3 unchanged sentences
(in Millions, except share amounts)
−Removed: September 30, 2025 December 31, 2024
+Added: March 31, 2026 December 31, 2025
Current assets:
28 unchanged sentences
shares issued and outstanding:
−Removed: 167,469,305 at September 30, 2025 and 170,308,023 at December 31, 2024
+Added: 167,032,113 at March 31, 2026 and 166,981,602 at December 31, 2025
Additional paid-in capital 2,806.2 2,810.0
7 unchanged sentences
(in Millions, except share and per share amounts)
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
+Added: Three Months Ended
+Added: March 31, 2026 March 31, 2025
Net sales $ 433.0 $ 388.8
7 unchanged sentences
Interest expense, net ( 6.2 ) ( 7.3 )
−Removed: Other income (expense), net 8.7 ( 1.5 ) 6.7 ( 4.5 )
+Added: Other income, net 1.0 —
Income before income taxes 76.9 56.1
19 unchanged sentences
(in Millions)
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
+Added: Three Months Ended
+Added: March 31, 2026 March 31, 2025
Net income $ 58.9 $ 43.6
−Removed: Other comprehensive income (loss):
+Added: Other comprehensive loss:
Foreign currency translation adjustments ( 1.6 ) ( 0.2 )
−Removed: Change in pension and other postretirement benefit obligations, net of tax ( 6.2 ) — ( 6.2 ) —
−Removed: Other comprehensive income (loss), net of tax ( 8.7 ) 0.6 ( 4.0 ) ( 3.4 )
+Added: Other comprehensive loss, net of tax ( 1.6 ) ( 0.2 )
Total comprehensive income $ 57.3 $ 43.4
3 unchanged sentences
(in Millions)
−Removed: Nine Months Ended
−Removed: September 30, 2025 September 30, 2024
+Added: Three Months Ended
+Added: March 31, 2026 March 31, 2025
Operating activities
6 unchanged sentences
Deferred income taxes 2.1 ( 1.3 )
−Removed: Other non-cash expense 1.7 2.1
+Added: Other non-cash expenses 1.0 —
Pension curtailment and settlement — ( 0.7 )
9 unchanged sentences
Expenditures for property, plant and equipment ( 3.4 ) ( 4.3 )
−Removed: Proceeds from dispositions of long-lived assets — 1.6
Cash used for investing activities ( 3.4 ) ( 4.3 )
1 unchanged sentence
Repayments of debt ( 0.3 ) ( 0.2 )
+Added: Payment of debt issuance costs ( 3.0 ) —
Proceeds from exercise of stock options and ESPP contributions 2.5 1.2
4 unchanged sentences
Effect of exchange rate changes on cash, cash equivalents and restricted cash ( 0.5 ) 0.2
−Removed: Increase in cash, cash equivalents and restricted cash 62.1 51.2
+Added: Decrease in cash, cash equivalents and restricted cash ( 27.0 ) ( 53.3 )
Cash, cash equivalents and restricted cash at beginning of period 300.5 198.0
3 unchanged sentences
Notes to Condensed Consolidated Financial Statements
−Removed: September 30, 2025
+Added: March 31, 2026
Basis of Presentation and Significant Accounting Policies
10 unchanged sentences
Recent Accounting Pronouncements
−Removed: In December 2023, the FASB issued Accounting Standards Update 2023-09 “Income Taxes (Topic 740):
−Removed: Improvements to Income Tax Disclosures” (“ASU 2023-09”), which establishes new income tax disclosures to consistently categorize and provide greater disaggregation of information in the rate reconciliation, including dollar value and percentage impacts of each component of the reconciliation, as well as further disaggregates income taxes paid.
−Removed: This guidance is effective for fiscal years beginning after December 15, 2024.
−Removed: The Company is evaluating the impact of the adoption of ASU 2023-09 on the consolidated financial statements.
In November 2024, the FASB issued Accounting Standards Update 2024-03 “Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures:
2 unchanged sentences
The Company is evaluating the impact of the adoption of ASU 2024-03 on the consolidated financial statements.
+Added: In September 2025, the FASB issued Accounting Standards Update 2025-06 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40):
+Added: Targeted Improvements to the Accounting for Internal-Use Software” ("ASU 2025-06"), which replaces the stage-based capitalization model for the treatment of development costs of internal-use software with a principles-based framework, reflecting modern software development practices.
+Added: In addition, ASU 2025-06 requires companies to capitalize software costs once management authorizes and commits to funding with probable completion and use.
+Added: This guidance will be effective for annual reporting periods beginning after December 15, 2027, and for interim periods within annual reporting periods within those annual reporting periods, and allows multiple transition methods, including retrospective, prospective, or modified prospective application, with early adoption permitted.
+Added: The Company determined the impact of the adoption of ASU 2025-06 is not material on the consolidated financial statements.
Restructuring and Other Similar Charges
−Removed: During the three and nine months ended September 30, 2025, the Company continued to execute various restructuring actions.
+Added: During the three months ended March 31, 2026, 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.
−Removed: These restructuring actions primarily resulted in workforce reductions, lease termination costs and other facility rationalization costs.
+Added: These restructuring actions primarily resulted in
+Added: workforce reductions, lease termination costs and other facility rationalization costs.
Management expects to continue executing similar initiatives to optimize the Company's operating margin and manufacturing footprint.
