3 unchanged sentences
(in Millions, except share amounts)
−Removed: March 31, 2025 December 31, 2024
+Added: June 30, 2025 December 31, 2024
Current assets:
28 unchanged sentences
shares issued and outstanding:
−Removed: 168,524,138 at March 31, 2025 and 170,308,023 at December 31, 2024
+Added: 167,661,315 at June 30, 2025 and 170,308,023 at December 31, 2024
Additional paid-in capital 2,817.9 2,828.2
7 unchanged sentences
(in Millions, except share and per share amounts)
−Removed: Three Months Ended
−Removed: March 31, 2025 March 31, 2024
+Added: Three Months Ended Six Months Ended
+Added: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Net sales $ 444.5 $ 412.0 $ 833.3 $ 785.8
29 unchanged sentences
(in Millions)
−Removed: Three Months Ended
−Removed: March 31, 2025 March 31, 2024
+Added: Three Months Ended Six Months Ended
+Added: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Net income $ 50.5 $ 46.0 $ 94.1 $ 80.3
−Removed: Other comprehensive loss:
+Added: Other comprehensive income (loss):
Foreign currency translation adjustments 4.9 ( 1.5 ) 4.7 ( 4.0 )
−Removed: Other comprehensive loss, net of tax ( 0.2 ) ( 2.5 )
+Added: Other comprehensive income (loss), net of tax 4.9 ( 1.5 ) 4.7 ( 4.0 )
Total comprehensive income $ 55.4 $ 44.5 $ 98.8 $ 76.3
3 unchanged sentences
(in Millions)
−Removed: Three Months Ended
−Removed: March 31, 2025 March 31, 2024
+Added: Six Months Ended
+Added: June 30, 2025 June 30, 2024
Operating activities
6 unchanged sentences
Deferred income taxes ( 10.6 ) ( 13.0 )
−Removed: Other non-cash expenses — 1.3
+Added: Other non-cash expense 1.1 2.3
Pension curtailment ( 0.7 ) —
19 unchanged sentences
Effect of exchange rate changes on cash, cash equivalents and restricted cash 2.4 ( 1.8 )
−Removed: (Decrease) increase in cash, cash equivalents and restricted cash ( 53.3 ) 20.4
+Added: Increase in cash, cash equivalents and restricted cash 3.9 26.0
Cash, cash equivalents and restricted cash at beginning of period 198.0 136.7
3 unchanged sentences
Notes to Condensed Consolidated Financial Statements
−Removed: March 31, 2025
+Added: June 30, 2025
Basis of Presentation and Significant Accounting Policies
19 unchanged sentences
Restructuring and Other Similar Charges
−Removed: During the three months ended March 31, 2025, the Company continued to execute various restructuring actions.
+Added: During the three and six months ended June 30, 2025, the Company continued to execute various restructuring actions.
These initiatives were implemented to drive efficiencies and reduce operating costs while also modifying the Company's footprint to reflect changes in the markets it serves, the impact of mergers and acquisitions on the Company's overall manufacturing capacity and the refinement of its overall product portfolio.
4 unchanged sentences
The Company's restructuring plans are preliminary and the full extent of related expenses are not yet estimable.
−Removed: The following table summarizes the Company's restructuring and other similar charges during the three months ended March 31, 2025 and March 31, 2024, (in millions):
−Removed: Three Months Ended
−Removed: March 31, 2025 March 31, 2024
+Added: The following table summarizes the Company's restructuring and other similar charges during the three and six months ended June 30, 2025 and June 30, 2024, (in millions):
+Added: Three Months Ended Six Months Ended
+Added: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Employee termination benefits $ 0.8 $ 0.2 $ 1.3 $ 0.4
1 unchanged sentence
Total restructuring and other similar charges $ 1.9 $ 0.7 $ 3.6 $ 7.0
−Removed: The following table summarizes the activity in the Company's restructuring accrual for the three months ended March 31, 2025 (in millions):
+Added: The following table summarizes the activity in the Company's restructuring accrual for the six months ended June 30, 2025 (in millions):
Employee termination benefits Contract termination and other associated costs Total
3 unchanged sentences
Non-cash charges (2) — ( 0.5 ) ( 0.5 )
−Removed: Accrued restructuring costs, March 31, 2025 (1) $ 0.7 $ — $ 0.7
−Removed: (1) As of March 31, 2025 and December 31, 2024, the restructuring accrual is included in other current liabilities in the condensed consolidated balance sheets.
