CURTISS WRIGHT CORP

Previous wording

Except for historical information, this Quarterly Report on Form 10-Q may be deemed to contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, but are not limited to: (a) projections of or statements regarding return on investment, future earnings, interest income, sales, volume, other income, earnings or loss per share, growth prospects, capital structure, liquidity requirements, and other financial terms, (b) statements of plans and objectives of management, (c) statements of future economic performance; (d) impacts on our business related to ongoing supply chain disruptions, significant inflation, higher interest rates or deflation, labor shortages, U.S. and foreign trade policies and tariffs or other impositions on imported goods, and measures taken by governments and private industry in response, as well as related to the ongoing conflicts between Russia and Ukraine and Israel and Hamas, and the related sanctions, (e) the effect of laws, rules, regulations, tax reform, new accounting pronouncements, and outstanding litigation on our business and future performance, and (f)statements of assumptions, such as economic conditions underlying other statements. Such forward-looking statements can be identified by the use of forward-looking terminology such as “anticipates,” “believes,” “continue,” “could,” “estimate,” “expects,” “intend,” “may,” “might,” “outlook,” “potential,” “predict,” “should,” “will,” as well as the negative of any of the foregoing or variations of such terms or comparable terminology, or by discussion of strategy. No assurance may be given that the future results described by the forward-looking statements will be achieved. While we believe these forward-looking statements are reasonable, they are only predictions and are subject to known and unknown risks, uncertainties, and other factors, many of which are beyond our control, which could cause actual results, performance, or achievement to differ materially from anticipated future results, performance, or achievement expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, those described in “Item 1A. Risk Factors” of our 2024 Annual Report on Form 10-K filed with the SEC, and elsewhere in that report, those described in this Quarterly Report on Form 10-Q, and those described from time to time in our future reports filed with the Securities and Exchange Commission and other written or oral statements made or released by us. Such forward-looking statements in this Quarterly Report on Form 10-Q include, without limitation, those contained in Item 1. Financial Statements (including the Notes to Condensed Consolidated Financial Statements) and Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

Current wording

Except for historical information, this Quarterly Report on Form 10-Q may be deemed to contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, but are not limited to: (a) projections of or statements regarding return on investment, future earnings, interest income, sales, volume, other income, earnings or loss per share, growth prospects, capital structure, liquidity requirements, and other financial terms, (b) statements of plans and objectives of management, (c) statements of future economic performance; (d) impacts on our business related to the continued shutdown of the U.S. government, ongoing supply chain disruptions, significant inflation, higher interest rates or deflation, labor shortages, U.S. and foreign trade policies and tariffs or other impositions on imported goods, and measures taken by governments and private industry in response, as well as related to the ongoing conflict between Russia and Ukraine, and the related sanctions, (e) the effect of laws, rules, regulations, tax reform, new accounting pronouncements, and outstanding litigation on our business and future performance, and (f)statements of assumptions, such as economic conditions underlying other statements. Such forward-looking statements can be identified by the use of forward-looking terminology such as “anticipates,” “believes,” “continue,” “could,” “estimate,” “expects,” “intend,” “may,” “might,” “outlook,” “potential,” “predict,” “should,” “will,” as well as the negative of any of the foregoing or variations of such terms or comparable terminology, or by discussion of strategy. No assurance may be given that the future results described by the forward-looking statements will be achieved. While we believe these forward-looking statements are reasonable, they are only predictions and are subject to known and unknown risks, uncertainties, and other factors, many of which are beyond our control, which could cause actual results, performance, or achievement to differ materially from anticipated future results, performance, or achievement expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, those described in “Item 1A. Risk Factors” of our 2024 Annual Report on Form 10-K filed with the SEC, and elsewhere in that report, those described in this Quarterly Report on Form 10-Q, and those described from time to time in our future reports filed with the Securities and Exchange Commission and other written or oral statements made or released by us. Such forward-looking statements in this Quarterly Report on Form 10-Q include, without limitation, those contained in Item 1. Financial Statements (including the Notes to Condensed Consolidated Financial Statements) and Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

Previous wording

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand the results of operations and financial condition of the Corporation for the three and six month periods ended June 30, 2025. The financial information as of June 30, 2025 should be read in conjunction with the financial statements for the year ended December 31, 2024 contained in our Form 10-K.

