WOLVERINE WORLD WIDE INC /DE/

Previous wording

The Company’s brands are marketed in approximately 170 countries and territories at June 28, 2025, including through owned operations in the U.S., Canada, the United Kingdom and certain countries in continental Europe and Asia Pacific. In other regions (Latin America, portions of Europe and Asia Pacific, the Middle East and Africa), the Company relies on a network of third-party distributors, licensees and joint ventures. At June 28, 2025, the Company operated 121 retail stores in the U.S., United Kingdom, Ireland and Italy and 39 direct-to-consumer eCommerce sites.

Current wording

The Company’s brands are marketed in approximately 170 countries and territories at September 27, 2025, including through owned operations in the U.S., Canada, the United Kingdom and certain countries in continental Europe and Asia Pacific. In other regions (Latin America, portions of Europe and Asia Pacific, the Middle East and Africa), the Company relies on a network of third-party distributors, licensees and joint ventures. At September 27, 2025, the Company operated 120 retail stores in the U.S., United Kingdom, Ireland and Italy and 39 direct-to-consumer eCommerce sites.

Previous wording

•The effective tax rates in the second quarters of 2025 and 2024 were 13.7% and 13.1%, respectively.

Current wording

•The effective tax rates in the third quarters of 2025 and 2024 were 20.5% and 17.7%, respectively.

Previous wording

•Diluted earnings per share for the second quarter of 2025 was $0.32 per share compared to diluted earnings per share of $0.17 per share for the second quarter of 2024.

Current wording

•Diluted earnings per share for the third quarter of 2025 was $0.30 per share compared to diluted earnings per share of $0.28 per share for the third quarter of 2024.

Previous wording

•The Company declared cash dividends of $0.10 per share in the second quarters of both 2025 and 2024.

Current wording

•The Company declared cash dividends of $0.10 per share in the third quarters of both 2025 and 2024.

Previous wording

•Cash flow used in operating activities was $39.2 million for the first two quarters of 2025 compared to cash flow used in operating activities of $10.5 million for the first two quarters of 2024.

Current wording

•Cash flow used in operating activities was $6.2 million for the first three quarters of 2025 compared to cash flow provided by operating activities of $97.7 million for the first three quarters of 2024.

Previous wording

•Compared to the second quarter of 2024, inventory as of the end of the second quarter of 2025 increased $18.9 million, or 6.4%.

Current wording

•Compared to the third quarter of 2024, inventory as of the end of the third quarter of 2025 decreased $2.2 million, or 0.7%.

Previous wording

Revenue was $474.2 million for the second quarter of 2025, representing an increase of $49.0 million compared to the second quarter of 2024. The change in revenue reflected a $49.6 million, or 16.2%, increase from the Active Group, a $2.5 million, or 2.4%, increase from the Work Group, and a $3.1 million, or 21.7%, decrease from the Other category. The Active Group’s revenue increase was primarily driven by an increase of $42.3 million from Saucony®and $15.2 million from Merrell®, partially offset by a decrease of $5.2 million from Chaco®and $2.7 million from Sweaty Betty®. The Work Group’s revenue increase was primarily driven by increases of $4.3 million from Cat®, $1.4 million from Harley-Davidson® and $1.4 million from HYTEST®, partially offset by decreases of $3.0 million from Wolverine® and $1.6 million from Bates®. The decrease in Other revenue was primarily driven by decreases of $1.8 million from joint venture and royalty revenue recorded at the corporate level, $0.9 million from Hush Puppies®and $0.4 million from Sperry®. Changes in foreign exchange rates increased revenue by $5.2 million during the second quarter of 2025. Direct-to-consumer revenue decreased during the second quarter of 2025 by $1.8 million, or 1.6%, compared to the second quarter of 2024.