−Removed: As such, the Company expects further expenses related to workforce reductions, potential impairment or accelerated depreciation of assets, lease
−Removed: termination costs and other facility rationalization costs.
+Added: As such, the Company expects further expenses related to workforce reductions, potential impairment or accelerated depreciation of assets, lease termination costs and other facility rationalization costs.
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 and nine months ended September 30, 2025 and September 30, 2024, (in millions):
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
+Added: The Company accounts for restructuring costs in the period in which the liability is incurred.
+Added: The following table summarizes the Company's restructuring and other similar charges during the three months ended March 31, 2026 and March 31, 2025, (in millions):
+Added: Three Months Ended
+Added: March 31, 2026 March 31, 2025
Employee termination benefits $ 0.1 $ 0.5
1 unchanged sentence
Total restructuring and other similar charges $ 0.9 $ 1.7
−Removed: The following table summarizes the activity in the Company's restructuring accrual for the nine months ended September 30, 2025 (in millions):
+Added: The following table summarizes the activity in the Company's restructuring accrual for the three months ended March 31, 2026 (in millions):
Employee termination benefits Contract termination and other associated costs Total
2 unchanged sentences
Cash payments ( 0.9 ) ( 1.0 ) ( 1.9 )
−Removed: Non-cash charges (2) — ( 0.5 ) ( 0.5 )
−Removed: Accrued restructuring costs, September 30, 2025 (1) $ 0.7 $ — $ 0.7
−Removed: (1) As of September 30, 2025 and December 31, 2024, the restructuring accrual is included in other current liabilities in the condensed consolidated balance sheets.
−Removed: (2) Non-cash charges consist primarily of asset impairments based on Level 3 inputs.
+Added: Accrued restructuring costs, March 31, 2026 (1) $ 0.8 $ 0.1 $ 0.9
+Added: (1) As of March 31, 2026 and December 31, 2025, the restructuring accrual is included in other current liabilities in the condensed consolidated balance sheets.
Discontinued Operations
−Removed: On October 4, 2021, the Company completed a Reverse Morris Trust tax-free spin-off transaction (the “Spin-Off Transaction”) in which (i) substantially all the assets and liabilities of the Company's Process & Motion Control ("PMC") business were transferred to a newly created subsidiary, Land Newco, Inc.
−Removed: (“Land”), (ii) the shares of Land were distributed to the Company's stockholders pro rata, and (iii) Land was merged with a subsidiary of Regal Rexnord Corporation (formerly known as Regal Beloit Corporation), in which the stock of Land was converted into a specified number of shares of Regal Rexnord Corporation in accordance with the exchange ratio.
−Removed: 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 nine months ended September 30, 2025 and September 30, 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 and nine months ended September 30, 2025 and September 30, 2024, are as follows (in millions):
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
−Removed: Selling, general and administrative expense (1) $ ( 2.1 ) $ — $ ( 4.7 ) $ ( 0.7 )
+Added: During the year ended December 31, 2021, the Company completed the Spin-Off Transaction (the “Spin-Off Transaction”) of the Company's Process & Motion Control ("PMC") business.
+Added: The operating results of PMC are reported as discontinued operations in the condensed 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.
+Added: The condensed consolidated statements of cash flows for the three months ended March 31, 2026 and March 31, 2025 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 months ended March 31, 2026 and March 31, 2025, are as follows (in millions):
+Added: Three Months Ended
+Added: March 31, 2026 March 31, 2025
+Added: Selling, general and administrative income (1) $ — $ ( 2.6 )
Income from discontinued operations before income tax — 2.6
−Removed: Income tax benefit 0.1 — 0.5 0.3
Income from discontinued operations, net of tax $ — $ 2.6
−Removed: (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.
+Added: (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.
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.
−Removed: Unsatisfied performance obligations as of September 30, 2025 have an expected duration of one year or less.
+Added: Unsatisfied performance obligations as of March 31, 2026 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 Nine Months Ended
−Removed: Customer Type September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
+Added: Three Months Ended
+Added: Customer Type March 31, 2026 March 31, 2025
Institutional $ 214.2 $ 191.4
2 unchanged sentences
Total $ 433.0 $ 388.8
−Removed: Three Months Ended Nine Months Ended
−Removed: Geography September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
+Added: Three Months Ended
+Added: Geography March 31, 2026 March 31, 2025
United States $ 398.6 $ 357.5
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 September 30, 2025 and December 31, 2024 were not material.
+Added: Contract liabilities and contract assets as of March 31, 2026 and December 31, 2025 were not material.
Timing of Performance Obligations Satisfied at a Point in Time
16 unchanged sentences
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted.
−Removed: The Company has incorporated the OBBBA changes related to bonus depreciation and the expensing of research and development expenditures, among other items for the income tax provision ended September 30, 2025.
−Removed: These changes accelerate applicable deductions;
−Removed: however, such accelerated deductions did not have a material impact on the financial statements for the period ended September 30, 2025.
−Removed: There are multiple business tax provisions for which further guidance from the U.S.
−Removed: Treasury and the Internal Revenue Service is still needed.
+Added: OBBBA incorporates changes that extend several provisions of the Tax Cuts and Jobs Act (“TCJA”) of 2017 that were set to expire on December 31, 2025, including immediate expensing of domestic research and development expenses, 100% bonus depreciation, 100% depreciation of qualified production property, and reinstatement of utilizing EBITDA for the interest deduction limitation.