Current wording

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand the results of operations and financial condition of the Corporation for the three and nine month periods ended September 30, 2025. The financial information as of September 30, 2025 should be read in conjunction with the financial statements for the year ended December 31, 2024 contained in our Form 10-K.

Previous wording

Sales in the second quarter increased $92 million, or 12%, to $877 million, compared with the prior year period. On a segment basis, sales from the Aerospace & Industrial, Defense Electronics, and Naval & Power segments increased $6 million, $25 million, and $61 million, respectively.

Current wording

Sales in the third quarter increased $70 million, or 9%, to $869 million, compared with the prior year period. On a segment basis, sales from the Aerospace & Industrial, Defense Electronics, and Naval & Power segments increased $19 million, $10 million, and $41 million, respectively.

Previous wording

Sales during the six months ended June 30, 2025 increased $184 million, or 12%, to $1,682 million, compared with the prior year period. On a segment basis, sales from the Aerospace & Industrial, Defense Electronics, and Naval & Power segments increased $14 million, $58 million, and $112 million, respectively. Changes in sales by segment are discussed in further detail in the results by business segment section below.

Current wording

Sales during the nine months ended September 30, 2025 increased $255 million, or 11%, to $2,551 million, compared with the prior year period. On a segment basis, sales from the Aerospace & Industrial, Defense Electronics, and Naval & Power segments increased $33 million, $68 million, and $154 million, respectively. Changes in sales by segment are discussed in further detail in the results by business segment section below.

Previous wording

Operating incomein the second quarter increased $27 million, or 21%, to $156 million, and operating margin increased 140 basis points to 17.8% compared with the same period in 2024, due to increases across all segments. In the Aerospace & Industrial segment, increases in operating income and operating margin were primarily due to favorable overhead absorption on higher sales, the benefits of the Company's restructuring initiatives, and favorable foreign currency translation. Operating income and operating margin in the Defense Electronics segment increased primarily due to favorable absorption on higher sales as well as the benefits from our operational excellence initiatives. In the Naval & Power segment, increases in operating income and operating margin were primarily due tofavorable overhead absorption on higher sales as well as favorable product mix.

Current wording

Operating incomein the third quarter increased $21 million, or 15%, to $166 million, and operating margin increased 100 basis points to 19.1% compared with the same period in 2024, due to increases across all segments. In the Aerospace & Industrial segment, increases in operating income and operating margin were primarily due to favorable overhead absorption on higher sales, the benefits of the Company's restructuring initiatives, and favorable product mix. Operating income and operating

Previous wording

Operating income during the six months ended June 30, 2025 increased $57 million, or 25%, to $286 million, and operating margin increased 170 basis points to 17.0%, compared with the same period in 2024, due to increases across all segments. In the Aerospace & Industrial segment, increases in operating income and operating margin were primarily due to favorable overhead absorption on higher sales, the benefits of the Company's restructuring initiatives, and favorable foreign currency translation. Operating income and operating margin in the Defense Electronics segment increased primarily due to favorable absorption on higher sales, the benefits from our operational excellence initiatives, and favorable mix on defense electronics products. In the Naval & Power segment, increases in operating income and operating margin were primarily due to favorable overhead absorption on higher sales as well as an unfavorable prior year period naval contract adjustment that did not recur in the current period. These increases were partially offset by unfavorable product mix and higher investment in research and development.

Current wording

Operating income during the nine months ended September 30, 2025 increased $78 million, or 21%, to$452 million, and operating margin increased 140 basis points to 17.7%, compared with the same period in 2024, due to increases across all segments. In the Aerospace & Industrial segment, increases in operating income and operating margin were primarily due tofavorable overhead absorption on higher sales, the benefits of the Company's restructuring initiatives, and favorable foreign currency translation. Operating income and operating margin in the Defense Electronics segment increased primarily due to favorable absorption on higher sales, the benefits from our operational excellence initiatives, and favorable mix on defense electronics products. In the Naval & Power segment, increases in operating income and operating margin were primarily due to favorable overhead absorption on higher sales, an unfavorable prior year period naval contract adjustment that did not recur in the current period, as well as the benefits from our operational excellence initiatives. These increases were partially offset by higher investment in research and development.

