remaining six months of 2025 $ 13,035

Remaining three months of 2025 $ 6,678

Thereafter 148,205

The changes in the carrying amount of goodwill and intangible assets for the six months ended June 30, 2025 , were as follows:

The changes in the carrying amount of goodwill and intangible assets for the nine months ended September 30, 2025, were as follows:

(in thousands) Goodwill Intangible Assets

Balance at December 31, 2024 $ 512,383 $ 375,051

(33) (3,512) 3

Reclassifications 4

(3,149) 3,149

Amortization — ( 19,879 )

Foreign exchange 48,635 37,708

Balance at June 30, 2025 $ 560,633 $ 399,361

Balance at September 30, 2025 $ 557,836 $ 392,517

3 During the period ended September 30, 2025, the Company disposed certain intangible assets.

4 During the period ended September 30, 2025, the Company finalized an acquisition of a business that resulted in $3.1 million decrease in goodwill with offsets to tradenames, developed technology, and customer relationships.

The final amounts are measurement period adjustments for conditions that existed at the acquisition date.

The Company has operating leases for certain facilities, equipment and automobiles.

4 unchanged sentences

The ROU assets are amortized on a straight-line basis over the lease term.

The following table provides a summary of leases included on the Condensed Consolidated Balance Sheets as of June 30, 2025 and 2024 and December 31, 2024, Condensed Consolidated Statements of Earnings and Comprehensive Income, and Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024:

Condensed Consolidated Balance Sheets Line Item June 30, December 31,

The following table provides a summary of leases included on the Condensed Consolidated Balance Sheets as of September 30, 2025 and 2024 and December 31, 2024, Condensed Consolidated Statements of Earnings and Comprehensive Income, and Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024:

Condensed Consolidated Balance Sheets Line Item September 30, December 31,

(in thousands) 2025 2024 2024

Operating leases

Operating leases Operating lease right-of-use assets $ 100,649 $ 84,305 $ 93,933

Operating - current Accrued expenses and other current liabilities $ 19,697 $ 16,673 $ 19,415

Operating - noncurrent Operating lease liabilities 83,001 69,223 76,184

Assets Operating lease right-of-use assets $ 94,363 $ 87,097 $ 93,933

Current Accrued expenses and other current liabilities $ 19,965 $ 18,094 $ 19,415

Noncurrent Operating lease liabilities 76,599 70,496 76,184

Total operating lease liabilities $ 96,564 $ 88,590 $ 95,599

The components of lease expense were as follows:

Condensed Consolidated Statements of Earnings and Comprehensive Income Line Item Three Months Ended June 30,

Condensed Consolidated Statements of Earnings and Comprehensive Income Line Item Three Months Ended

September 30,

(in thousands) 2025 2024

Operating lease cost General administrative expenses and cost of sales

$ 6,489 $ 4,801

General administrative expenses and cost of sales $ 6,478 $ 5,599

Other Information

Supplemental cash flow information related to leases is as follows:

Three Months Ended June 30,

Three Months Ended

September 30,

(in thousands) 2025 2024

2 unchanged sentences

Operating right-of-use assets obtained in exchange for new lease liabilities 742 5,862

The following is a schedule, by years, of maturities of operating lease liabilities as of June 30, 2025 :

The following is a schedule, by years, of maturities of operating lease liabilities as of September 30, 2025:

(in thousands) Operating Leases

Remaining six months of 2025 $ 12,829

Remaining three months of 2025 $ 6,416

Thereafter 22,180

2 unchanged sentences

Total lease liabilities $ 96,564

The following table summarizes the Company's lease terms and discount rates as of June 30, 2025 and 2024:

The following table summarizes the Company's lease terms and discount rates as of September 30, 2025 and 2024:

Weighted-average remaining lease terms (in years) 6.4 6.5

Weighted-average discount rate 5.2 % 5.1 %

As of June 30, 2025 , the Company had $ 376.9 million, excluding deferred financing costs, outstanding under its Amended and Restated Credit Facility.

The Company had outstanding balances of $ 474.4 million and $ 388.1 million, excluding deferred financing costs, under the Amended and Restated Credit Facility as of June 30, 2024, and December 31, 2024, respectively.

The following is a schedule, by years, of maturities for the remaining term loan facility as of June 30, 2025 :

As of September 30, 2025, the Company had $ 371.3 million, excluding deferred financing costs, outstanding under its Amended and Restated Credit Facility.

The Company had outstanding balances of $ 468.8 million and $ 388.1 million, excluding deferred financing costs, under the Amended and Restated Credit Facility as of September 30, 2024, and December 31, 2024, respectively.

