Company: ATMU
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001921963-25-000075
Chunk: 22

Company: Atmus Filtration Technologies Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 1
Chunk 22
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 2024, Atmus’ Board of Directors authorized a $150.0 million share repurchase program. The program does not have an expiration date and may be suspended or discontinued at any time. Repurchases under the program are determined by management and are wholly discretionary.Since inception of the program, the Company repurchased approximately 0.8 million shares of Common stock at an average cost of $37.80 per share, or an aggregate cost of approximately $30.0 million. During the three months ended March 31, 2025, the Company repurchased approximately 0.3 million shares of Common stock at an average cost of $39.03 per share, or an aggregate cost of approximately $10.0 million, all of which was paid during the period. All share repurchases were funded through available cash on hand. As of March 31, 2025, the Company had approximately $120.0 million in remaining share repurchase capacity.

NOTE 13. RELATIONSHIP WITH RELATED PARTIES

As described in Note 1, Description of the Business, prior to the IPO, Atmus had been managed and operated in the normal course of business with other subsidiaries of Cummins. Accordingly, certain shared costs prior to the IPO have been allocated to Atmus and reflected as expenses in the Condensed Consolidated Financial Statements. Management of Cummins and Atmus consider the allocation methodologies used to be reasonable and appropriate reflections of historical expenses of Cummins attributable to Atmus for purposes of the Condensed Consolidated Financial Statements; however, the expenses reflected in the Condensed Consolidated Financial Statements may not be indicative of the actual expenses that would have been incurred during the periods presented if Atmus historically operated as a separate, stand-alone entity. In addition, the expenses reflected in the Condensed Consolidated Financial Statements may not be indicative of expenses that will be incurred in the future by Atmus.The Company entered into the separation agreement and transition services agreement with Cummins, among other transaction agreements, all of which govern the parties’ relationship following the IPO and Full Separation. This relationship includes services provided by Cummins to the Company for a fixed term on a service-by-service basis. We pay Cummins mutually agreed-upon fees for the services provided under the transition services agreement. The fees paid to Cummins may not be indicative of costs for the same services provided by another provider.

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Related Party Balances

Following the Full Separation, Cummins is no longer considered a related party. Atmus’ sales to Cummins