Previous wording

Interest expense in the second quarter and six months ended June 30, 2025 decreased $1 million, or 6% to $11 million and $1 million, or 5%, to $21 million, respectively, primarily due to lower borrowings under our revolving Credit Agreement (the “Credit Agreement” or “credit facility”).

Current wording

Interest expense in the third quarter and nine months ended September 30, 2025 decreased $1 million, or 8%, to $10 million, and $2 million, or 6%, to $31 million, respectively, primarily due to lower borrowings under our revolving Credit Agreement (the “Credit Agreement” or “credit facility”) as well as the repayment of our $90 million 3.85% Senior Notes in February 2025.

Previous wording

Other income, net in the second quarter increased $2 million, or 28%, to $11 million, primarily due to primarily due to lower overall pension costs against the comparable prior year period. Other income, net during the six months ended June 30, 2025 decreased$1 million, or 6%, to $17 million, primarily due to lower interest income in the current period.

Current wording

Other income, net in the third quarter andnine months ended September 30, 2025 decreased $5 million, or 47%, to $5 million, and$6 million, or 21%, to $22 million, respectively, primarily due to lower interest income and higher overall pension costs against the comparable prior year periods.

Previous wording

The effective tax rate of 22.8% in the second quarter increased compared to an effective tax rate of 21.2% in the prior year period, primarily due to higher provisional tax expense associated with foreign withholding taxes in the current period. The effective tax rate of 21.1% for the six months ended June 30, 2025 decreased as compared to an effective tax rate of 21.9% in the prior year period, primarily due to the full year estimated benefit of the prior year’s legal entity restructuring, partially offset by higher provisional tax expense associated with foreign withholding taxes in the current period.

Current wording

The effective tax rate of 22.5% in the third quarter decreased compared to an effective tax rate of 22.6% in the prior year period, primarily due to the full year estimated benefit of the prior year’s legal entity restructuring in the current period. The effective tax rate of 21.6% for the nine months ended September 30, 2025 decreased as compared to an effective tax rate of 22.2%, primarily due to the full year estimated benefit of the prior year’s legal entity restructuring in the current period, partially offset by higher provisional tax expense associated with foreign withholding taxes in the current period.

Previous wording

Comprehensive incomein the second quarter was $177 million, compared to comprehensive income of $94 million in the prior year period. The change was primarily due to the following:

Current wording

Comprehensive incomein the third quarter was $107 million, compared to comprehensive income of $141 million in the prior year period. The change was primarily due to the following:

Previous wording

•Foreign currency translation adjustments in the second quarter resulted in a $57 million comprehensive gain, compared to a $5 million comprehensive loss in the prior year period. The comprehensive gain during the current period was primarily attributed to increases in the British Pound and Canadian dollar.

Current wording

•Foreign currency translation adjustments in the third quarter resulted in a $14 million comprehensive loss, compared to a $31 million comprehensive gain in the prior year period. The comprehensive loss during the current period was primarily attributed to decreases in the British Pound and Canadian dollar.

Previous wording

•Net earnings increased$22 million, primarily due to higher operating income.

Current wording

•Net earnings increased$14 million, primarily due to higher operating income.

Previous wording

Comprehensive income during the six months ended June 30, 2025 was $298 million, compared to comprehensive income of $156 million in the prior year period. The change was primarily due to the following:

Current wording

Comprehensive income during the nine months ended September 30, 2025 was $405 million, compared to comprehensive income of $297 million in the prior year period. The change was primarily due to the following:

Previous wording

•Foreign currency translation adjustments for the six months ended June 30, 2025 resulted in a $76 million comprehensive gain, compared to a $21 million comprehensive loss in the prior period. The comprehensive gain during the current period was primarily attributed to increases in the British Pound and Canadian dollar.

Current wording

•Foreign currency translation adjustments for the nine months ended September 30, 2025 resulted in a $62 million comprehensive gain, compared to a $10 million comprehensive gain in the prior period. The comprehensive gain during the current period was primarily attributed to increases in the British Pound and Canadian dollar.

Previous wording

•Net earnings increased $46 million, primarily due to higher operating income.

Current wording

•Net earnings increased $60 million, primarily due to higher operating income.