+Added: OBBBA incorporates additional changes to the U.S tax code that are effective after January 1, 2026, including charitable contribution limitations, deductible meal limitations, and changes to the U.S.
+Added: system for taxing international corporate income.
+Added: These changes did not have a material impact on the financial statements for the period ended March 31, 2026.
+Added: The Company is continuing to monitor these business tax provisions for further guidance from the U.S.
+Added: Treasury and the Internal Revenue Service.
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 $ 19.5 million for the three months ended September 30, 2025, compared to $ 16.9 million for the three months ended September 30, 2024.
−Removed: The effective income tax rate for the three months ended September 30, 2025 was 24.7 % versus 28.0 % for the three months ended September 30, 2024.
−Removed: The effective income tax rate for the three months ended September 30, 2025 and the three months ended September 30, 2024 was above the U.S.
−Removed: 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.
−Removed: federal statutory rate, partially offset by the recognition of income tax benefits associated with share-based payments.
−Removed: The income tax provision was $ 52.4 million for the nine months ended September 30, 2025, compared to $ 42.4 million for the nine months ended September 30, 2024.
−Removed: The effective income tax rate for the nine months ended September 30, 2025 was 25.8 % versus 25.7 % for the nine months ended September 30, 2024.
−Removed: The effective income tax rate for the nine months ended September 30, 2025 was above the U.S.
−Removed: 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
−Removed: accrual of various state income taxes and the accrual of foreign income taxes, which are generally above the U.S.
−Removed: 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 nine months ended September 30, 2024 was above the U.S.
+Added: The income tax provision was $ 18.0 million for the three months ended March 31, 2026, compared to $ 15.1 million for the three months ended March 31, 2025.
+Added: The effective income tax rate for the three months ended March 31, 2026 was 23.4 % versus 26.9 % for the three months ended March 31, 2025.
+Added: The effective income tax rate for the three months ended March 31, 2026 and March 31, 2025 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.
−Removed: federal statutory rate, partially 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 September 30, 2025 and December 31, 2024 was $ 2.0 million and $ 1.8 million, respectively.
+Added: federal statutory rate, partially offset by the recognition of certain previously unrecognized tax benefits due to the lapse of the applicable statutes of limitations and the recognition of income tax benefits associated with share-based payments.
+Added: The Company’s total liability for net unrecognized tax benefits as of March 31, 2026 and December 31, 2025 was $ 0.6 million and $ 0.6 million, respectively.
The Company recognizes accrued interest and penalties related to unrecognized income tax benefits in income tax expense.
−Removed: As of September 30, 2025 and December 31, 2024, the total amount of unrecognized tax benefits includes gross accrued interest and penalties of $ 0.6 million and $ 0.5 million, respectively.
−Removed: The Company recognized $ 0.2 million and $( 0.1 ) million of net interest and penalties as income tax expense (benefit) during the nine months ended September 30, 2025 and September 30, 2024, respectively.
+Added: As of March 31, 2026 and December 31, 2025, the total amount of unrecognized tax benefits includes gross accrued interest and penalties of $ 0.1 million and $ 0.1 million, 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 and nine months ended September 30, 2025 excludes 0.1 million shares due to their anti-dilutive effects.
−Removed: The computation for diluted net income per share for the three and nine months ended September 30, 2024 excludes 0.3 million shares due to their anti-dilutive effects.
+Added: The computation for diluted net income per share for the three months ended March 31, 2026 and March 31, 2025 excludes 0.2 million and 0.2 million shares, respectively, due to their anti-dilutive effects.
Stockholders' Equity
4 unchanged sentences
Stock-based compensation expense — 10.5 — — 10.5
−Removed: Proceeds from exercise of stock options — 2.1 — — 2.1
−Removed: Repurchase of common stock — — ( 18.9 ) — ( 18.9 )
−Removed: Common stock dividends ($ 0.08 per share)
−Removed: — ( 13.9 ) — — ( 13.9 )
−Removed: Balance at March 31, 2024 $ 1.7 $ 2,845.2 $ ( 1,162.8 ) $ ( 70.2 ) $ 1,613.9
−Removed: Total comprehensive income — — 46.0 ( 1.5 ) 44.5
−Removed: Stock-based compensation expense — 9.4 — — 9.4
−Removed: Proceeds from exercise of stock options — 1.7 — — 1.7
−Removed: Repurchase of common stock — — ( 61.3 ) — ( 61.3 )
−Removed: Common stock dividends ($ 0.08 per share)
−Removed: — ( 13.8 ) — — ( 13.8 )
−Removed: Balance at June 30, 2024 $ 1.7 $ 2,842.5 $ ( 1,178.1 ) $ ( 71.7 ) $ 1,594.4
−Removed: Total comprehensive income — — 43.5 0.6 44.1
−Removed: Stock-based compensation expense — 9.8 — — 9.8