Current wording

Revenue was $470.3 million for the third quarter of 2025, representing an increase of $30.1 million compared to the third quarter of 2024. The change in revenue reflected a $34.1 million, or 10.7%, increase from the Active Group, a $3.2 million, or 2.9%, decrease from the Work Group, and a $0.8 million, or 6.5%, decrease from the Other category. The Active Group’s revenue increase was primarily driven by an increase of $28.3 million from Saucony®and $8.1 million from Merrell®, partially offset by a decrease of $1.8 million from Sweaty Betty®. The Work Group’s revenue decrease was primarily driven by decreases of $4.1 million from Wolverine®, $1.3 million from Harley-Davidson®and $0.6 million from HYTEST®, partially offset by an increase of $2.4 million from Cat®. The decrease in Other revenue was primarily driven by decreases from joint venture and royalty revenue recorded at the corporate level. Changes in foreign exchange rates increased revenue by $6.0 million during the third quarter of 2025. Direct-to-consumer revenue decreased during the third quarter of 2025 by $5.6 million, or 5.0%, compared to the third quarter of 2024.

Previous wording

Revenue was $886.5 million for the first two quarters of 2025, representing an increase of $66.4 million compared to the first two quarters of 2024. The change in revenue reflected a $86.5 million, or 14.5%, increase from the Active Group, a $12.8 million, or 6.6%, decrease from the Work Group, and a $7.3 million, or 24.9%, decrease from the Other category. The Active Group’s revenue increase was primarily driven by increases of $72.0 million from Saucony® and $32.8 million from Merrell®, partially offset by decreases of $9.9 million from Sweaty Betty®and $8.4 million from Chaco®. The Work Group’s revenue decrease was primarily driven by decreases of $6.8 million from Wolverine®, $3.3 million from Cat®and $2.1 million from Bates®. The decrease in Other revenue was primarily driven by decreases of $4.5 million from Sperry®and $2.6 million from joint venture and royalty revenue recorded at the corporate level. Changes in foreign exchange rates increased revenue by $0.5 million during the first two quarters of 2025. Direct-to-consumer revenue decreased during the first two quarters of 2025 by $11.8 million, or 5.4%, compared to the first two quarters of 2024.

Current wording

Revenue was $1,356.8 million for the first three quarters of 2025, representing an increase of $96.5 million compared to the first three quarters of 2024. The change in revenue reflected a $120.6 million, or 13.2%, increase from the Active Group, a $16.0 million, or 5.3%, decrease from the Work Group, and a $8.1 million, or 19.4%, decrease from the Other category. The Active Group’s revenue increase was primarily driven by increases of $100.3 million from Saucony® and $40.9 million from Merrell®, partially offset by decreases of $11.7 million from Sweaty Betty®and $8.9 million from Chaco®. The Work Group’s revenue decrease was primarily driven by decreases of $10.9 million from Wolverine®, $1.8 million from Bates®, $1.4 million from HYTEST®and $1.1 million from Harley-Davidson®. The decrease in Other revenue was primarily driven by decreases of $4.6 million from Sperry®and $3.1 million from joint venture and royalty revenue recorded at the corporate level. Changes in foreign exchange rates increased revenue by $6.4 million during the first three quarters of 2025. Direct-to-consumer revenue decreased during the first three quarters of 2025 by $17.4 million, or 5.2%, compared to the first three quarters of 2024.

Previous wording

Gross margin was 47.2% in the second quarter of 2025 compared to 43.1% in the second quarter of 2024. Gross margin was 47.2% in the first two quarters of 2025 compared to 44.5% in the first two quarters of 2024. The gross margin increase during 2025 was primarily due to healthier sales mix, lower promotional activity and the benefit of supply chain cost initiatives.

Current wording

Gross margin was 47.5% in the third quarter of 2025 compared to 45.1% in the third quarter of 2024. Gross margin was 47.4% in the first three quarters of 2025 compared to 44.6% in the first three quarters of 2024. The gross margin increase during 2025 was primarily due to a higher mix of full price sales, lower promotional activity, the benefit of supply chain cost initiatives, and the positive impact from recent price increases, partially offset by the impact of incremental U.S. tariffs.

Previous wording

Operating expenses increased $29.2 million, from $154.1 million in the second quarter of 2024 to $183.3 million in the second quarter of 2025. The increase was primarily driven by higher environmental and other related costs, net of insurance recoveries ($16.6 million), higher advertising costs ($10.6 million), higher general and administrative costs ($6.8 million), higher selling costs ($2.5 million), higher incentive compensation costs ($2.0 million) and higher distribution costs ($0.9 million), partially offset by lower reorganization costs ($7.0 million) and lower impairment of long-lived and intangible assets ($3.2 million). Environmental and other related costs were $0.9 million and $10.8 million in the second quarter of 2025 and 2024, respectively.