Previous wording

New ordersin the second quarter increased $4 million from the comparable prior year period, primarily due to an increase in orders in the Aerospace & Industrial segment for sensors and actuation products as well as surface treatment services within our A&D markets, as well as the timing of orders on naval defense equipment in the Defense Electronics segment. These increases were partially offset by the timing of naval defense orders in the Naval & Power segment.

Current wording

New ordersin the third quarter increased $67 million from the comparable prior year period, primarily due to the timing of naval defense orders as well as an increase in orders for commercial nuclear products in the Naval & Power segment. New orders also benefited from an increase in orders in the Aerospace & Industrial segment for sensors and actuation products as well as surface treatment services within our A&D markets. These increases were partially offset by the timing of orders on aerospace and ground defense equipment in the Defense Electronics segment, including embedded computing and tactical communications products.

Previous wording

New orders during the six months ended June 30, 2025 increased $121 million from the comparable prior year period, primarily due to the timing of naval defense orders in the Naval & Power segment. New orders also benefited from an increase in orders in the Aerospace & Industrial segment for sensors products and surface treatment services within our A&D markets. These increases were partially offset by the timing of orders on ground and naval defense equipment in the Defense Electronics segment.

Current wording

New orders during the nine months ended September 30, 2025 increased $187 million from the comparable prior year period, primarily due to the timing of naval defense orders as well as an increase in orders for commercial nuclear products in the Naval & Power segment. New orders also benefited from an increase in orders in the Aerospace & Industrial segment for sensors products and surface treatment services within our A&D markets. These increases were partially offset by the timing of orders on aerospace and ground defense equipment in the Defense Electronics segment, including embedded computing and tactical communications products. Changes in new orders by segment are discussed in further detail in the "Results by Business Segment" section below.

Previous wording

Sales during the six months ended June 30, 2025 increased$14 million, or 3%, to $466 million from the prior year period. In the commercial aerospace market, sales increased $11 million primarily due to higher OEM sales of sensors products as well as surface treatment services on narrowbody and widebody platforms. Sales in the aerospace defense market benefited $8 million, primarily from higher demand for actuation equipment on the F-35 and other fighter jet programs. These increases were partially offset by lower sales in the general industrial market, primarily due to reduced sales of industrial vehicle products to off-highway vehicle platforms.

Current wording

Sales during the nine months ended September 30, 2025 increased$33 million, or 5%, to $714 million from the prior year period. In the commercial aerospace market, sales increased $23 million primarily due to higher demand for actuation equipment, sensors products, and surface treatment services on various narrow-body and wide-body platforms. Sales in the ground defense market increased $11 million primarily due to higher sales of EMequipment. In the aerospace defense market, sales increased $10 million primarily due to higher demand for actuation equipment and surface treatment services on various fighter jet programs. These increases were partially offset by a slight reduction in the general industrial market, primarily due to reduced sales of industrial vehicle products to off-highway vehicle platforms.

Previous wording

New orders in the second quarter increased $20 million primarily due to an increase in orders for sensors and actuation products and surface treatment services within our A&D markets.

Current wording

New orders in the third quarter increased $29 million primarily due to an increase in orders for sensors and actuation products as well as surface treatment services within our A&D markets.

Previous wording

Sales in the second quarter increased $25 million, or 11%, to $253 million from the prior year period. In the aerospace defense market, sales increased $12 million primarily due to higher demand for embedded computing equipment on various international fighter jet programs as well as domestic unmanned aerial vehicle programs. Sales in the ground defense market benefited $12 million primarily due to higher demand for tactical battlefield communications equipment as well as increased support for U.S. ground vehicle modernization.

Current wording

Sales during the nine months ended September 30, 2025 increased $68 million, or 10%, to $751 million from the prior year period. In the aerospace defense market, sales increased $34 million primarily due to higher sales of embedded computing equipment on various international programs as well as domestic unmanned aerial vehicle programs. Sales in the naval defense market benefited $15 million primarily due to higher sales of embedded computing equipment supporting various domestic and international programs. Sales in the ground defense market benefited $12 million primarily due to increased support for U.S. ground vehicle modernization. In the commercial aerospace market, sales benefited from increased demand and higher sales of our flight data recorder technology to OEM customers.

