# EDGAR Filing Document

**Accession Number:** 0001709164
**File Stem:** 0001709164-26-000065
**Filing Date:** 2026-5
**Character Count:** 25987
**Document Hash:** ad8134bb1936fa6a083ebc8d2216e8bd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001709164-26-000065.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0001709164-26-000065

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260506

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260506

**DATE AS OF CHANGE**: 20260506

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hamilton Beach Brands Holding Co
- **CENTRAL INDEX KEY:** 0001709164
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC HOUSEWARES & FANS [3634]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 311236686
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38214
- **FILM NUMBER:** 26948220

**BUSINESS ADDRESS:**
- **STREET 1:** 4421 WATERFRONT DRIVE
- **CITY:** GLEN ALLEN
- **STATE:** VA
- **ZIP:** 23060
- **BUSINESS PHONE:** 804-273-9777

**MAIL ADDRESS:**
- **STREET 1:** 4421 WATERFRONT DRIVE
- **CITY:** GLEN ALLEN
- **STATE:** VA
- **ZIP:** 23060

?xml version='1.0' encoding='ASCII'? hbb-20260506

    

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

 **_______________________________________________________________________________________________________________________________________________________________________________________________________**

**FORM 8-K** 

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| |
|:---|
| **CURRENT REPORT** |
| **Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934** |

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| | | | |
|:---|:---|:---|:---|
| Date of Report (Date of earliest event reported): | Date of Report (Date of earliest event reported): | Date of Report (Date of earliest event reported): | May 6, 2026 |
| **HAMILTON BEACH BRANDS HOLDING COMPANY** | **HAMILTON BEACH BRANDS HOLDING COMPANY** | **HAMILTON BEACH BRANDS HOLDING COMPANY** | **HAMILTON BEACH BRANDS HOLDING COMPANY** |
| (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) |
| Delaware |  | 001-38214 | 31-1236686 |
| (State or other jurisdiction of incorporation) |  | (Commission File Number) | (IRS Employer Identification No.) |
| 4421 WATERFRONT DR | GLEN ALLEN | VA | 23060 |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip code) |
|  | (804) | 273-9777 |  |
| (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) |
| N/A | N/A | N/A | N/A |
| (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) |

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Class A Common Stock, Par Value $0.01 Per Share** | **HBB** | **New York Stock Exchange** |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

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| | | |
|:---|:---|:---|
| Emerging growth company | ☐ | |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  | |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  | ☐ |

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**Item 2.02 Results of Operations and Financial Condition.**

&nbsp;&nbsp;&nbsp;&nbsp;

On May 6, 2026, Hamilton Beach Brands Holding Company (the "Company") issued a press release announcing its unaudited financial results for the first quarter ended March 31, 2026. A copy of the Company's press release is attached hereto as Exhibit 99 and is incorporated herein by reference.

The information set forth in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99, are being furnished by the Company pursuant to Item 2.02 of Form 8-K, insofar as they disclose historical information regarding the Company's results of operations.

The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**Item 9.01 Financial Statements and Exhibits.**

As described in Item 2.02 of this Current Report on Form 8-K, the following Exhibit is furnished as part of this Current Report on Form 8-K.

&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| (d) <u>Exhibits</u> | |
| 99 | <u>[Hamilton Beach Brands Holding Company](hbbhc33126earningsreleasee.htm)[first](hbbhc33126earningsreleasee.htm)[quarter ended](hbbhc33126earningsreleasee.htm)[March](hbbhc33126earningsreleasee.htm)[3](hbbhc33126earningsreleasee.htm)[1](hbbhc33126earningsreleasee.htm)[, 202](hbbhc33126earningsreleasee.htm)[6](hbbhc33126earningsreleasee.htm)[earnings release, dated](hbbhc33126earningsreleasee.htm)[May 6](hbbhc33126earningsreleasee.htm)[, 202](hbbhc33126earningsreleasee.htm)[6](hbbhc33126earningsreleasee.htm)</u> |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |

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**SIGNATURES**

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| Date: | <u>May 6, 2026</u> |  | HAMILTON BEACH BRANDS HOLDING COMPANY |
|  |  | By: | /s/ Sally M. Cunningham |
|  |  | Name: | Sally M. Cunningham |
|  |  | Title: | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)/(Principal Accounting Officer) |

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## Ex-99

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| | |
|:---|:---|
| ![imagea.jpg](imagea.jpg) | ![testa01a.jpg](testa01a.jpg) |

---

CONTACT:

Brendon Frey

Brendon.frey@icrinc.com

**HAMILTON BEACH BRANDS HOLDING COMPANY ANNOUNCES FIRST QUARTER RESULTS**

**First Quarter Gross Margin Expands 510 Basis Points**

**First Quarter Operating Profit Grows 115% to $5.0 Million**

Glen Allen, Virginia - Hamilton Beach Brands Holding Company (NYSE: HBB) (The Company) today announced results for the first quarter of 2026.