Current wording

Operating expenses increased $19.6 million, from $164.0 million in the third quarter of 2024 to $183.6 million in the third quarter of 2025. The increase was primarily driven by 2024 gains on the sale of businesses, trademarks, and intangible assets ($8.5 million), higher selling costs ($6.1 million), higher incentive compensation costs ($4.9 million), higher advertising costs ($3.0 million), and higher general and administrative costs ($0.7 million), partially offset by lower reorganization costs ($2.3 million), lower environmental and other related costs, net of insurance recoveries ($0.8 million) and lower distribution costs ($0.2 million). Environmental and other related costs were $0.5 million and $2.2 million in the third quarter of 2025 and 2024, respectively.

Previous wording

Operating expenses increased $19.8 million, from $338.6 million in the first two quarters of 2024 to $358.4 million in the first two quarters of 2025. The increase was primarily driven by higher environmental and other related costs, net of insurance recoveries ($18.1 million), higher advertising costs ($15.6 million), higher general and administrative costs ($3.3 million), higher incentive compensation costs ($1.8 million), higher selling costs ($1.0 million) and higher distribution costs ($0.5 million), partially offset by lower reorganization costs ($11.2 million) and lower impairment of long-lived and intangible assets ($9.3 million). Environmental and other related costs were $4.0 million and $12.7 million in the first two quarters of 2025 and 2024, respectively.

Current wording

Operating expenses increased $39.4 million, from $502.6 million in the first three quarters of 2024 to $542.0 million in the first three quarters of 2025. The increase was primarily driven by higher advertising costs ($18.6 million), higher environmental and other related costs, net of insurance recoveries ($17.3 million), 2024 gains on the sale of businesses, trademarks, and intangible assets ($8.5 million), higher selling costs ($7.1 million), higher incentive compensation costs ($6.7 million) and higher general and administrative costs ($4.1 million), partially offset by lower reorganization costs ($13.5 million) and lower impairment of long-lived and intangible assets ($9.3 million). Environmental and other related costs were $4.5 million and $15.0 million in the first three quarters of 2025 and 2024, respectively.

Previous wording

Net interest expense was $8.5 million in the second quarter of 2025 compared to $11.9 million in the second quarter of 2024. Net interest expense was $16.5 million in the first two quarters of 2025 compared to $23.9 million in the first two quarters of 2024. The decrease in interest expense for both the quarter-to-date and year-to-date periods is primarily due to lower average principal balances of variable rate debt and lower weighted average interest rates on variable rate debt.

Current wording

Net interest expense was $8.1 million in the third quarter of 2025 compared to $9.6 million in the third quarter of 2024. Net interest expense was $24.6 million in the first three quarters of 2025 compared to $33.5 million in the first three quarters of 2024. The decrease in interest expense for both the quarter-to-date and year-to-date periods is primarily due to lower average principal balances of variable rate debt and lower weighted average interest rates on variable rate debt.

Previous wording

Other income was $1.4 million in the second quarter of 2025, compared to other income of $0.8 million in the second quarter of 2024. Other income was $2.9 million in the first two quarters of 2025, compared to other income of $1.6 million in the first two quarters of 2024.

Current wording

Other income was $1.6 million in the third quarter of 2025, compared to other income of $3.8 million in the third quarter of 2024. Other income was $4.5 million in the first three quarters of 2025, compared to other income of $5.4 million in the first three quarters of 2024.

Previous wording

The effective tax rates in the second quarter of 2025 and 2024 were 13.7% and 13.1%, respectively. The effective tax rates in the firsttwo quarters of 2025 and 2024 were 12.0% and 47.8%, respectively. The increase in the effective tax rate between 2025 and 2024 for the second quarter of the years is primarily due to a decrease in discrete tax benefits recognized in the current year. The decrease in the effective tax rate between 2025 and 2024 for the year-to-date periods is primarily the result of discrete tax benefits in the current year compared to discrete tax expenses in the prior year.