Previous wording

Operating incomein the second quarter increased $10 million, or 16%, to $68 million compared to the prior year period, and operating margin increased 130 basis points from the prior year period to 26.8%, primarily due to favorable absorption on higher sales as well as the benefits from our operational excellence initiatives. Operating income during the six months ended June 30, 2025 increased $29 million, or 27%, to $135 million, and operating margin increased 300 basis points from the prior year period to 27.2%, primarily due to favorable absorption on higher sales, the benefits from our operational excellence initiatives, and favorable mix on defense electronics products.

Current wording

Operating incomein the third quarter increased $10 million, or 16%, to $74 million compared to the prior year period, and operating margin increased 300 basis points from the prior year period to 29.2%, primarily due to favorable absorption on higher sales as well as the benefits from our operational excellence initiatives.

Previous wording

New orders during the six months ended June 30, 2025 decreased $40 million primarily due to the timing of orders on ground and naval defense equipment, including embedded computing and tactical communications products.

Current wording

New orders in the third quarter andnine months ended September 30, 2025 decreased $51 million and$91 million, respectively, primarily due to the timing of orders on aerospace and ground defense equipment, including embedded computing and tactical communications products.

Previous wording

Operating income during the six months ended June 30, 2025 increased $21 million, or 26%, to $102 million, and operating margin increased 80 basis points from the prior year period to 14.3%, primarily due to favorable overhead absorption on higher sales as well as an unfavorable prior year period naval contract adjustment that did not recur in the current period. These increases were partially offset by unfavorable product mix and higher investment in research and development.

Current wording

Operating income during the nine months ended September 30, 2025 increased 25 million, or 19%, to 160 million, and operating margin increased 30 basis points from the prior year period to 14.7%, primarily due to favorable overhead absorption on higher sales, an unfavorable prior year period naval contract adjustment that did not recur in the current period, as well as the benefits from our operational excellence initiatives. These increases were partially offset by higher investment in research and development.

Previous wording

Sales during the six months ended June 30, 2025 increased $139 million, or 13%, to $1,171 million, primarily due to higher sales across all markets. Sales in the aerospace defense market increased primarily due to higher demand for embedded computing equipment on various international programs as well as domestic unmanned aerial vehicle programs. Sales in the aerospace defense market also benefited from higher demand for actuation equipment on the F-35 and other fighter jet programs. Sales in the ground defense market increased primarily due to higher demand for tactical battlefield communications equipment as well as increased support for U.S. ground vehicle modernization. Sales increases in the naval defense market were primarily due to higher demand as well as the timing of sales on the Columbia-class and Virginia-class submarine programs. Sales in the naval defense market also benefited from higher growth on various next-generation submarine development programs as well as higher demand for embedded computing equipment supporting various domestic and international programs. Sales in the commercial aerospace market primarily benefited from higher OEM demand for sensors products as well as surface treatment services on narrowbody and widebody platforms.

Current wording

Sales during the nine months ended September 30, 2025 increased $191 million, or 12%, to $1,789 million, primarily due to higher sales across all markets. Sales in the aerospace defense market increased primarily due to higher sales of embedded computing equipment on various international programs as well as domestic unmanned aerial vehicle programs. Sales in the aerospace defense market also benefited from higher demand for actuation equipment on various fighter jet programs. Sales in the ground defense market increased primarily due to higher sales ofelectromechanical actuation equipment as well asincreased support for U.S. ground vehicle modernization. Sales increases in the naval defense market were primarily due to higher demand as well as the timing of production on the Columbia-class and Virginia-class submarine programs as well ashigher sales of aftermarket fleet services and aircraft handling systems equipment to international customers. Sales in the naval defense market also benefited from higher demand for embedded computing equipment supporting various domestic and international programs. Sales in the commercial aerospace market primarily benefited from higher OEM demand for sensors products and surface treatment services on narrowbody and widebody platforms as well as increased demand and higher sales of our flight data recorder technology to OEM customers.

Previous wording

Sales in the second quarter increased $25 million, or 10%, to $268 million. Sales in the power & process market increased primarily due to the incremental impact from our Ultra Energy acquisition as well as higher commercial nuclear aftermarket sales supporting the maintenance of existing operating reactors and development of next-generation advanced reactors. Sales in the general industrial market were essentially flat.