−Removed: Proceeds from exercise of stock options — 2.3 — — 2.3
+Added: Proceeds from exercise of stock options and ESPP contributions — 1.1 — — 1.1
Taxes withheld and paid on employees' share-based payment awards — ( 0.5 ) — — ( 0.5 )
2 unchanged sentences
— ( 15.3 ) — — ( 15.3 )
−Removed: Balance at September 30, 2024 $ 1.7 $ 2,840.9 $ ( 1,185.0 ) $ ( 71.1 ) $ 1,586.5
+Added: Balance at March 31, 2025 $ 1.7 $ 2,824.0 $ ( 1,203.1 ) $ ( 74.6 ) $ 1,548.0
Common stock (1) Additional
7 unchanged sentences
Proceeds from exercise of stock options and ESPP contributions — 2.5 — — 2.5
−Removed: Taxes withheld and paid on employees' share-based payment awards — ( 0.5 ) — — ( 0.5 )
Repurchase of common stock — — ( 50.0 ) — ( 50.0 )
2 unchanged sentences
Balance at March 31, 2026 $ 1.7 $ 2,806.2 $ ( 1,122.8 ) $ ( 78.3 ) $ 1,606.8
−Removed: Total comprehensive income — — 50.5 4.9 55.4
−Removed: Stock-based compensation expense — 9.0 — — 9.0
−Removed: Proceeds from exercise of stock options and ESPP contributions — 1.3 — — 1.3
−Removed: Repurchase of common stock — — ( 32.9 ) — ( 32.9 )
−Removed: Common stock dividends ($ 0.09 per share)
−Removed: — ( 16.4 ) — — ( 16.4 )
−Removed: Balance at June 30, 2025 $ 1.7 $ 2,817.9 $ ( 1,185.5 ) $ ( 69.7 ) $ 1,564.4
−Removed: Total comprehensive income — — 61.8 ( 8.7 ) 53.1
−Removed: Stock-based compensation expense — 9.6 — — 9.6
−Removed: Proceeds from exercise of stock options and ESPP contributions — 5.0 — — 5.0
−Removed: Taxes withheld and paid on employees' share-based payment awards — ( 0.1 ) — — ( 0.1 )
−Removed: Repurchase of common stock — — ( 25.0 ) — ( 25.0 )
−Removed: Common stock dividends ($ 0.09 per share)
−Removed: — ( 15.5 ) — — ( 15.5 )
−Removed: Balance at September 30, 2025 $ 1.7 $ 2,816.9 $ ( 1,148.7 ) $ ( 78.4 ) $ 1,591.5
−Removed: (1) During the three and nine months ended September 30, 2025, the Company issued 383,590 and 981,523 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.
−Removed: During the three and nine months ended September 30, 2024, the Company issued 1,300,020 and 2,698,413 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: (1) During the three months ended March 31, 2026 and March 31, 2025, the Company issued 1,097,802 and 488,137 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
−Removed: During fiscal 2015, the Company's Board of Directors approved a common stock repurchase program (the "Repurchase Program") authorizing the repurchase of up to $ 200.0 million of the Company's common stock from time to time on the open market or in privately negotiated transactions.
−Removed: On January 27, 2020, the Company's Board of Directors approved increasing the remaining share repurchase authority under the Repurchase Program to $ 300.0 million.
−Removed: On February 8, 2023, the Company's Board of Directors approved increasing the remaining share repurchase authority under the Repurchase Program to $ 500.0 million.
+Added: During fiscal 2015, the Company's Board of Directors approved a common stock repurchase program (the "Repurchase Program") authorizing the repurchase of the Company's common stock from time to time on the open market or in privately negotiated transactions.
+Added: Since putting the Repurchase Program in place, the most recent Board of Directors approval was on October 28, 2025, when the Company's Board of Directors approved increasing the remaining share repurchase authority under the Repurchase Program to $ 500.0 million.
The Repurchase Program does not require the Company to acquire any particular amount of common stock and does not specify the timing of purchases or the prices to be paid;
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 September 30, 2025, the Company repurchased 575,600 shares of common stock at a total cost of $ 25.0 million at an average price of $ 43.43 per share.
−Removed: During the nine months ended September 30, 2025, the Company repurchased 3,820,241 shares of common stock at a total cost of $ 134.9 million at an average price of $ 35.31 per share.
−Removed: During the three months ended September 30, 2024, the Company repurchased 1,622,895 shares of common stock at a total cost of $ 50.0 million at an average price of $ 30.81 per share.
−Removed: During the nine months ended September 30, 2024, the Company repurchased 4,185,755 shares of common stock at a total cost of $ 129.9 million at an average price of $ 31.02 per share.
+Added: During the three months ended March 31, 2026, the Company repurchased 1,047,291 shares of common stock at a total cost of $ 50.0 million at an average price of $ 47.71 per share.
+Added: 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.
The repurchased shares were canceled by the Company upon receipt.
−Removed: Approximately $ 105.3 million of the existing authority remained under the Repurchase Program at September 30, 2025.
−Removed: As discussed in Note 18, Subsequent Events, on October 28, 2025, the Board of Directors approved increasing the Company's existing share repurchase authority to $ 500.0 million of available capacity under the Repurchase Program.
+Added: Approximately $ 432.1 million of the existing authority remained under the Repurchase Program at March 31, 2026.