+Added: Accrued restructuring costs, June 30, 2025 (1) $ 0.9 $ — $ 0.9
+Added: (1) As of June 30, 2025 and December 31, 2024, the restructuring accrual is included in other current liabilities in the condensed consolidated balance sheets.
(2) Non-cash charges consist primarily of asset impairments based on Level 3 inputs.
3 unchanged sentences
The operating results of PMC are reported as discontinued operations in the consolidated statements of operations for all periods presented, as the Spin-Off Transaction of PMC represented a strategic shift that had a major impact on operations and financial results.
−Removed: The condensed consolidated statements of cash flows for the three months ended March 31, 2025 and March 31, 2024 have not been adjusted to separately disclose cash flows related to the discontinued operations.
−Removed: The major components of the Income from discontinued operations, net of tax presented in the condensed consolidated statements of operations for the three months ended March 31, 2025 and March 31, 2024, are as follows (in millions):
−Removed: Three Months Ended
−Removed: March 31, 2025 March 31, 2024
−Removed: Selling, general and administrative income (1) $ ( 2.6 ) $ —
+Added: The condensed consolidated statements of cash flows for the six months ended June 30, 2025 and June 30, 2024 have not been adjusted to separately disclose cash flows related to the discontinued operations.
+Added: The major components of the Income from discontinued operations, net of tax presented in the condensed consolidated statements of operations for the three and six months ended June 30, 2025 and June 30, 2024, are as follows (in millions):
+Added: Three Months Ended Six Months Ended
+Added: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
+Added: Selling, general and administrative expense (1) $ — $ ( 0.7 ) $ ( 2.6 ) $ ( 0.7 )
Income from discontinued operations before income tax — 0.7 2.6 0.7
1 unchanged sentence
Income from discontinued operations, net of tax $ 0.4 $ 0.7 $ 3.0 $ 1.0
−Removed: (1) Selling, general and administrative income includes the release of certain accruals as a result of costs the Company will no longer incur related to the Spin-Off Transaction.
+Added: (1) Selling, general and administrative expense includes the release of certain accruals as a result of costs the Company will no longer incur related to the Spin-Off Transaction.
Revenue Recognition
11 unchanged sentences
The Company classifies shipping and handling fees billed to customers as net sales and the corresponding costs are classified as cost of sales in the condensed consolidated statements of operations.
+Added: Unsatisfied performance obligations as of June 30, 2025 have an expected duration of one year or less.
Revenue by Category
2 unchanged sentences
The following tables present revenue disaggregated by customer type and the geographic region of the end customer (in millions):
−Removed: Three Months Ended
−Removed: Customer Type March 31, 2025 March 31, 2024
+Added: Three Months Ended Six Months Ended
+Added: Customer Type June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Institutional $ 217.8 $ 196.1 $ 409.2 $ 374.4
2 unchanged sentences
Total $ 444.5 $ 412.0 $ 833.3 $ 785.8
−Removed: Three Months Ended
−Removed: Geography March 31, 2025 March 31, 2024
+Added: Three Months Ended Six Months Ended
+Added: Geography June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
United States $ 410.4 $ 378.3 $ 767.9 $ 719.5
9 unchanged sentences
A contract liability exists when the Company has received consideration or the amount is due from the customer in advance of revenue recognition.
−Removed: Contract liabilities and contract assets as of March 31, 2025 and December 31, 2024 were not material.
−Removed: The Company had backlog of $ 72.3 million as of March 31, 2025, which represents the most likely amount of consideration expected to be received in satisfying the remaining backlog under open contracts.
−Removed: The Company utilizes the optional exemption provided by ASC 606-10-50-14A for variable consideration, and has not included estimated rebates in the amount of unsatisfied performance obligations.
−Removed: The Company expects to recognize approximately 100 % of the backlog in the remaining nine months of the year ending December 31, 2025.