Current wording

The effective tax rates in the third quarter of 2025 and 2024 were 20.5% and 17.7%, respectively. The effective tax rates in the first three quarters of 2025 and 2024 were 15.6% and 21.1%, respectively. The increase in the effective tax rate between 2025 and 2024 for the third quarter of the years is primarily due to changes in jurisdictional mix of worldwide pretax income, partially offset by increased discrete tax benefits. The decrease in the effective tax rate between 2025 and 2024 for the year-to-date periods is primarily the result of discrete tax benefits in the current year compared to discrete tax expenses in the prior year.

Previous wording

The Active Group’s revenue increased $49.6 million, or 16.2%, in the second quarter of 2025 compared to the second quarter of 2024. The revenue increase was primarily driven by increases of $42.3 million from Saucony®and $15.2 million from Merrell®, partially offset by decreases of $5.2 million from Chaco®and $2.7 million from Sweaty Betty®. The Active Group’s revenue increased $86.5 million, or 14.5%, in the first two quarters of 2025 compared to the first two quarters of 2024. The revenue increase was primarily driven by increases of $72.0 million from Saucony®and $32.8 million from Merrell®, partially offset by decreases of $9.9 million from Sweaty Betty®and $8.4 million from Chaco®. The Saucony® increase was primarily driven by sales in the international channel and the strength and expanded sales of lifestyle product, including ProGrid Omni 9 and Ride Millennium. The Merrell® increase was primarily due to growth in the core brand franchises, including Moab 3, Moab Speed, and Speed Strike, particularly in the wholesale and international channels. The Sweaty Betty®decrease was primarily driven by softer consumer demand in direct-to-consumer and wholesale channels, lower closeout sales compared to the prior year and timing of shipments. The Chaco® decrease was primarily due to lower closeout sales compared to the prior year and softer consumer demand.

Current wording

The Active Group’s revenue increased $34.1 million, or 10.7%, in the third quarter of 2025 compared to the third quarter of 2024. The revenue increase was primarily driven by increases of $28.3 million from Saucony®and $8.1 million from Merrell®, partially offset by a decrease of $1.8 million from Sweaty Betty®. The Active Group’s revenue increased $120.6 million, or 13.2%, in the first three quarters of 2025 compared to the first three quarters of 2024. The revenue increase was primarily driven by increases of $100.3 million from Saucony®and $40.9 million from Merrell®, partially offset by decreases of $11.7 million from Sweaty Betty®and $8.9 million from Chaco®. The Saucony® increase was primarily driven by sales in the U.S. and EMEA channels and the strength and expanded sales of lifestyle product, including ProGrid Omni 9 and Ride Millennium. The Merrell® increase was primarily due to growth in the core Speed franchises and new product in the lifestyle category, particularly in the wholesale and international channels. The Sweaty Betty®decrease was primarily driven by softer consumer demand in the U.S. direct-to-consumer and wholesale channels and lower closeout sales compared to the prior year. The Chaco® decrease was primarily due to lower closeout sales compared to the prior year and softer consumer demand.

Previous wording

The Active Group’s operating profit increased $22.6 million, or 53.7%, in the second quarter of 2025 compared to the second quarter of 2024. The operating profit increase was due to revenue increases and a 500 basis point increase in gross margin, partially offset by a $17.3 million increase in selling, general and administrative expenses. The Active Group’s operating profit increased $44.5 million, or 56.8%, in the first two quarters of 2025 compared to the first two quarters of 2024. The operating profit increase was due to revenue increases and a 420 basis point increase in gross margin, partially offset by a $23.2 million increase in selling, general and administrative expenses. The increase in gross margin in the current year periods was primarily due to healthier sales mix, lower promotional activity and the benefit of supply chain cost initiatives. The increase in selling, general and administrative expenses in the current year periods was primarily due to higher advertising costs, selling costs and employee costs.

Current wording

The Active Group’s operating profit increased $12.1 million, or 22.7%, in the third quarter of 2025 compared to the third quarter of 2024. The operating profit increase was due to revenue increases and a 200 basis point increase in gross margin, partially offset by a $11.0 million increase in selling, general and administrative expenses. The Active Group’s operating profit increased $56.6 million, or 43.0%, in the first three quarters of 2025 compared to the first three quarters of 2024. The operating profit increase was due to revenue increases and a 350 basis point increase in gross margin, partially offset by a $34.2 million increase in selling, general and administrative expenses. The increase in gross margin in the current year periods was primarily due to a higher mix of full price sales, lower promotional activity, the benefit of supply chain cost initiatives, and the positive impact from recent price increases, partially offset by the impact of incremental U.S. tariffs. The increase in selling, general and administrative expenses in the current year periods was primarily due to higher advertising costs, selling costs and employee costs.