Accumulated Other Comprehensive Loss
−Removed: The changes in accumulated other comprehensive loss, net of tax, for the nine months ended September 30, 2025, are as follows (in millions):
+Added: The changes in accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2026, are as follows (in millions):
Foreign Currency Translation and Other Pension and Other Postretirement Plans Total
1 unchanged sentence
Other comprehensive income before reclassifications ( 1.6 ) — ( 1.6 )
−Removed: Amounts reclassified from accumulated other comprehensive loss — ( 8.0 ) ( 8.0 )
Net current period other comprehensive income (loss) ( 1.6 ) — ( 1.6 )
−Removed: Balance at September 30, 2025 $ ( 79.3 ) $ 0.9 $ ( 78.4 )
−Removed: The following table summarizes the amounts reclassified from accumulated other comprehensive loss to net income during the three and nine months ended September 30, 2025 and September 30, 2024 (in millions):
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Income Statement Line
−Removed: Pension and other postretirement plans
−Removed: Settlement gain ( 10.0 ) — ( 10.0 ) — Other income (expense), net
−Removed: Provision for income taxes 2.0 — 2.0 —
−Removed: Total net of tax $ ( 8.0 ) $ — $ ( 8.0 ) $ —
+Added: Balance at March 31, 2026 $ ( 78.2 ) $ ( 0.1 ) $ ( 78.3 )
+Added: There were no amounts reclassified from accumulated other comprehensive loss to net income during the three months ended March 31, 2026 and 2025.
The major classes of inventories are summarized as follows (in millions):
−Removed: September 30, 2025 December 31, 2024
+Added: March 31, 2026 December 31, 2025
Finished goods $ 253.3 $ 241.3
5 unchanged sentences
Goodwill and Intangible Assets
−Removed: The changes in the net carrying value of goodwill for the nine months ended September 30, 2025, are presented below (in millions):
+Added: The changes in the net carrying value of goodwill for the three months ended March 31, 2026, are presented below (in millions):
Net carrying amount as of December 31, 2025 $ 795.0
Currency translation adjustments ( 0.6 )
−Removed: Net carrying amount as of September 30, 2025 $ 794.4
−Removed: The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of September 30, 2025 and December 31, 2024 are as follows (in millions):
−Removed: September 30, 2025
+Added: Net carrying amount as of March 31, 2026 $ 794.4
+Added: The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of March 31, 2026 and December 31, 2025 are as follows (in millions):
+Added: March 31, 2026
Weighted Average Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount
13 unchanged sentences
Total intangible assets, net 16 years $ 1,340.0 $ ( 505.0 ) $ 835.0
−Removed: Intangible asset amortization expense totaled $ 14.7 million and $ 14.8 million for the three months ended September 30, 2025 and September 30, 2024, respectively.
−Removed: Intangible asset amortization expense totaled $ 44.0 million and $ 44.3 million for the nine months ended September 30, 2025 and September 30, 2024, respectively.
−Removed: 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 $ 44.0 million of amortization expense recognized in the nine months ended September 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.
+Added: Intangible asset amortization expense totaled $ 14.6 million and $ 14.7 million for the three months ended March 31, 2026 and March 31, 2025, respectively.
+Added: The Company expects to recognize amortization expense on the intangible assets subject to amortization of $ 58.6 million in the year ending December 31, 2026 (inclusive of the $ 14.6 million of amortization expense recognized in the three months ended March 31, 2026), $ 58.6 million in 2027, $ 58.5 million in 2028, $ 58.5 million in 2029, $ 58.5 million in 2030 and $ 57.9 million in 2031.
Other Current Liabilities
Other current liabilities are summarized as follows (in millions):
−Removed: September 30, 2025 December 31, 2024
+Added: March 31, 2026 December 31, 2025
Commissions $ 11.0 $ 9.1
16 unchanged sentences
Long-term debt is summarized as follows (in millions):
−Removed: September 30, 2025 December 31, 2024
+Added: March 31, 2026 December 31, 2025
Term loan (1) $ 476.8 $ 476.4
3 unchanged sentences
Long-term debt $ 497.6 $ 495.6
−Removed: (1) Includes unamortized debt issuance costs of $ 4.3 million and $ 5.4 million at September 30, 2025 and December 31, 2024, respectively.
+Added: (1) Includes unamortized debt issuance costs of $ 3.6 million and $ 4.0 million at March 31, 2026 and December 31, 2025, respectively.
Senior Secured Credit Facility
On October 4, 2021, ZBS Global, Inc.
−Removed: (“Holdings”), Zurn Holdings, Inc., Zurn LLC (together, the “Original Borrowers”), the lenders from time to time party thereto, and Credit Suisse AG, Cayman Islands Branch, as administrative agent for the lenders (in such capacity, the “Administrative Agent”) entered into a Fourth Amended and Restated First Lien Credit Agreement as amended by that certain Amendment No.
−Removed: 1 to Fourth Amended and Restated First Lien Credit Agreement dated as of July 1, 2022 (the "Amendment") (as so amended, the “Credit Agreement”).
−Removed: Pursuant to the Amendment, Elkay joined the Credit Agreement as a borrower (Elkay and the Original Borrowers, collectively, the "Borrowers").
−Removed: The Credit Agreement is funded by a syndicate of banks and other financial institutions and provides for (i) a $ 550.0 million term loan facility (the “Term Loan”) and (ii) a $ 200.0 million revolving credit facility (the “Revolving Credit Facility”).
−Removed: The obligations under the Credit Agreement and related documents are secured by liens on substantially all of the assets of Holdings, the Borrowers, and certain subsidiaries of the Borrowers pursuant to a Third Amended and Restated Guarantee and Collateral Agreement, dated as of October 4, 2021, among Holdings, the Borrowers, the subsidiaries of the Borrowers party thereto, and the Administrative Agent, as supplemented pursuant to that certain Supplement No.
+Added: (“Holdings”), Zurn Holdings, Inc., Zurn LLC (together, the “Original Borrowers”), the lenders from time to time party thereto, and Credit Suisse AG, Cayman Islands Branch, as administrative agent for the lenders entered into a Fourth Amended and Restated First Lien Credit Agreement as amended by that certain Amendment No.
