Zurn Elkay Water Solutions Corp
For the period ended Sep 30, 2025. Filed Oct 28, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 28, 2025
ZWS$43.47-0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-29.
0001439288-25-000124
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-28.
0001628280-25-046770
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 77 previous paragraphs and 80 current paragraphs.
49 unchanged; 26 reworded; 5 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
U.S. Pension Plan Termination & Settlement
Current report
On January 30, 2025, the Company's Board of Directors approved a resolution to terminate the Company's U.S. defined benefit pension plan (the "Pension Plan") with the full freeze of benefit accruals under the Pension Plan effective March 31, 2025 and the termination of the Pension Plan effective April 1, 2025. The Pension Plan freeze resulted in a curtailment gain of $0.7 million in the first quarter of 2025. 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. 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. 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.
Current report
See Item 1, Note 15, Retirement Benefits for additional information.
Current report
Other income (expense), net
Current report
Other income (expense), net
Removed paragraphs (2)
Previous report
Other expense, net
Previous report
Other expense, net
Reworded paragraphs (26)
Previous wording
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. (“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. The operating results of PMC are reported as discontinued operations in our condensed consolidated statements of operations for all periods presented. 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.
Current wording
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. (“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. The operating results of PMC are reported as discontinued operations in our condensed consolidated statements of operations for all periods presented. 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.
Previous wording
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):
Current wording
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):
Previous wording
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. These restructuring actions primarily resulted in 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. 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. For the three and six months ended June 30, 2025, restructuring charges totaled $1.9 million and $3.6 million, respectively. For the three and six months ended June 30, 2024, restructuring charges totaled $0.7 million and $7.0 million, respectively. Refer to Item 1, Note 2, Restructuring and Other Similar Charges for further information.
Current wording
During the three and nine months ended September 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. These restructuring actions primarily resulted in 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. 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. For the three and nine months ended September 30, 2025, restructuring charges totaled $1.8 million and $5.4 million, respectively. For the three and nine months ended September 30, 2024, restructuring charges totaled $2.7 million and $9.7 million, respectively. Refer to Item 1, Note 2, Restructuring and Other Similar Charges for further information.
Previous wording
Net sales were $444.5 million and $412.0 million during the three months ended June 30, 2025 and June 30, 2024, respectively, an increase of 8% year over year. Core sales improved 8% year over year, including growth in all product categories.
Current wording
Net sales were $455.4 million and $410.0 million during the three months ended September 30, 2025 and September 30, 2024, respectively, an increase of 11% year over year. Core sales improved 11% year over year, including growth in all product categories.
Previous wording
During the three months ended June 30, 2025, income from operations was $77.6 million compared to $71.9 million during the three months ended June 30, 2024. Income from operations as a percentage of net sales stayed consistent year over year as a result of the favorable impact of year-over-year sales growth (inclusive of price realization) and productivity savings being offset primarily by the year-over-year change in the adjustment to state inventories at last-in, first-out cost and incremental restructuring expense.
Current wording
During the three months ended September 30, 2025, income from operations was $77.5 million compared to $70.2 million during the three months ended September 30, 2024. Income from operations as a percentage of net sales stayed consistent year over year as a result of the favorable impact of year-over-year sales growth (inclusive of price realization) and productivity savings being offset primarily by the adjustment to state inventories at Last-In, First-Out ("LIFO") cost.
Previous wording
Interest expense, net was $7.7 million for the three months ended June 30, 2025, compared to $8.5 million for the three months ended June 30, 2024. The decrease in interest expense, net as compared to the prior year period is primarily due to lower interest rates.
Current wording
Interest expense, net was $7.1 million for the three months ended September 30, 2025, compared to $8.3 million for the three months ended September 30, 2024. The decrease in interest expense, net as compared to the prior year period is primarily due to lower interest rates.
Previous wording
Other expense, net for the three months ended June 30, 2025 and 2024, was $2.0 million and $1.6 million, respectively. Other expense, net consists primarily of foreign currency transaction gains and losses, the non-service cost components associated with our defined benefit and postretirement plans and other non-operational gains and losses. The year-over-year change is primarily driven by increased other non-operational and foreign currency transaction losses, offset by lower defined benefit plan costs in the current year.
Current wording
Other income (expense), net for the three months ended September 30, 2025 and 2024, was $8.7 million and $(1.5) million, respectively. Other income (expense), net consists primarily of foreign currency transaction gains and losses, the non-service cost components associated with our defined benefit and postretirement plans and other non-operational gains and losses. The year-over-year change is primarily driven bythe settlement and exit of our U.S. defined benefit pension planin the current year.
Previous wording
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. 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. 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.
Current wording
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. 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. 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. 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.