The following is a schedule, by years, of maturities for the remaining term loan facility as of September 30, 2025:

(in thousands) Five-Year

Remaining six months of 2025 $ 11,250

Remaining three months of 2025 $ 5,625

Total loan outstanding $ 371,250

The Company was in compliance with its financial covenants under the Amended and Restated Credit Facility as of June 30, 2025 .

The Company was in compliance with its financial covenants under the Amended and Restated Credit Facility as of September 30, 2025.

A certain number of the Company's domestic subsidiaries are guarantors for a credit agreement between certain of its foreign subsidiaries and institutional lenders that is in addition to the Amended and Restated Credit Facility.

As of June 30, 2025 , all of the Company's credit facilities provide a total of $ 456.6 million in available borrowing capacity and an irrevocable standby letter of credit in support of various insurance deductibles.

As of September 30, 2025, all of the Company's credit facilities provide a total of $ 456.6 million in available borrowing capacity and an irrevocable standby letter of credit in support of various insurance deductibles.

Commitments and Contingencies

10 unchanged sentences

The financial information of these segments is available and utilized by the Chief Executive Officer, the Company’s CODM, to assess the segments’ performance.

The primary measurements used to measure the financial performance of the segments are revenue, gross margins, and operating margins to decide whether to reinvest the profits, make acquisitions, pay down debt or borrow, or to return capital to shareholders via dividends and share repurchases.

The primary measurements used to measure the financial performance of the segments are revenue, gross margins, and operating margins to

decide whether to reinvest the profits, make acquisitions, pay down debt or borrow, or to return capital to shareholders via dividends and share repurchases.

The three regional segments are the North America segment (comprised primarily of the Company’s operations in the U.S.

2 unchanged sentences

The Administrative & All Other column primarily includes expenses such as self-insured workers compensation claims for employees, stock-based compensation for certain members of management, interest expense, foreign exchange gains or losses and income tax expense, as well as revenues and expenses related to real estate activities.

The following table presents financial information of each segment that is used by the CODM to assess the performance of segments for three and six months ended June 30, 2025 and 2024:

The following table illustrates certain measurements used by management to assess the performance of the segments described above as of or the following periods:

The following table presents financial information of each segment that is used by the CODM to assess the performance of segments for three and nine months ended September 30, 2025 and 2024:

(in thousands) North

2 unchanged sentences

& All Other Total

Three months ended June 30, 2025

Three months ended September 30, 2025

Net sales $ 483,606 $ 134,431 $ 5,476 $ — $ 623,513

7 unchanged sentences

Sales to other segments * 1,015 1,122 7,876 — 10,013

Income from operations 136,489 15,669 ( 86 ) ( 11,828 ) 140,244

Income (loss) from operations

125,179 16,119 555 ( 1,110 ) 140,743

Depreciation and amortization 13,319 8,142 529 1,350 23,340

5 unchanged sentences

and equity investments 38,341 2,025 158 ( 4,130 ) 36,394

(in thousands)