Previous wording

The Work Group’s revenue increased $2.5 million, or 2.4%, during the second quarter of 2025 compared to the second quarter of 2024. The revenue increase was primarily driven by increases of $4.3 million from Cat®, $1.4 million from Harley-Davidson® and $1.4 million from HYTEST®, partially offset by decreases of $3.0 million from Wolverine® and $1.6 million from Bates®. The Cat®increase was primarily due to strong performance in the international and U.S. wholesale channels. The Harley-Davidson® increase was primarily due to timing of shipments in the U.S. wholesale channel. The HYTEST®increase was primarily due to growth in the U.S. wholesale channel. The Wolverine® decrease was primarily due to softer consumer demand in the U.S. direct-to-consumer and U.S. wholesale channels. The Bates®decrease was primarily due to softer consumer demand in the U.S. wholesale channel and lower closeout sales compared to the prior year.

Current wording

The Work Group’s revenue decreased $3.2 million, or 2.9%, in the third quarter of 2025 compared to the third quarter of 2024. The Work Group’s revenue decrease was primarily driven by decreases of $4.1 million from Wolverine®, $1.3 million from Harley-Davidson®and $0.6 million from HYTEST®, partially offset by an increase of $2.4 million from Cat®. The Work Group’s revenue decreased $16.0 million, or 5.3%, during the first three quarters of 2025 compared to the first three quarters of 2024. The revenue decrease was primarily driven by decreases of $10.9 million from Wolverine®, $1.8 million from Bates®, $1.4 million from HYTEST® and $1.1 million from Harley-Davidson®. The Wolverine® decrease was primarily due to softer consumer demand in the U.S. direct-to-consumer and U.S. wholesale channels. The Bates®decrease was primarily due to softer consumer demand in the U.S. wholesale channel and lower closeout sales compared to the prior year. The HYTEST®decrease was primarily due to softer consumer demand in the U.S. wholesale channel and lower closeout sales compared to the prior year. The Harley-Davidson® decrease was primarily due to softer consumer demand in the U.S. wholesale channel. The Cat®increase was primarily due to strong demand in the international third-party network.

Previous wording

The Work Group’s operating profit increased $5.7 million, or 39.0%, in the second quarter of 2025 compared to the second quarter of 2024. The operating profit increase was due to revenue increases, a 270 basis point increase in gross margin and a $1.9 million decrease in selling, general and administrative expenses. The Work Group’s operating profit increased $0.1 million, or 0.4%, in the first two quarters of 2025 compared to the first two quarters of 2024. The operating profit increase was due to a 90 basis point increase in gross margin and a $3.1 million decrease in selling, general and administrative expenses, partially offset by revenue decreases. The increase in gross margin in the current year periods was primarily due to favorable sales mix, lower promotional activity, and the benefit of supply chain cost initiatives. The decrease in selling, general and administrative expenses in the current year period was primarily due to lower distribution costs, advertising costs and selling expenses.

Current wording

The Work Group’s operating profit increased $3.5 million, or 21.5%, in the third quarter of 2025 compared to the third quarter of 2024. The operating profit increase was due to a 380 basis point increase in gross margin and a $0.6 million decrease in selling, general and administrative expenses, partially offset by revenue decreases. The Work Group’s operating profit increased $3.6 million, or 8.3%, in the first three quarters of 2025 compared to the first three quarters of 2024. The operating profit increase was due to a 200 basis point increase in gross margin and a $3.7 million decrease in selling, general and administrative expenses, partially offset by revenue decreases. The increase in gross margin in the current year periods was primarily due to a higher mix of full price sales, lower promotional activity, the benefit of supply chain cost initiatives, and the positive impact from recent price increases, partially offset by the impact of incremental U.S. tariffs. The decrease in selling, general and administrative expenses in the current year period was primarily due to lower distribution costs and selling expenses.