Previous wording
Net income for the three months ended June 30, 2025, was $50.5 million compared to net income of $46.0 million for the three months ended June 30, 2024. Diluted net income per share for the three months ended June 30, 2025 and June 30, 2024, was $0.29 and $0.27, respectively. The year-over-year change is the result of the factors described above. Net income from discontinued operations, net of tax, was $0.4 million for the three months ended June 30, 2025 compared to net income from discontinued operations, net of tax, of $0.7 million for the three months ended June 30, 2024. Diluted net income per share from discontinued operations for the three months ended June 30, 2025 and June 30, 2024, was $0.00 and $0.01, respectively.
Current wording
Net income for the three months ended September 30, 2025, was $61.8 million compared to net income of $43.5 million for the three months ended September 30, 2024. Diluted net income per share for the three months ended September 30, 2025 and September 30, 2024, was $0.36 and $0.25, respectively. The year-over-year change is the result of the factors described above. Net income from discontinued operations, net of tax, was $2.2 million for the three months ended September 30, 2025 compared to net income from discontinued operations, net of tax, of $0.0 million for the three months ended September 30, 2024. Diluted net income per share from discontinued operations for the three months ended September 30, 2025 and September 30, 2024, was $0.01 and $0.00, respectively.
Previous wording
Six Months Ended June 30, 2025 compared with the Six Months Ended June 30, 2024:
Current wording
Nine Months Ended September 30, 2025 compared with the Nine Months Ended September 30, 2024:
Previous wording
Net sales were $833.3 million during the six months ended June 30, 2025, an increase of 6% year over year. Core sales improved 7% year over year, including growth in all product categories. The impact from foreign currency exchange rates reduced net sales by 1% in the year.
Current wording
Net sales were $1,288.7 million during the nine months ended September 30, 2025, an increase of 8% year over year. Core sales improved 8% year over year, including growth in all product categories.
Previous wording
Income from operations during the six months ended June 30, 2025 was $141.0 million compared to $125.1 million during the six months ended June 30, 2024. Income from operations as a percentage of net sales increased by 100 basis points year over year as a result of the favorable impact of year-over-year sales growth (inclusive of price realization) and productivity savings being slightly offset primarily by the year-over-year change in the adjustment to state inventories at last-in, first-out cost.
Current wording
Income from operations during the nine months ended September 30, 2025 was $218.5 million compared to $195.3 million during the nine months ended September 30, 2024. Income from operations as a percentage of net sales increased by 60 basis points year over year as a result of the favorable impact of year-over-year sales growth (inclusive of price realization) and productivity savings being slightly offset primarily by the adjustment to state inventories at LIFO cost.
Previous wording
Interest expense, net was $15.0 million during the six months ended June 30, 2025, compared to $17.3 million during the six months ended June 30, 2024. The decrease in interest expense, net as compared to the prior year period is primarily due to reduced interest expense in the current year as a result of lower interest rates.
Current wording
Interest expense, net was $22.1 million during the nine months ended September 30, 2025, compared to $25.6 million during the nine months ended September 30, 2024. The decrease in interest expense, net as compared to the prior year period is primarily due to lower interest rates.
Previous wording
Other expense, net during the six months ended June 30, 2025 was $2.0 million compared to $3.0 million during the six months ended June 30, 2024. Other expense, net consists primarily of foreign currency transaction gains and losses, the non-service cost components associated with our defined benefit plans and other non-operational gains and losses. The year-over-year change is primarily driven by lower defined benefit plan costs in the current year, partly offset by foreign currency transaction losses.
Current wording
Other income (expense), net during the nine months ended September 30, 2025 was $6.7 million compared to $(4.5) million during the nine months ended September 30, 2024. Other income (expense), net consists primarily of foreign currency transaction gains and losses, the non-service cost components associated with our defined benefit plans and other non-operational gains and losses. The year-over-year change is primarily driven bythe settlement and exit of our U.S. defined benefit pension planin the current year.
Previous wording
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. 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. The effective income tax rate for the six months ended June 30, 2025 and the six 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.
Current wording
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. 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. The effective income tax rate for the nine months ended September 30, 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. federal statutory rate, partially offset by the recognition of income tax benefits associated with share-based payments. The effective income tax rate for the nine months ended September 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 certain previously unrecognized tax benefits due to the lapse of the applicable statutes of limitations and income tax benefits associated with share-based payments.
Previous wording
Net income for the six months ended June 30, 2025, was $94.1 million compared to $80.3 million for the six months ended June 30, 2024. Diluted net income per share for the six months ended June 30, 2025 and June 30, 2024, was $0.55 and $0.46, respectively. The year-over-year change is the result of the factors described above. Net income from discontinued operations, net of tax, was $3.0 million for the six months ended June 30, 2025 compared to $1.0 million for the six months ended June 30, 2024. Diluted net income per share from discontinued operations for the six months ended June 30, 2025 and June 30, 2024, was $0.02 and $0.01, respectively.