+Added: Contract liabilities and contract assets as of June 30, 2025 and December 31, 2024 were not material.
Timing of Performance Obligations Satisfied at a Point in Time
15 unchanged sentences
federal statutory rate, state tax rates in the jurisdictions where the Company does business and the Company's ability to utilize various tax credits, capital loss and net operating loss (“NOL”) carryforwards.
+Added: On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted.
+Added: There are multiple business tax provisions for which further guidance from the U.S.
+Added: Treasury and the Internal Revenue Service is needed.
+Added: The Company is currently reviewing and evaluating the impact of the guidance provided to date that could affect our income tax payable and deferred tax liability, including changes related to bonus depreciation and the expensing of research and development expenditures, among other topics.
The Company regularly reviews its deferred tax assets for recoverability and valuation allowances are established based on historical losses, projected future taxable income and the expected timing of the reversals of existing temporary differences, as deemed appropriate.
4 unchanged sentences
Future changes to the balances of these valuation allowances, as a result of this continued review and analysis by the Company, could impact the financial statements for such period of change.
−Removed: The income tax provision was $ 15.1 million for the three months ended March 31, 2025, compared to $ 9.0 million for the three months ended March 31, 2024.
−Removed: The effective income tax rate for the three months ended March 31, 2025 was 26.9 % versus 20.9 % for the three months ended March 31, 2024.
−Removed: The effective income tax rate for the three months ended March 31, 2025 was above the U.S.
+Added: The income tax provision was $ 17.8 million for the three months ended June 30, 2025, compared to $ 16.5 million for the three months ended June 30, 2024.
+Added: The effective income tax rate for the three months ended June 30, 2025 was 26.2 % versus 26.7 % for the three months ended June 30, 2024.
+Added: The effective income tax rate for the three months ended June 30, 2025 and the three months ended June 30, 2024 was above the U.S.
federal statutory rate of 21% primarily due to the accrual of additional income taxes associated with compensation deduction limitations under Section 162(m) of the Internal Revenue Code, the accrual of various state income taxes and the accrual of foreign income taxes, which are generally above the U.S.
federal statutory rate, partially offset by the recognition of income tax benefits associated with share-based payments.
−Removed: The effective income tax rate for the three months ended March 31, 2024 was slightly below the U.S.
−Removed: federal statutory rate of 21% as the accrual of additional income taxes associated with compensation deduction limitations under Section 162(m) of the Internal Revenue Code, the accrual of various state income taxes and the accrual of foreign income taxes, which are generally above the U.S.
−Removed: federal statutory rate, was effectively offset by the recognition of certain previously unrecognized tax benefits due to the lapse of the applicable statutes of limitations and income tax benefits associated with share-based payments.
−Removed: The Company’s total liability for net unrecognized tax benefits as of March 31, 2025 and December 31, 2024 was $ 1.9 million and $ 1.8 million, respectively.
+Added: The income tax provision was $ 32.9 million for the six months ended June 30, 2025, compared to $ 25.5 million for the six months ended June 30, 2024.
+Added: The effective income tax rate for the six months ended June 30, 2025 was 26.5 % versus 24.3 % for the six months ended June 30, 2024.
+Added: The effective income tax rate for the six months ended June 30, 2025 and for the six months ended June 30, 2024 was above the U.S.
+Added: federal statutory rate of 21% primarily due to the accrual of additional income taxes associated with compensation deduction limitations under Section 162(m) of the Internal Revenue Code, the accrual of various state income taxes and the accrual of foreign income taxes, which are generally above the U.S.
+Added: federal statutory rate, partially offset by the recognition of income tax benefits associated with share-based payments.
+Added: The Company’s total liability for net unrecognized tax benefits as of June 30, 2025 and December 31, 2024 was $ 2.0 million and $ 1.8 million, respectively.
The Company recognizes accrued interest and penalties related to unrecognized income tax benefits in income tax expense.
−Removed: As of March 31, 2025 and December 31, 2024, the total amount of unrecognized tax benefits includes gross accrued interest and penalties of $ 0.5 million.