Previous wording

The Other category’s revenue decreased $3.1 million, or 21.7%, in the second quarter of 2025 compared to the second quarter of 2024. The revenue decrease was primarily driven by a decrease of $1.8 million from joint venture and royalty revenue recorded at the corporate level, $0.9 million from Hush Puppies®, due to timing in the international channel, and $0.4 million from Sperry®, due to the divestiture of the business effective January 10, 2024. The Other category’s revenue decreased $7.3 million, or 24.9%, in the first two quarters of 2025 compared to the first two quarters of 2024. The revenue decrease was primarily driven by decreases of $4.5 million from Sperry®, due to the divestiture of the business effective January 10, 2024, and $2.6 million from joint venture and royalty revenue recorded at the corporate level.

Current wording

The Other category’s revenue decreased $0.8 million, or 6.5%, in the third quarter of 2025 compared to the third quarter of 2024. The revenue decrease was primarily driven by a decrease from joint venture and royalty revenue recorded at the corporate level. The Other category’s revenue decreased $8.1 million, or 19.4%, in the first three quarters of 2025 compared to the first three quarters of 2024. The revenue decrease was primarily driven by decreases of $4.6 million from Sperry®due to the divestiture of the business effective January 10, 2024 and $3.1 million from joint venture and royalty revenue recorded at the corporate level.

Previous wording

Other operating profit decreased $0.1 million, or 1.2%, in the second quarter of 2025 compared to the second quarter of 2024. Other operating profit increased $3.2 million, or 25.8%, in the first two quarters of 2025 compared to the first two quarters of 2024. The operating profit increase in the first two quarters of 2025 was primarily due to higher Hush Puppies®royalty income on higher revenue and losses incurred in the prior year associated with the Sperry®business.

Current wording

Other operating profit decreased $0.6 million, or 7.2%, in the third quarter of 2025 compared to the third quarter of 2024. Other operating profit increased $2.6 million, or 12.6%, in the first three quarters of 2025 compared to the first three quarters of 2024. The operating profit increase in the first three quarters of 2025 was primarily due to higher Hush Puppies®royalty income on higher revenue and losses incurred in the prior year associated with the Sperry®business.

Previous wording

Corporate expenses increased $16.6 million in the second quarter of 2025 compared to the second quarter of 2024, primarily due to higher environmental and other related costs ($16.6 million), higher software licensing costs ($2.4 million), higher incentive compensation costs ($1.5 million) and higher inventory reserves recorded at the corporate level ($1.1 million), partially offset by lower reorganization activities ($7.0 million) and lower impairment of long-lived and intangible assets ($3.2 million).

Current wording

Corporate expenses increased $10.1 million in the third quarter of 2025 compared to the third quarter of 2024, primarily due to 2024 gains on the sale of businesses, trademarks, and intangible assets ($8.5 million) and higher incentive compensation costs ($5.2 million), partially offset by lower reorganization activities ($2.3 million) and lower environmental and other related costs ($0.8 million).

Previous wording

Corporate expenses increased $13.4 million in the first two quarters of 2025 compared to the first two quarters of 2024, primarily due to higher environmental and other related costs ($18.1 million), business model change gain recorded in the prior year that did not reoccur ($6.5 million), higher software licensing costs ($3.1 million), higher inventory reserves recorded at the corporate level ($1.1 million) and higher incentive compensation costs ($1.0 million), partially offset by lower reorganization activities ($11.2 million) and lower impairment of long-lived and intangible assets ($9.3 million).

Current wording

Corporate expenses increased $21.2 million in the first three quarters of 2025 compared to the first three quarters of 2024, primarily due to higher environmental and other related costs ($17.3 million), 2024 gains on the sale of businesses, trademarks, and intangible assets ($8.5 million), business model change gain recorded in the prior year that did not reoccur ($6.5 million), higher incentive compensation costs ($6.2 million), higher software licensing costs ($3.1 million) and higher inventory reserves recorded at the corporate level ($1.1 million) partially offset by lower reorganization activities ($13.5 million) and lower impairment of long-lived and intangible assets ($9.3 million).