Current wording
Net income for the nine months ended September 30, 2025, was $155.9 million compared to $123.8 million for the nine months ended September 30, 2024. Diluted net income per share for the nine months ended September 30, 2025 and September 30, 2024, was $0.91 and $0.71, respectively. The year-over-year change is the result of the factors described above. Net income from discontinued operations, net of tax, was $5.2 million for the nine months ended September 30, 2025 compared to $1.0 million for the nine months ended September 30, 2024. Diluted net income per share from discontinued operations for the nine months ended September 30, 2025 and September 30, 2024, was $0.03 and $0.01, respectively.
Previous wording
The calculation of Adjusted EBITDA under our credit agreement as of June 30, 2025, is presented in the table in the "Covenant Compliance" section below. However, the results of such calculation could differ in the future based on the different types of adjustments that may be included in such respective calculations at the time. For the six months ended June 30, 2025, we reported net income of $94.1 million and Adjusted EBITDA for the same period of $215.9 million. See "Covenant Compliance" for a reconciliation of Adjusted EBITDA to GAAP net income.
Current wording
The calculation of Adjusted EBITDA under our credit agreement as of September 30, 2025, is presented in the table in the "Covenant Compliance" section below. However, the results of such calculation could differ in the future based on the different types of adjustments that may be included in such respective calculations at the time. For the nine months ended September 30, 2025, we reported net income of $155.9 million and Adjusted EBITDA for the same period of $338.1 million. See "Covenant Compliance" for a reconciliation of Adjusted EBITDA to GAAP net income.
Previous wording
Our credit agreement, which governs our senior secured credit facilities, contains, among other provisions, restrictive covenants regarding indebtedness, payments and distributions, mergers and acquisitions, asset sales, affiliate transactions, capital expenditures and the maintenance of certain financial ratios. Payment of borrowings under the credit agreement may be accelerated if there is an event of default. Events of default include the failure to pay principal and interest when due, a material breach of a representation or warranty, certain non-payments or defaults under other indebtedness, covenant defaults, events of bankruptcy and a change of control. Certain covenants contained in the credit agreement restrict our ability to take certain actions, such as incurring additional debt or making acquisitions, if we are unable to meet a maximum total Net First Lien Leverage Ratio (consolidated indebtedness to Adjusted EBITDA) of 5.00 to 1.00 as of the end of each fiscal quarter. As of June 30, 2025, our Net First Lien Leverage Ratio was 0.79 to 1.00. Failure to comply with these covenants could limit our long-term growth prospects by hindering our ability to borrow under the revolver, to obtain future debt and/or to make acquisitions.
Current wording
Our credit agreement, which governs our senior secured credit facilities, contains, among other provisions, restrictive covenants regarding indebtedness, payments and distributions, mergers and acquisitions, asset sales, affiliate transactions, capital expenditures and the maintenance of certain financial ratios. Payment of borrowings under the credit agreement may be accelerated if there is an event of default. Events of default include the failure to pay principal and interest when due, a material breach of a representation or warranty, certain non-payments or defaults under other indebtedness, covenant defaults, events of bankruptcy and a change of control. Certain covenants contained in the credit agreement restrict our ability to take certain actions, such as incurring additional debt or making acquisitions, if we are unable to meet a maximum total Net First Lien Leverage Ratio (consolidated indebtedness to Adjusted EBITDA) of 5.00 to 1.00 as of the end of each fiscal quarter. As of September 30, 2025, our Net First Lien Leverage Ratio was 0.63 to 1.00. Failure to comply with these covenants could limit our long-term growth prospects by hindering our ability to borrow under the revolver, to obtain future debt and/or to make acquisitions.
Previous wording
(2)Other expense, net consists primarily of gains and losses from foreign currency transactions, the non-service cost components of net periodic benefit costs associated with our defined benefit plans and other non-operational gains and losses as defined in our credit agreement.
Current wording
(2)Other (income) expense, net consists primarily of gains and losses from foreign currency transactions, the non-service cost components of net periodic benefit costs associated with our defined benefit plans and other non-operational gains and losses as defined in our credit agreement.
Previous wording
(6)Our credit agreement defines our consolidated indebtedness as the sum of all indebtedness (other than letters of credit or bank guarantees, to the extent undrawn) consisting of indebtedness for borrowed money and capitalized lease obligations, less unrestricted cash, which was $169.3 million (as defined by the credit agreement) at June 30, 2025.