−Removed: The Company recognized $ 0.1 million and $( 0.3 ) million of net interest and penalties as income tax expense (benefit) during the three months ended March 31, 2025 and March 31, 2024, respectively.
+Added: As of June 30, 2025 and December 31, 2024, the total amount of unrecognized tax benefits includes gross accrued interest and penalties of $ 0.5 million.
+Added: The Company recognized $ 0.1 million and $( 0.2 ) million of net interest and penalties as income tax expense (benefit) during the six months ended June 30, 2025 and June 30, 2024, respectively.
The Company conducts business in multiple locations within and outside the U.S.
7 unchanged sentences
Diluted net income per share from continuing and discontinued operations is computed based on the weighted average number of common shares outstanding, increased by the number of incremental shares that would have been outstanding if the potential dilutive shares were issued through the exercise of outstanding stock options to purchase common shares and the vesting of restricted stock units and performance stock units using the treasury stock method, except when the effect would be anti-dilutive.
−Removed: The computation for diluted net income per share for the three months ended March 31, 2025 and March 31, 2024 excludes 0.2 million and 0.5 million shares, respectively, due to their anti-dilutive effects.
+Added: The computation for diluted net income per share for the three and six months ended June 30, 2025 excludes 0.1 million shares due to their anti-dilutive effects.
+Added: The computation for diluted net income per share for the three and six months ended June 30, 2024 excludes 0.5 million shares and 0.3 million shares due to their anti-dilutive effects, respectively.
Stockholders' Equity
9 unchanged sentences
Balance at March 31, 2024 $ 1.7 $ 2,845.2 $ ( 1,162.8 ) $ ( 70.2 ) $ 1,613.9
+Added: Total comprehensive income — — 46.0 ( 1.5 ) 44.5
+Added: Stock-based compensation expense — 9.4 — — 9.4
+Added: Proceeds from exercise of stock options — 1.7 — — 1.7
+Added: Repurchase of common stock — — ( 61.3 ) — ( 61.3 )
+Added: Common stock dividends ($ 0.08 per share)
+Added: — ( 13.8 ) — — ( 13.8 )
+Added: Balance at June 30, 2024 $ 1.7 $ 2,842.5 $ ( 1,178.1 ) $ ( 71.7 ) $ 1,594.4
Common stock (1) Additional
12 unchanged sentences
Balance at March 31, 2025 $ 1.7 $ 2,824.0 $ ( 1,203.1 ) $ ( 74.6 ) $ 1,548.0
−Removed: (1) During the three months ended March 31, 2025 and March 31, 2024, the Company issued 488,137 and 1,226,898 shares of common stock, upon the exercise of stock options, vesting of restricted stock units and performance stock units, and for other common stock issuances, respectively.
+Added: Total comprehensive income — — 50.5 4.9 55.4
+Added: Stock-based compensation expense — 9.0 — — 9.0
+Added: Proceeds from exercise of stock options and ESPP contributions — 1.3 — — 1.3
+Added: Repurchase of common stock — — ( 32.9 ) — ( 32.9 )
+Added: Common stock dividends ($ 0.09 per share)
+Added: — ( 16.4 ) — — ( 16.4 )
+Added: Balance at June 30, 2025 $ 1.7 $ 2,817.9 $ ( 1,185.5 ) $ ( 69.7 ) $ 1,564.4
+Added: (1) During the three and six months ended June 30, 2025, the Company issued 109,796 and 597,933 shares of common stock, upon the exercise of stock options, vesting of restricted stock units and performance stock units, and for other common stock issuances, respectively.
+Added: During the three and six months ended June 30, 2024, the Company issued 171,495 and 1,398,393 shares of common stock, upon the exercise of stock options, vesting of restricted stock units and performance stock units, and for other common stock issuances, respectively.
Share Repurchase Program
4 unchanged sentences
however, the program will continue until the maximum amount of dollars authorized have been expended or until it is modified or terminated by the Board of Directors.
−Removed: During the three months ended March 31, 2025, the Company repurchased 2,272,022 shares of common stock at a total cost of $ 77.4 million at an average price of $ 34.07 per share.
−Removed: During the three months ended March 31, 2024, the Company repurchased 620,844 shares of common stock at a total cost of $ 18.9 million at an average price of $ 30.41 per share.