Previous wording

Cash and cash equivalents of $141.0 million as of June 28, 2025 were $7.3 million lower compared to June 29, 2024. The decrease is due primarily to repayments less borrowings of debt of $107.5 million, cash dividends paid of $33.0 million, additions to property, plant and equipment of $23.1 million, and employee taxes paid under stock-based compensation of $9.4 million, partially offset by cash provided by operating activities of $151.4 million and proceeds from divestitures of

Current wording

Cash and cash equivalents of $133.9 million as of September 27, 2025 were $6.3 million lower compared to September 28, 2024. The decrease is due primarily to repayments less borrowings of debt of $27.5 million, cash dividends paid of $33.1 million, additions to property, plant and equipment of $21.9 million, employee taxes paid under stock-based compensation of $9.7 million, and payments of debt issuance costs of $3.9 million partially offset by cash provided by operating activities of $76.2 million and proceeds from the exercise of stock options of $15.3 million. The Company had $456.0 million unborrowed under the Revolving Facility as of September 27, 2025. Cash and cash equivalents located in foreign jurisdictions totaled $99.9 million as of September 27, 2025.

Previous wording

The Company did not repurchase shares of its common stock during the first two quarters of both 2025 and 2024.

Current wording

The Company did not repurchase shares of its common stock during the first three quarters of both 2025 and 2024.

Previous wording

A detailed discussion of environmental remediation costs is found in Note 15 to the consolidated condensed financial statements. The Company has established a reserve for estimated environmental remediation costs based upon an evaluation of currently available facts with respect to each individual affected site. As of June 28, 2025, the Company has a reserve of $34.8 million, of which $20.2 million is expected to be paid in the next 12 months and is recorded as a current obligation in other accrued liabilities and the remaining $14.6 million is recorded in other liabilities and is expected to be paid over the course of up to 25 years. The Company's remediation activity at its former Tannery site and sites where the Company disposed of Tannery byproducts is ongoing. It is difficult to estimate the cost of environmental compliance and remediation given the uncertainties regarding the interpretation and enforcement of applicable environmental laws and regulations, the extent of environmental contamination and the existence of alternative cleanup methods.

Current wording

A detailed discussion of environmental remediation costs is found in Note 15 to the consolidated condensed financial statements. The Company has established a reserve for estimated environmental remediation costs based upon an evaluation of currently available facts with respect to each individual affected site. As of September 27, 2025, the Company had a reserve of $33.4 million, of which $19.0 million is expected to be paid in the next 12 months and is recorded as a current obligation in other accrued liabilities and the remaining $14.4 million is recorded in other liabilities and is expected to be paid over the course of up to 25 years. The Company's remediation activity at its former Tannery site and sites where the Company disposed of Tannery byproducts is ongoing. It is difficult to estimate the cost of environmental compliance and remediation given the uncertainties regarding the interpretation and enforcement of applicable environmental laws and regulations, the extent of environmental contamination and the existence of alternative cleanup methods.

Previous wording

The Company’s credit agreement provides for a term loan A facility (the “Term Facility”) and for a revolving credit facility (the “Revolving Facility” and, together with the Term Facility, the “Senior Credit Facilities”). The maturity date of the loans under the Senior Credit Facilities is October 21, 2026. The credit agreement provides for a debt capacity of up to an aggregate debt amount (including outstanding term loan principal and revolver commitment amounts in addition to permitted incremental debt)not to exceed $2.0 billion unless certain specified conditions set forth in the credit agreement are met. The Revolving Facility allows the Company to borrow up to an aggregate amount of $800.0 million.

Current wording

On September 24 2025, the Company entered into a 2025 Replacement Facility Amendment and Reaffirmation Agreement (the “Credit Agreement”) to replace the existing revolving credit facility and term loan A facility. The Company’s credit agreement provides for a revolving credit facility (the “Revolving Facility”). The maturity date of the loans under the Revolving Facility is September 24, 2030. The credit agreement provides for a debt capacity of up to an aggregate debt amount (including existing revolver commitment amounts in addition to permitted incremental debt)not to exceed $850.0 million. The Revolving Facility allows the Company to borrow up to an aggregate amount of $600.0 million.