(in thousands) North

America Europe Asia/

1 unchanged sentence

& All Other Total

Three months ended June 30, 2024

Three months ended September 30, 2024

Net sales $ 461,356 $ 121,170 $ 4,627 $ — $ 587,153

7 unchanged sentences

Sales to other segments * 711 1,032 6,146 — 7,889

Income from operations 132,055 12,145 ( 302 ) ( 11,712 ) 132,186

Income (loss) from operations

123,251 12,635 260 ( 11,292 ) 124,854

Depreciation and amortization 13,544 7,839 751 ( 476 ) 21,658

9 unchanged sentences

& All Other Total

Six months ended June 30, 2025

Nine months ended September 30, 2025

Net sales $ 1,396,993 $ 381,688 $ 14,782 $ — $ 1,793,463

7 unchanged sentences

Sales to other segments * 2,600 5,165 24,525 — 32,290

Income from operations 241,337 24,978 273 ( 24,025 ) 242,563

Income (loss) from operations

366,516 41,097 828 ( 25,135 ) 383,306

Depreciation and amortization 35,472 23,984 1,635 3,528 64,619

5 unchanged sentences

and equity investments 111,340 7,915 616 7,708 127,579

Total assets as of June 30, 2025 2,253,295 789,658 49,289 ( 127,839 ) 2,964,403

Total assets as of September 30, 2025 2,156,204 805,759 50,175 33,285 3,045,423

(in thousands) North

2 unchanged sentences

& All Other Total

Six months ended June 30, 2024

Nine months ended September 30, 2024

Net sales $ 1,331,126 $ 370,985 $ 12,599 $ — $ 1,714,710

7 unchanged sentences

Sales to other segments * 2,410 3,695 23,716 — 29,821

Income from operations 230,960 20,402 ( 877 ) ( 22,204 ) 228,281

Income (loss) from operations

354,212 33,037 ( 617 ) ( 33,496 ) 353,136

Depreciation and amortization 34,391 23,288 1,890 1,410 60,979

5 unchanged sentences

and equity investments 183,151 10,841 3,652 6,340 203,984

Total assets as of June 30, 2024 1,905,699 723,791 43,594 100,277 2,773,361

Total assets as of September 30, 2024 2,013,641 751,419 48,618 83,781 2,897,459

* Sales to other segments are eliminated upon consolidation.

Cash collected by the Company’s U.S.

subsidiaries is routinely transferred into the Company’s cash management accounts and, therefore is in the total assets of “Administrative and all other.” Cash and cash equivalent balances in the “Administrative and all other” segment were $ 105.9 million and $ 249.2 million as of June 30, 2025 and 2024, respectively.

As of June 30, 2025, the Company had $ 82.0 million or 43.0 % of its cash and cash equivalents held outside the U.S.

subsidiaries is routinely transferred into the Company’s cash management accounts and, therefore is in the total assets of “Administrative and all other.” Cash and cash equivalent balances in the “Administrative and all other” segment were $ 168.0 million and $ 208.3 million as of September 30, 2025 and 2024, respectively.

As of September 30, 2025, the Company had $ 133.7 million or 45.0 % of its cash and cash equivalents held outside the U.S.

in accounts belonging to the Company’s various foreign operating entities.

The majority of this balance is held in foreign currencies and could be subject to

additional taxation if repatriated to the U.S.

The majority of this balance is held in foreign currencies and could be subject to additional taxation if repatriated to the U.S.

The Company’s wood construction products include connectors, truss plates, fastening systems, fasteners and pre-fabricated shearwalls and are used for connecting and strengthening wood-based construction primarily in the residential and commercial construction market.

1 unchanged sentence

T he following

table illustrates the distribution of the Company’s net sales by product group as additional information for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30, Six Months Ended June 30,

table illustrates the distribution of the Company’s net sales by product group as additional information for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended

September 30, Nine Months Ended

September 30,

(in thousands) 2025 2024 2025 2024

5 unchanged sentences

Dividend Declared

On July 24, 2025, the Company’s Board of Directors (the "Board") declared a quarterly cash dividend of $ 0.29 per share, estimated to be $ 12.1 million in total.

The dividend will be payable on October 23, 2025, to the Company's stockholders of record on October 2, 2025.

One Big Beautiful Bill Act

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S.

The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the 2021 Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions.

Key provisions include modifications to depreciation allowances and the treatment of research and development expenditures.

The legislation has multiple effective dates, with certain provisions effective for the 2025 tax year and others being implemented through 2027.

As of August 8, 2025, the Company cannot reasonably estimate the full impact of OBBBA on its consolidated financial statements.

Sale of Facility

In July 2025, the Company sold its existing facility in Gallatin, Tennessee for approximately $ 18.2 million in net proceeds after closing costs and sale price adjustments, which resulted in an estimated gain on disposal of fixed assets of $ 12.9 million.

To provide a temporary transition until the Company relocates to the new facility, the Company is leasing back the sold facility from the buyer for approximately five months.

The Company treated the leaseback transaction as a short-term lease and will recognize the rent expense on the straight-line basis over the lease term.

On October 23, 2025, the Company’s Board of Directors (the “ Board ” ) declared a quarterly cash dividend of $ 0.29 per share, estimated to be $ 12.0 million in total.

The dividend will be payable on January 22, 2026, to the Company's stockholders of record on January 2, 2026.

Share Repurchase Authorizations

On October 23, 2025 , the Board authorized the Company to repurchase an additional $ 20.0 million of shares of the Company's common stock through the end of the year 2025 increasing the 2025 share repurchase authorization to $ 120.0 million, and authorized the Company to repurchase up to $ 150.0 million of shares of the Company's common stock, effective January 1, 2026 through December 31, 2026.

Share Repurchases

On October 31, 2025, the Company repurchased an additional 57,000 shares of the Company’s common stock in the open market at an average price of $ 175.43 per share, for a total of $ 10.0 million.

As a result, as of November 7, 2025, approximately $ 20.0 million remained available for repurchase through December 31, 2025 under the 2025 share repurchase authorization.

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