+Added: During the three months ended June 30, 2025, the Company repurchased 972,619 shares of common stock at a total cost of $ 32.5 million at an average price of $ 33.41 per share.
+Added: During the six months ended June 30, 2025, the Company repurchased 3,244,641 shares of common stock at a total cost of $ 109.9 million at a weighted average price of $ 33.87 per share.
+Added: During the three months ended June 30, 2024, the Company repurchased 1,942,016 shares of common stock at a total cost of $ 61.0 million at an average
+Added: price of $ 31.38 per share.
+Added: During the six months ended June 30, 2024, the Company repurchased 2,562,860 shares of common stock at a total cost of $ 79.9 million at an average price of $ 31.15 per share.
The repurchased shares were canceled by the Company upon receipt.
−Removed: Approximately $ 162.8 million of the existing authority remained under the Repurchase Program at March 31, 2025.
+Added: Approximately $ 130.3 million of the existing authority remained under the Repurchase Program at June 30, 2025.
Accumulated Other Comprehensive Loss
−Removed: The changes in accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2025, are as follows (in millions):
+Added: The changes in accumulated other comprehensive loss, net of tax, for the six months ended June 30, 2025, are as follows (in millions):
Foreign Currency Translation and Other Pension and Postretirement Plans Total
Balance at December 31, 2024 $ ( 81.5 ) $ 7.1 $ ( 74.4 )
−Removed: Other comprehensive loss before reclassifications ( 0.2 ) — ( 0.2 )
−Removed: Net current period other comprehensive loss ( 0.2 ) — ( 0.2 )
−Removed: Balance at March 31, 2025 $ ( 81.7 ) $ 7.1 $ ( 74.6 )
−Removed: There were no amounts reclassified from accumulated other comprehensive loss to net income during the three months ended March 31, 2025 and 2024.
+Added: Other comprehensive income before reclassifications 4.7 — 4.7
+Added: Net current period other comprehensive income 4.7 — 4.7
+Added: Balance at June 30, 2025 $ ( 76.8 ) $ 7.1 $ ( 69.7 )
+Added: There were no amounts reclassified from accumulated other comprehensive loss to net income during the six months ended June 30, 2025 and 2024.
The major classes of inventories are summarized as follows (in millions):
−Removed: March 31, 2025 December 31, 2024
+Added: June 30, 2025 December 31, 2024
Finished goods $ 233.2 $ 228.7
5 unchanged sentences
Goodwill and Intangible Assets
−Removed: The changes in the net carrying value of goodwill for the three months ended March 31, 2025, are presented below (in millions):
+Added: The changes in the net carrying value of goodwill for the six months ended June 30, 2025, are presented below (in millions):
Net carrying amount as of December 31, 2024 $ 794.2
Currency translation adjustments 1.4
−Removed: Net carrying amount as of March 31, 2025 $ 794.4
−Removed: The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of March 31, 2025 and December 31, 2024 are as follows (in millions):
−Removed: March 31, 2025
+Added: Net carrying amount as of June 30, 2025 $ 795.6
+Added: The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of June 30, 2025 and December 31, 2024 are as follows (in millions):
+Added: June 30, 2025
Weighted Average Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount
13 unchanged sentences
Total intangible assets, net 16 years $ 1,337.3 $ ( 445.7 ) $ 891.6
−Removed: Intangible asset amortization expense totaled $ 14.7 million and $ 14.7 million for the three months ended March 31, 2025 and March 31, 2024, respectively.
−Removed: The Company expects to recognize amortization expense on the intangible assets subject to amortization of $ 58.6 million in the year ending December 31, 2025 (inclusive of the $ 14.7 million of amortization expense recognized in the three months ended March 31, 2025), $ 58.4 million in 2026, $ 58.4 million in 2027, $ 58.4 million in 2028, $ 58.4 million in 2029 and $ 58.4 million in 2030.
+Added: Intangible asset amortization expense totaled $ 14.6 million and $ 14.8 million for the three months ended June 30, 2025 and June 30, 2024, respectively.