Current wording
(6)Our credit agreement defines our consolidated indebtedness as the sum of all indebtedness (other than letters of credit or bank guarantees, to the extent undrawn) consisting of indebtedness for borrowed money and capitalized lease obligations, less unrestricted cash, which was $227.8 million (as defined by the credit agreement) at September 30, 2025.
Previous wording
As of June 30, 2025, we had $201.9 million of cash and cash equivalents and $189.9 million of additional borrowing capacity under our revolving credit facility. As of June 30, 2025, the available borrowings under our credit facility were reduced by $10.1 million due to outstanding letters of credit. As of December 31, 2024, we had $198.0 million of cash and cash equivalents and $188.7 million of additional borrowing capacity under our revolving credit facility. As of December 31, 2024, the available borrowings under our credit facility were reduced by $11.3 million due to outstanding letters of credit.
Current wording
As of September 30, 2025, we had $260.1 million of cash and cash equivalents and $189.9 million of additional borrowing capacity under our revolving credit facility. As of September 30, 2025, the available borrowings under our credit facility were reduced by $10.1 million due to outstanding letters of credit. As of December 31, 2024, we had $198.0 million of cash and cash equivalents and $188.7 million of additional borrowing capacity under our revolving credit facility. As of December 31, 2024, the available borrowings under our credit facility were reduced by $11.3 million due to outstanding letters of credit.
Previous wording
Net cash provided by operating activities was $153.5 million and $139.0 million during the six months ended June 30, 2025 and 2024, respectively. The change in year-over-year operating cash flows was primarily the result of an increase in net income during the six months ended June 30, 2025.
Current wording
Net cash provided by operating activities was $254.8 million and $229.9 million during the nine months ended September 30, 2025 and 2024, respectively. The change in year-over-year operating cash flows was primarily the result of an increase in net income partially offset by cash used for trade working capital during the nine months ended September 30, 2025.
Previous wording
Cash used for investing activities was $13.3 million during the six months ended June 30, 2025 and $7.0 million during the six months ended June 30, 2024. Investing activities during the six months ended June 30, 2025, consisted of $13.3 million of capital expenditures. Investing activities during the six months ended June 30, 2024, consisted of $8.6 million of capital expenditures, which were partially offset by $1.6 million from the sale of certain long-lived assets.
Current wording
Cash used for investing activities was $20.7 million during the nine months ended September 30, 2025 and $11.1 million during the nine months ended September 30, 2024. Investing activities during the nine months ended September 30, 2025, consisted of $20.7 million of capital expenditures. Investing activities during the nine months ended September 30, 2024, consisted of $12.7 million of capital expenditures, which were partially offset by $1.6 million from the sale of certain long-lived assets.
Previous wording
Cash used for financing activities was $138.7 million during the six months ended June 30, 2025, compared to $104.2 million during the six months ended June 30, 2024. During the six months ended June 30, 2025, we utilized $0.4 million of cash for payments on finance leases, $109.9 million to repurchase outstanding shares of our common stock, and $30.3 million for the payment of common stock dividends, which was partially offset by $1.9 million of proceeds from the exercise of stock options and ESPP contributions, net of taxes withheld and paid on employees' share-based awards. During the six months ended June 30, 2024, we utilized $0.4 million of cash for payments on finance leases, $79.9 million to repurchase outstanding shares of our common stock, and $27.7 million for the payment of common stock dividends, which was partially offset by $3.8 million of proceeds from the exercise of stock options.
Current wording
Cash used for financing activities was $174.1 million during the nine months ended September 30, 2025, compared to $165.8 million during the nine months ended September 30, 2024. During the nine months ended September 30, 2025, we utilized $0.6 million of cash for payments on finance leases, $134.9 million to repurchase outstanding shares of our common stock, and $45.4 million for the payment of common stock dividends, which was partially offset by $6.8 million of proceeds from the exercise of stock options and ESPP contributions, net of taxes withheld and paid on employees' share-based awards. During the nine months ended September 30, 2024, we utilized $0.6 million of cash for payments on finance leases, $129.9 million to repurchase outstanding shares of our common stock, and $41.3 million for the payment of common stock dividends, which was partially offset by $6.0 million of proceeds from the exercise of stock options and ESPP contributions, net of taxes withheld and paid on employees' share-based awards.
Previous wording
As of June 30, 2025, we had $495.9 million of total indebtedness outstanding as follows (in millions):
Current wording
As of September 30, 2025, we had $496.4 million of total indebtedness outstanding as follows (in millions):
Previous wording
(1)Includes unamortized original issue discount and debt issuance costs of $4.7 million at June 30, 2025.
Current wording
(1)Includes unamortized original issue discount and debt issuance costs of $4.3 million at September 30, 2025.