+Added: 1 to Fourth Amended and Restated First Lien Credit Agreement dated as of July 1, 2022 ("Amendment No.
+Added: 1") (as so amended and as further amended to date, including Amendment No.
+Added: 3 referenced below, the “Credit Agreement”).
+Added: Pursuant to Amendment No.
+Added: 1, Elkay joined the Credit Agreement as a borrower (Elkay and the Original Borrowers, collectively, the "Borrowers").
+Added: The Credit Agreement is funded by a syndicate of banks and other financial institutions and provides for (i) a $ 550.0 million term loan facility (the “Term Loan”) and (ii) a revolving credit facility (the “Revolving Credit Facility”).
+Added: On February 19, 2026, the Borrowers entered into Amendment No.
+Added: 3 to the Credit Agreement ("Amendment No.
+Added: 3"), appointing JPMorgan Chase Bank, N.A.
+Added: as successor administrative agent and successor collateral agent in accordance with the terms of the Credit Agreement.
+Added: Amendment No.
+Added: 3 also increased the Revolving Credit Facility commitment from $ 200.0 million to $ 550.0 million and further extended the maturity date of the Revolving Credit Facility to February 19, 2031.
+Added: The obligations under the Credit Agreement and related documents are secured by liens on substantially all of the assets of Holdings, the Borrowers, and certain subsidiaries of the Borrowers pursuant to a Third Amended and Restated Guarantee and Collateral Agreement, dated as of October 4, 2021, among Holdings, the Original Borrowers, the subsidiaries of the Original Borrowers party thereto, and the Administrative Agent, as supplemented pursuant to that certain Supplement No.
1 dated as of July 1, 2022, executed by Elkay and its domestic subsidiaries, and certain other collateral documents.
−Removed: 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
−Removed: Credit Agreement).
−Removed: As of September 30, 2025, the Borrowers were in compliance with all applicable covenants under the Credit Agreement.
+Added: The Credit Agreement contains representations, warranties, covenants and events of default, including, without limitation, a financial covenant under which the Borrowers are obligated to maintain on a consolidated basis, as of the end of each fiscal quarter, a maximum Total Net Leverage Ratio (as defined in the Credit Agreement) of not greater than 4.00 to 1.00 (increasing to 4.50 to 1.00 at the Borrowers' election in conjunction with a Material Acquisition (as defined in the Credit Agreement)).
+Added: As of March 31, 2026, 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.
4 unchanged sentences
In connection with the voluntary prepayment of $ 60.0 million, quarterly principal payments are no longer required.
−Removed: For purposes of the Term Loan, effective July 1, 2023, the secured overnight financing rate ("SOFR") replaced LIBOR, and accordingly, beginning July 1, 2023 the Term Loan bears interest at the Borrowers' option, by reference to a base rate or a rate based on Term SOFR, plus a Term SOFR adjustment of 0.115 %, 0.262 %, or 0.428 % for interest periods of one month, three months, and six months, respectively, plus an applicable margin based on the Borrowers' Net First Lien Leverage Ratio as of the last day of each fiscal quarter.
+Added: The Term Loan bears interest at the Borrowers' option, by reference to a base rate or a rate based on Term SOFR, plus a Term SOFR adjustment of 0.114 %, 0.262 %, or 0.428 % for interest periods of one month, three months, and six months, respectively, plus an applicable margin based on the Borrowers' Net First Lien Leverage Ratio (as defined in the Credit Agreement) as of the last day of each fiscal quarter.
If the Net First Lien Leverage Ratio is greater than 1.80 to 1.00, the applicable margin shall equal 1.25 % in the case of base rate borrowings and 2.25 % in the case of SOFR borrowings.
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 0.63 to 1.00 as of September 30, 2025, and therefore the applicable margin is 2.00 %.
−Removed: 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 September 30, 2025 and for the nine months then ended, the borrowings under the Term Loan had weighted-average effective interest rates of 6.24 % and 6.44 %, respectively.
+Added: The Borrowers’ Net First Lien Leverage Ratio was 0.57 to 1.00 as of March 31, 2026, and therefore the applicable margin is 2.00 %.
+Added: At March 31, 2026 and for the three months then ended, the borrowings under the Term Loan had weighted-average effective interest rates of 5.78 % and 5.80 %, respectively.
Revolving Credit Facility
−Removed: The Credit Agreement includes a $ 200.0 million revolving credit facility that has a maturity date of October 2, 2026.
−Removed: Similar to the Term Loan, effective July 1, 2023, the SOFR replaced LIBOR, and accordingly, beginning July 1, 2023 the Revolving Credit Facility bears interest by reference to a base rate or a rate based on Term SOFR, plus a Term SOFR adjustment of 0.115 %, 0.262 %, or 0.428 % for interest periods of one month, three months, and six months, respectively, plus an applicable margin based on the Borrowers' Net First Lien Leverage Ratio as of the last day of each fiscal quarter.
−Removed: If the Net First Lien Leverage Ratio is greater than 2.00 to 1.00, the applicable margin shall equal 1.00 % in the case of base rate borrowings and 2.00 % in the case of SOFR borrowings.
−Removed: 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 0.63 to 1.00 as of September 30, 2025.