+Added: Intangible asset amortization expense totaled $ 29.3 million and $ 29.5 million for the six months ended June 30, 2025 and June 30, 2024, respectively.
+Added: The Company expects to recognize amortization expense on the intangible assets subject to amortization of $ 58.7 million in the year ending December 31, 2025 (inclusive of the $ 29.3 million of amortization expense recognized in the six months ended June 30, 2025), $ 58.5 million in 2026, $ 58.5 million in 2027, $ 58.5 million in 2028, $ 58.5 million in 2029 and $ 58.5 million in 2030.
Other Current Liabilities
Other current liabilities are summarized as follows (in millions):
−Removed: March 31, 2025 December 31, 2024
+Added: June 30, 2025 December 31, 2024
Commissions $ 12.4 $ 9.2
16 unchanged sentences
Long-term debt is summarized as follows (in millions):
−Removed: March 31, 2025 December 31, 2024
+Added: June 30, 2025 December 31, 2024
Term loan (1) $ 475.7 $ 475.0
3 unchanged sentences
Long-term debt $ 495.1 $ 494.8
−Removed: (1) Includes unamortized debt issuance costs of $ 5.0 million and $ 5.4 million at March 31, 2025 and December 31, 2024, respectively.
+Added: (1) Includes unamortized debt issuance costs of $ 4.7 million and $ 5.4 million at June 30, 2025 and December 31, 2024, respectively.
Senior Secured Credit Facility
7 unchanged sentences
The Credit Agreement contains representations, warranties, covenants and events of default, including, without limitation, a financial covenant under which the Borrowers are, if certain conditions are met, obligated to maintain on a consolidated basis, as of the end of each fiscal quarter, a certain maximum Net First Lien Leverage Ratio (as defined in the Credit Agreement).
−Removed: As of March 31, 2025, the Borrowers were in compliance with all applicable covenants under the Credit Agreement.
+Added: As of June 30, 2025, the Borrowers were in compliance with all applicable covenants under the Credit Agreement.
The Credit Agreement provides for the issuance of a term loan facility in an aggregate principal amount of $ 550.0 million.
7 unchanged sentences
In the event the Borrowers’ Net First Lien Leverage Ratio is less than or equal to 1.80 to 1.00, the applicable margin on both base rate and SOFR borrowings would decrease by 0.25 %.
−Removed: The Borrowers’ Net First Lien Leverage Ratio was 0.98 to 1.00 as of March 31, 2025, and therefore the applicable margin is 2.00 %.
+Added: The Borrowers’ Net First Lien Leverage Ratio was 0.79 to 1.00 as of June 30, 2025, and therefore the applicable margin is 2.00 %.
Prior to July 1, 2023, the Term Loan bore interest at the Borrowers’ option, by reference to a base rate or a rate based on LIBOR, in either case plus an applicable margin determined quarterly based on the Borrowers’ Net First Lien Leverage Ratio as of the last day of each fiscal quarter as illustrated above.
−Removed: At March 31, 2025 and for the three months then ended, the borrowings under the Term Loan had weighted-average effective interest rates of 6.40 % and 6.45 %, respectively.
+Added: At June 30, 2025 and for the six months then ended, the borrowings under the Term Loan had weighted-average effective interest rates of 6.41 % and 6.44 %, respectively.
Revolving Credit Facility
3 unchanged sentences
In the event the Borrowers' Net First Lien Leverage Ratio is less than or equal to 2.00 to 1.00, the applicable margin on both base rate and SOFR borrowings would decrease by 0.25 %.
−Removed: The Borrowers’ Net First Lien Leverage Ratio was 0.98 to 1.00 as of March 31, 2025.
+Added: The Borrowers’ Net First Lien Leverage Ratio was 0.79 to 1.00 as of June 30, 2025.
The Borrowers are also required to pay a quarterly commitment fee on the average daily unused portion of the Revolving Credit Facility for each fiscal quarter and fees in connection with the issuance of letters of credit.
1 unchanged sentence
Prior to July 1, 2023, borrowings under the Revolving Credit Facility bore interest at the Borrowers’ option, by reference to a base rate or a rate based on LIBOR, in either case, plus an applicable margin determined quarterly based on the Borrowers’ Net First Lien Leverage Ratio as of the last day of each fiscal quarter as illustrated above.