Previous wording

The Company’s debt at June 28, 2025 totaled $708.5 million compared to $648.0 million at December 28, 2024. The Company expects to use the current borrowings to fund organic growth initiatives, pay dividends and for general corporate purposes. The increased debt position is due to higher borrowings under the Revolving Facility mainly resulting from operating cash outflows.

Current wording

The Company’s debt at September 27, 2025 totaled $676.4 million compared to $648.0 million at December 28, 2024. The Company expects to use the current borrowings to fund organic growth initiatives and for general corporate purposes. The increased debt position is due to higher borrowings under the Revolving Facility mainly resulting from operating cash outflows and capital expenditures.

Previous wording

For the first two quarters of 2025, an increase in net working capital represented a use of cash of $93.2 million. Working capital balances were unfavorably impacted by an increase in accounts receivable of $38.0 million, an increase in inventories of $68.3 million, an increase in other operating assets of $8.7 million, and a decrease in other operating liabilities of $0.5 million, partially offset by an increase in accounts payable of $22.1 million. Operating cash flows included adjustments for environmental and other related costs, net of cash payments and recoveries received, cash outflow of $6.8 million, depreciation and amortization expense adjustment of $12.5 million, stock-based compensation expense adjustment of $12.6 million, pension expense adjustment of $0.3 million, and deferred income taxes of $0.1 million.

Current wording

For the first three quarters of 2025, an increase in net working capital represented a use of cash of $97.4 million. Working capital balances were unfavorably impacted by an increase in inventories of $41.9 million, an increase in other operating assets of $4.9 million, a decrease in accounts payable of $55.2 million, a decrease in income taxes payable of $0.2 million and a decrease in other operating liabilities of $0.5 million, partially offset by a decrease in accounts receivable of $5.3 million. Operating cash flows included adjustments for environmental and other related costs, net of cash payments and recoveries received, cash outflow of $8.3 million, depreciation and amortization expense adjustment of $20.3 million, stock-based compensation expense adjustment of $18.4 million, pension expense adjustment of $0.5 million, and deferred income taxes of $0.2 million.

Previous wording

The Company made capital expenditures of $11.0 million and $8.1 million in the first two quarters of 2025 and 2024, respectively, for corporate headquarters building improvements, and eCommerce site and information system enhancements.

Current wording

The Company made capital expenditures of $13.9 million and $12.2 million in the first three quarters of 2025 and 2024, respectively, for corporate headquarters building improvements, eCommerce site and information system enhancements.

Previous wording

The current year debt activity includes net borrowings under the Revolving Facility of $65.0 million. The Company paid $5.0 million and $26.7 million in principal payments associated with its long-term debt during the first two quarters of 2025 and 2024, respectively. The Company paid $8.5 million and $1.7 million during the first two quarters of 2025 and 2024, respectively, in connection with shares or units withheld to pay employee taxes related to awards under stock incentive plans. The Company did not repurchase sharesin the first two quarters of 2025 or 2024.

Current wording

The current year debt activity includes net borrowings under the Revolving Facility of $60.0 million. The Company paid $32.5 million and $39.2 million in principal payments associated with its long-term debt during the first three quarters of 2025 and 2024, respectively. The Company paid $3.9 million in debt issuance costs during the first three quarters of 2025. The Company paid $9.1 million and $2.0 million during the first three quarters of 2025 and 2024, respectively, in connection with shares or units withheld to pay employee taxes related to awards under stock incentive plans. The Company had cash proceeds from the exercise of stock options of $9.1 million during the first three quarters of 2025. The Company did not repurchase sharesin the first three quarters of 2025 or 2024.

Previous wording

The Company declared cash dividends of $0.20 per share duringthe first two quarters of 2025 and 2024. Dividends paid in the first two quarters of 2025 and 2024 totaled $16.7 million and $16.2 million, resp ectively. A quarterly dividend of $0.10 per share was declared on July 30, 2025 to stockholders of record on October 1, 2025.

Current wording

The Company declared cash dividends of $0.30 per share duringthe first three quarters of 2025 and 2024. Dividends paid in the first three quarters of 2025 and 2024 totaled $25.0 million and $24.4 million, resp ectively. A quarterly dividend of $0.10 per share was declared on October 29, 2025 to stockholders of record on January 2, 2026.