+Added: The Credit Agreement includes a $ 550.0 million revolving credit facility that has a maturity date of February 19, 2031.
+Added: The Revolving Credit Facility bears interest by reference to a base rate or a rate based on Term SOFR for interest periods of one month, three months, and six months, plus an applicable margin based on the Borrowers' Net First Lien Leverage Ratio as of the last day of each fiscal quarter.
+Added: The applicable margin ranges from 0.25 % in the case of base rate borrowings and 1.25 % in the case of SOFR borrowings, when the Net First Lien Leverage Ratio is less than or equal to 1.50 to 1.00, to 0.75 % in the case of base rate borrowings and 1.75 % in the case of SOFR borrowings, when the Net First Lien Leverage Ratio is greater than 3.75 to 1.00.
+Added: The Borrowers’ Net First Lien Leverage Ratio was 0.57 to 1.00 as of March 31, 2026.
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.
−Removed: If the Net First Lien Leverage Ratio is greater than 2.00 to 1.00, the commitment fee shall equal 0.50 %, and if the Company's Net First Lien Leverage Ratio is less than or equal to 2.00 to 1.00, the commitment fee shall equal 0.375 %.
−Removed: 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 September 30, 2025 and December 31, 2024, there were no amounts borrowed under the Revolving Credit Facility.
−Removed: As of September 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.
+Added: The commitment fee ranges from 0.175 % when the Net First Lien Leverage Ratio is less than or equal to 1.50 to 1.00, to 0.300 % when the Net First Lien Leverage Ratio is greater than 3.75 to 1.00.
+Added: In February 2026, in connection with Amendment No.
+Added: 3, the Company capitalized $ 3.0 million of debt issuance costs as deferred financing costs on long-term borrowings, and wrote off $ 0.4 million of unamortized deferred financing costs related to lenders who exited the Revolving Credit Facility, which is included in other income, net in the condensed consolidated statements of operations.
+Added: At March 31, 2026 and December 31, 2025, there were no amounts borrowed under the Revolving Credit Facility.
+Added: As of March 31, 2026 and December 31, 2025, $ 9.9 million and $ 10.1 million, respectively, of the Revolving Credit Facility was considered utilized in connection with outstanding letters of credit.
Finance Leases
−Removed: At September 30, 2025 and December 31, 2024, the Company had finance lease obligations of $ 20.3 million and $ 20.6 million, respectively.
+Added: At March 31, 2026 and December 31, 2025, the Company had finance lease obligations of $ 22.2 million and $ 20.1 million, respectively.
Fair Value Measurements
19 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 September 30, 2025 and December 31, 2024 (in millions):
−Removed: Fair Value as of September 30, 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 March 31, 2026 and December 31, 2025 (in millions):
+Added: Fair Value as of March 31, 2026
Level 1 Level 2 Level 3 Total
5 unchanged sentences
Deferred compensation plan liabilities 22.9 — — 22.9
−Removed: There were no transfers of assets between levels at September 30, 2025 and December 31, 2024, respectively.
+Added: There were no transfers of assets between levels at March 31, 2026 and December 31, 2025, respectively.
Fair Value of Non-Derivative Financial Instruments
−Removed: The carrying amounts of cash, receivables, payables and accrued liabilities approximated fair value at September 30, 2025 and December 31, 2024, due to the short-term nature of those instruments.
−Removed: The fair value of long-term debt as of September 30, 2025 and December 31, 2024, was approximately $ 503.1 million and $ 503.4 million, respectively.
+Added: The carrying amounts of cash, receivables, payables and accrued liabilities approximated fair value at March 31, 2026 and December 31, 2025, due to the short-term nature of those instruments.
+Added: The fair value of long-term debt as of March 31, 2026 and December 31, 2025, was approximately $ 505.0 million and $ 502.9 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: Nine Months Ended
−Removed: September 30, 2025 September 30, 2024
+Added: Three Months Ended
+Added: March 31, 2026 March 31, 2025
Balance at beginning of period $ 6.6 $ 4.9
1 unchanged sentence
Claims settled ( 0.6 ) ( 0.6 )
−Removed: Balance at end of period $ 6.3 $ 4.6
+Added: Total $ 8.4 $ 5.2
+Added: Less current reserve $ 3.6 $ 5.2
+Added: Long-term reserve $ 4.8 $ —
Contingencies:
6 unchanged sentences
The Pension Plan freeze resulted in a curtailment gain of $ 0.7 million in the first quarter of 2025.
−Removed: Pension Plan participants were provided the opportunity to receive their full accrued benefits from the Pension Plan assets by either electing immediate lump sum distributions or annuity contracts with a qualifying third-party annuity provider.
−Removed: During the nine months ended September 30, 2025, the Company entered into an agreement to purchase annuities from a third-party annuity provider and contributed $ 4.3 million to fund the liquidation of the Pension Plan.
−Removed: As a result, Pension Plan liabilities were settled and the Pension Plan was exited during the quarter ended September 30, 2025, resulting in a pre-tax settlement gain of $ 10.0 million from Accumulated other comprehensive loss to Other income (expense), net in the condensed consolidated statements of operations.
−Removed: The components of net periodic cost are as follows (in millions):
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
+Added: During the year ended December 31, 2025, the Company entered into an agreement to purchase annuities from a third-party annuity provider and contributed $ 4.3 million to fund the liquidation of the Pension Plan.