−Removed: At March 31, 2025 and December 31, 2024, there were no amounts borrowed under the Revolving Credit Facility.
−Removed: As of March 31, 2025 and December 31, 2024, $ 11.1 million and $ 11.3 million, respectively, of the Revolving Credit Facility was considered utilized in connection with outstanding letters of credit.
+Added: At June 30, 2025 and December 31, 2024, there were no amounts borrowed under the Revolving Credit Facility.
+Added: As of June 30, 2025 and December 31, 2024, $ 10.1 million and $ 11.3 million, respectively, of the Revolving Credit Facility was considered utilized in connection with outstanding letters of credit.
Finance Leases
−Removed: At March 31, 2025 and December 31, 2024, the Company had finance lease obligations of $ 20.4 million and $ 20.6 million, respectively.
+Added: At June 30, 2025 and December 31, 2024, the Company had finance lease obligations of $ 20.2 million and $ 20.6 million, respectively.
Fair Value Measurements
20 unchanged sentences
Deferred compensation short-term and long-term plan liabilities are classified within Compensation and benefits and Other liabilities, respectively, on the condensed consolidated balance sheets.
−Removed: The following table provides a summary of the Company's assets and liabilities that were recognized at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 (in millions):
−Removed: Fair Value as of March 31, 2025
+Added: The following table provides a summary of the Company's assets and liabilities that were recognized at fair value on a recurring basis as of June 30, 2025 and December 31, 2024 (in millions):
+Added: Fair Value as of June 30, 2025
Level 1 Level 2 Level 3 Total
5 unchanged sentences
Deferred compensation plan liabilities 18.9 — — 18.9
−Removed: There were no transfers of assets between levels at March 31, 2025 and December 31, 2024, respectively.
+Added: There were no transfers of assets between levels at June 30, 2025 and December 31, 2024, respectively.
Fair Value of Non-Derivative Financial Instruments
−Removed: The carrying amounts of cash, receivables, payables and accrued liabilities approximated fair value at March 31, 2025 and December 31, 2024, due to the short-term nature of those instruments.
−Removed: The fair value of long-term debt as of March 31, 2025 and December 31, 2024, was approximately $ 500.8 million and $ 503.4 million, respectively.
+Added: The carrying amounts of cash, receivables, payables and accrued liabilities approximated fair value at June 30, 2025 and December 31, 2024, due to the short-term nature of those instruments.
+Added: The fair value of long-term debt as of June 30, 2025 and December 31, 2024, was approximately $ 503.0 million and $ 503.4 million, respectively.
The fair value is based on quoted market prices for the same instruments.
3 unchanged sentences
The following table presents changes in the Company’s product warranty liability (in millions):
−Removed: Three Months Ended
−Removed: March 31, 2025 March 31, 2024
+Added: Six Months Ended
+Added: June 30, 2025 June 30, 2024
Balance at beginning of period $ 4.9 $ 4.7
7 unchanged sentences
Retirement Benefits
−Removed: The components of net periodic (income) cost are as follows (in millions):
−Removed: Three Months Ended
−Removed: March 31, 2025 March 31, 2024
+Added: The components of net periodic cost are as follows (in millions):
+Added: Three Months Ended Six Months Ended
+Added: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Pension Benefits:
+Added: Service cost $ — $ 0.1 $ — $ 0.1
Interest cost 2.9 2.8 5.7 5.6
1 unchanged sentence
Curtailment — — ( 0.7 ) —
−Removed: Net periodic (income) cost $ ( 0.2 ) $ 0.9
+Added: Net periodic cost $ 0.6 $ 1.1 $ 0.4 $ 2.0
Other Postretirement Benefits:
1 unchanged sentence
Net periodic cost $ 0.1 $ 0.1 $ 0.2 $ 0.2
−Removed: The service cost component of net periodic cost is presented within Cost of sales and Selling, general and administrative expenses in the condensed consolidated statements of operations, while the other components of net periodic (income) cost are presented within Other expense, net.