Current wording

Sales in the third quarter increased $19 million, or 8%, to $251 million against the comparable prior year period. Sales in the power & process market increased primarily due to the incremental impact from our I&C Solutions acquisition as well as higher commercial nuclear aftermarket sales supporting the maintenance of existing operating reactors and development of next-generation advanced reactors. Sales in the general industrial market were essentially flat.

Previous wording

Sales during the six months ended June 30, 2025 increased $45 million, or 10%, to $511 million. Sales in the power & process market increased primarily due to the incremental impact from our Ultra Energy and WSC acquisitions as well as higher commercial nuclear aftermarket sales supporting the maintenance of existing operating reactors and development of next-generation advanced reactors. Sales in the general industrial market were essentially flat.

Current wording

Sales during the nine months ended September 30, 2025 increased $64 million, or 9%, to $762 million. Sales in the power & process market increased primarily due to the incremental impact from our I&C Solutions and WSC acquisitions as well as higher commercial nuclear aftermarket sales supporting the maintenance of existing operating reactors and development of next-generation advanced reactors. Sales in the general industrial market were essentially flat.

Previous wording

Net cash provided by operating activities increased $32 million from the prior year period, primarily due to higher cash earnings.

Current wording

Net cash provided by operating activities increased $48 million from the prior year period, primarily due to higher cash earnings. This increase was partially offset by higher working capital.

Previous wording

Net cash used for investing activities decreased $20 million from the prior year period, primarily due to our acquisition of WSC in the prior year period.

Current wording

Net cash used for investing activities decreased $17 million from the prior year period, primarily due to our acquisition of WSC in the prior year period. This decrease was partially offset by higher capital expenditures in the Aerospace & Industrial and Naval & Power segments during the current period.

Previous wording

Net cash used for financing activities increased $100 million from the prior year period, primarily due to the repayment of our 3.85% Senior Notes in February 2025. Refer to the "Financing Activities" section below for further details.

Current wording

Net cash used for financing activities increased $267 million from the prior year period, primarily due to higher repurchases of common stock during the current period as well as the repayment of our $90 million 3.85% Senior Notes in February 2025. Refer to the "Financing Activities" section below for further details.

Previous wording

The Corporation’s debt outstanding had an average interest rate of 3.8% for boththe three and six months ended June 30, 2025, respectively, and 3.8% for both the three and six months ended June 30, 2024, respectively. The Corporation’s average debt outstanding was$960 million and$990 million for the three and six months ended June 30, 2025, respectively, and $1.0 billion for both the three and six months ended June 30, 2024, respectively.

Current wording

The Corporation’s debt outstanding had an average interest rate of 3.8% for both the three and nine months ended September 30, 2025, respectively, and 3.8% for both the three and nine months ended September 30, 2024, respectively. The Corporation’s average debt outstanding was $982 million and $988 million for the three and nine months ended September 30, 2025, respectively, and $1.0 billion for both the three and nine months ended September 30, 2024, respectively.

Previous wording

As of June 30, 2025, the Corporation had approximately $27 million in letters of credit supported by the credit facility. The unused credit available under the credit facility as of June 30, 2025 was $723 million, which could be borrowed without violating any of our debt covenants.

Current wording

As of September 30, 2025, the Corporation had approximately $10 million of outstanding borrowings under the Credit Agreement and $26 million in letters of credit supported by the Credit Agreement. The unused credit available under the Credit Agreement as of September 30, 2025 was $714 million, which could be borrowed without violating any of our debt covenants.

Previous wording

For the six months ended June 30, 2025, the Corporation repurchased approximately 102,000 shares of its common stock for $35 million. For the six months ended June 30, 2024, the Corporation repurchased approximately 100,000 shares of its common stock for $25 million.

Current wording

During the nine months ended September 30, 2025, the Corporation repurchased approximately 684,000 shares of its common stock for $325 million. During the nine months ended September 30, 2024, the Corporation repurchased approximately 455,000 shares of its common stock for $138 million.

Previous wording

As of June 30, 2025, we had the ability to borrow additional debt of $3.0 billion without violating our debt to capitalization covenant.

Current wording

As of September 30, 2025, we had the ability to borrow additional debt of $2.7 billion without violating our debt to capitalization covenant.