+Added: As a result, Pension Plan liabilities were settled and the Pension Plan was exited during the third quarter of 2025, resulting in a pre-tax settlement gain of $ 10.0 million from accumulated other comprehensive loss to other income, net in the condensed consolidated statements of operations.
+Added: The components of net periodic (income) cost are as follows (in millions):
+Added: Three Months Ended
+Added: March 31, 2026 March 31, 2025
Pension Benefits:
−Removed: Service cost $ 0.1 $ — $ 0.1 $ 0.1
Interest cost $ 0.1 $ 2.8
Expected return on plan assets — ( 2.3 )
−Removed: Amortization of:
−Removed: Prior service cost 0.3 — 0.3 —
Curtailment — ( 0.7 )
−Removed: Settlement ( 10.0 ) — ( 10.0 ) —
−Removed: Net periodic cost $ ( 9.1 ) $ 0.9 $ ( 8.7 ) $ 2.9
+Added: Net periodic (income) cost $ 0.1 $ ( 0.2 )
Other Postretirement Benefits:
1 unchanged sentence
Net periodic cost $ 0.1 $ 0.1
−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 cost are presented within Other income (expense), net.
+Added: The service cost component of net periodic (income) 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 income, 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).
2 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 September 30, 2025 and September 30, 2024, the Company recognized $ 9.6 million and $ 9.8 million of stock-based compensation expense, respectively.
−Removed: For the nine months ended September 30, 2025 and September 30, 2024, the Company recognized $ 29.1 million and $ 29.2 million of stock-based compensation expense, respectively.
−Removed: During the nine months ended September 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:
+Added: For the three months ended March 31, 2026 and March 31, 2025, the Company recognized $ 11.7 million and $ 10.5 million of stock-based compensation expense, respectively.
+Added: During the three months ended March 31, 2026, 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 and nine months ended September 30, 2025, the Company issued 16,176 and 61,874 shares of common stock, respectively.
−Removed: During the three and nine months ended September 30, 2024, the Company issued 29,389 shares of common stock.
−Removed: As of September 30, 2025, 1,893,690 shares remained available for future issuance.
−Removed: During the three and nine months ended September 30, 2025, the Company recognized $ 0.1 million and $ 0.4 million of stock-based compensation expense related to the ESPP, respectively.
−Removed: During the three and nine months ended September 30, 2024, the Company recognized $ 0.2 million of stock-based compensation expense related to the ESPP.
+Added: During the three months ended March 31, 2026 and March 31, 2025, the Company issued 20,749 and 27,295 shares of common stock, respectively.
+Added: As of March 31, 2026, 1,863,872 shares remained available for future issuance.
+Added: During the three months ended March 31, 2026 and March 31, 2025, the Company recognized $ 0.2 million and $ 0.2 million of stock-based compensation expense related to the ESPP, respectively.
See Note 13, 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, 2025, for further information regarding stock-based compensation.
Business Segment Information
−Removed: The Company is a growth-oriented, pure-play water management business that designs, procures, manufactures and markets what the Company believes to be the broadest sustainable product portfolio of specification-driven water management solutions to improve health, hydration, human safety and the environment.
+Added: The Company is a pure-play water management business that designs, procures, manufactures and markets what the Company believes to be the broadest sustainable product portfolio of specification-driven water management solutions to improve health, hydration, human safety and the environment.
The Company’s product portfolio includes professional grade water safety and control products, flow systems products, hygienic and environmental products and filtered drinking water products.
5 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 and nine months ended September 30, 2025 and September 30, 2024:
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
+Added: The following table includes segment revenue, significant expense items and segment profit as viewed by the CODM for the three months ended March 31, 2026 and March 31, 2025 (in millions):
+Added: Three Months Ended
+Added: March 31, 2026 March 31, 2025
Net sales $ 433.0 $ 388.8
3 unchanged sentences
Segment profit (Net income from continuing operations) $ 58.9 $ 41.0
−Removed: (1) Other segment items include restructuring and other similar charges, amortization of intangible assets, interest expense, net, other income (expense), net, and provision for income taxes.
+Added: (1) Other segment items include restructuring and other similar charges, amortization of intangible assets, interest expense, net, other income, net, and provision for income taxes.
Segment net sales, amortization of intangible assets, interest expense, net, and provision for income taxes are included on the condensed consolidated statement of operations.
Segment assets are included on the condensed consolidated balance sheet and segment depreciation, stock-based compensation expense, non-cash restructuring charges, and expenditures for property, plant and equipment are included on the condensed consolidated statement of cash flows.
−Removed: Interest income for the three months ended September 30, 2025 and September 30, 2024 was $ 2.2 million and $ 2.1 million, respectively.
−Removed: Interest income for the nine months ended September 30, 2025 and September 30, 2024 was $ 5.3 million and $ 5.5 million, respectively.
−Removed: Subsequent Events
−Removed: On October 28, 2025, the Company's Board of Directors declared a quarterly cash dividend on the Company's common stock of $ 0.11 per share to be paid on December 5, 2025, to stockholders of record as of November 20, 2025.
−Removed: In addition, on October 28, 2025, the Board of Directors approved increasing the Company's existing share repurchase authority to $ 500.0 million of available capacity under the Repurchase Program.
−Removed: See Note 7, Stockholders' Equity, for additional information about the Repurchase Program.
+Added: Interest income for the three months ended March 31, 2026 and March 31, 2025 was $ 2.1 million and $ 1.7 million, respectively.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.