+Added: The service cost component of net periodic cost is presented within Cost of sales and Selling, general and administrative expenses in the condensed consolidated statements of operations, while the other components of net periodic cost are presented within Other expense, net.
The Company recognizes the net actuarial gains or losses in excess of the corridor in operating results during the final quarter of each fiscal year (or upon any required re-measurement event).
−Removed: During the three months ended March 31, 2025 and March 31, 2024, the Company did not make any contributions to its U.S.
−Removed: qualified pension plan trusts.
On January 30, 2025, the Company's Board of Directors approved a resolution to terminate the Company's U.S.
5 unchanged sentences
The Zurn Elkay Water Solutions Corporation Performance Incentive Plan (the "Plan") is utilized to provide performance incentives to the Company's officers, employees, directors and certain others by permitting grants of equity awards (for common stock), as well as performance-based cash awards, to such persons to encourage them to maximize the Company's performance and create value for the Company's stockholders.
−Removed: For the three months ended March 31, 2025 and March 31, 2024, the Company recognized $ 10.5 million and $ 10.0 million of stock-based compensation expense, respectively.
−Removed: During the three months ended March 31, 2025, the Company granted the following stock options, restricted stock units, performance stock units, and common stock to directors, executive officers, and certain other employees:
+Added: For the three months ended June 30, 2025 and June 30, 2024, the Company recognized $ 9.0 million and $ 9.4 million of stock-based compensation expense, respectively.
+Added: For the six months ended June 30, 2025 and June 30, 2024, the Company recognized $ 19.5 million and $ 19.4 million of stock-based compensation expense, respectively.
+Added: During the six months ended June 30, 2025, the Company granted the following stock options, restricted stock units, performance stock units, and common stock to directors, executive officers, and certain other employees:
Award Type Number of Awards Weighted Average Grant-Date Fair Value
6 unchanged sentences
The number of shares of Company common stock available for purchase under the ESPP is 2,000,000 shares, subject to adjustment in the event of a change in capitalization.
−Removed: During the three months ended March 31, 2025, the Company issued 27,295 shares of common stock.
−Removed: As of March 31, 2025, 1,928,269 shares remained available for future issuance.
−Removed: During the three months ended March 31, 2025, the Company recognized $ 0.2 million of stock-based compensation expense related to the ESPP.
+Added: During the three and six months ended June 30, 2025, the Company issued 18,403 and 45,698 shares of common stock, respectively.
+Added: As of June 30, 2025, 1,909,866 shares remained available for future issuance.
+Added: During the three and six months ended June 30, 2025, the Company recognized $ 0.1 million and $ 0.3 million of stock-based compensation expense related to the ESPP, respectively.
See Note 14, Stock-Based Compensation, to the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, for further information regarding stock-based compensation.
8 unchanged sentences
benchmarking to our peers.
−Removed: The following table includes segment revenue, significant expense items and segment profit as viewed by the CODM for the three months ended March 31, 2025 and March 31, 2024:
−Removed: Three Months Ended
−Removed: March 31, 2025 March 31, 2024
+Added: The following table includes segment revenue, significant expense items and segment profit as viewed by the CODM for the three and six months ended June 30, 2025 and June 30, 2024:
+Added: Three Months Ended Six Months Ended
+Added: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Net sales $ 444.5 $ 412.0 $ 833.3 $ 785.8
6 unchanged sentences
Segment assets are included on the condensed consolidated balance sheet and segment depreciation, stock-based compensation expense, non-cash restructuring charges, and expenditures for plant, property and equipment are included on the condensed consolidated statement of cash flows.
−Removed: Interest income for the three months ended March 31, 2025 and March 31, 2024 was $ 1.7 million and $ 1.6 million, respectively.
+Added: Interest income for the three months ended June 30, 2025 and June 30, 2024 was $ 1.4 million and $ 1.9 million, respectively.
+Added: Interest income for the six months ended June 30, 2025 and June 30, 2024 was $ 3.1 million and $ 3.5 million, respectively.
+Added: Subsequent Events
+Added: On July 24, 2025, the Company's Board of Directors declared a quarterly cash dividend on the Company's common stock of $ 0.09 per share to be paid on September 5, 2025, to stockholders of record as of August 20, 2025.
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.