**First Quarter 2026 Overview**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue declined 8.6% to $122.0 million compared to $133.4 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross margin increased 510 basis points to 29.7% compared to 24.6%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating profit increased 115% to $5.0 million compared to $2.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted earnings per share was $0.26 compared to $0.13

"We experienced strong margin gains in the first quarter that more than offset lower sales to deliver a meaningful improvement in profitability," said R. Scott Tidey, President and Chief Executive Officer. "The significant gross margin expansion reflects the benefits from both the foreign trade zone in our distribution center, which allowed us to immediately capitalize on the Supreme Court's ruling on IEEPA tariffs, and the difference in timing between our price increases and the impact from higher costs. We are taking advantage of these temporary tailwinds and reinvesting the earnings upside in additional promotional programs to fuel increased demand. This is giving us confidence to reiterate our financial targets for 2026 despite the recent downturn in consumer sentiment and heightened macroeconomic uncertainty."

------

**Results of the First Quarter 2026 Compared to the First Quarter 2025** 

Total revenue declined $11.4 million, or 8.6%, to $122.0 million. The revenue decline was primarily driven by lower volumes in the Company's U.S. Consumer business due to lower consumer sentiment and overall macroeconomic uncertainty, partially offset by strong double digit increase in the Health business revenue.

Gross profit was $36.2 million, or 29.7% of total revenue, compared to $32.8 million or 24.6% of total revenue. The increase in gross profit margin is primarily due to favorable pricing and customer mix, partially offset by higher product costs. The margin improvement included a one-time benefit of 190 bps related to the sell-through of inventory impacted by previously anticipated IEEPA tariffs that were eliminated following the February 2026 United States Supreme Court ruling that the IEEPA does not authorize the U.S. President to impose tariffs. This benefit is non-recurring and will not persist beyond the sell-through of the affected inventory.

Selling, general and administrative expenses (SG&A) increased to $31.2 million compared to $30.5 million. The increase was primarily driven by $1.4 million in accelerated depreciation of the Company's legacy enterprise resource planning (ERP) system, partially offset by the benefit of restructuring actions taken by management during the second quarter of the prior year.

Operating profit was $5.0 million compared to $2.3 million.

Income tax expense was $1.4 million compared to $0.7 million in the prior year period.

Net income was $3.5 million, or $0.26 per diluted share, compared to $1.8 million, or $0.13 per diluted share.

**Cash Flow and Debt**

For the three months ended March 31, 2026, net cash provided by operating activities was $3.3 million, compared to $6.6 million cash provided for the three months ended March 31, 2025. The decrease was primarily driven by higher net working capital, including a planned increase in accounts receivable following the Company's decision to transition away from our arrangement with a financial institution to sell certain U.S trade receivables of a single customer which shifted the timing of cash receipts. This was partially offset by lower incentive payout compared to 2025.

For the three months ended March 31, 2026, the Company repurchased 55,413 shares of its Class A common stock at prevailing market prices for an aggregate purchase amount of $0.9 million and paid $1.6 million in dividends during the first quarter of 2026.

On March 31, 2026, net debt was $2.6 million compared to net debt of $1.7 million on March 31, 2025. Net debt is defined as total debt minus cash and cash equivalents and highly liquid short-term investments.

------

**Outlook**

Based on first quarter results and the plan to reinvest the earnings upside from the first quarter into additional promotional programs to drive demand, Hamilton Beach is reiterating its previously issued 2026 guidance. The Company still expects revenue growth to approach mid-single digit range in 2026 inclusive of a partial offset caused by the expiration of the Company's Bartesian licensing agreement at the end of 2025. Gross margins are expected to be similar to slightly better than 2025's level and operating profit to decline low teens on a percentage basis, inclusive of an incremental $6 million in planned advertising spend in 2026 to support the Company's strategic growth initiatives and approximately $6 million in accelerated depreciation associated with the Company's legacy ERP system. The Company expects cash flow from operating activities less cash used for investing activities for 2026 to be in the range of $35 million to $45 million.

**Conference Call**

The Company will conduct an earnings conference call and webcast on Wednesday, May 6, 2026, at 4:30 p.m. Eastern time. The call may be accessed by dialing 833-461-5787 (toll free), International 585-542-9983. Conference ID: 130751418. The conference call will also be webcast live on the Company's Investor Relations website at <u>www.hamiltonbeachbrands.com</u>. An archive of the webcast will be available on the website.

**About Hamilton Beach Brands Holding Company**

Hamilton Beach Brands Holding Company is a leading designer, marketer, and distributor of a wide range of brand name small electric household and specialty housewares appliances, and commercial products for restaurants, fast food chains, bars, and hotels, and is a provider of connected devices and software for healthcare management. The Company's owned consumer brands include Hamilton Beach®, Proctor Silex®, and Weston®, as well as premium brands Hamilton Beach Professional® and Lotus®. The Company's owned commercial brands include Hamilton Beach Commercial® and Proctor Silex Commercial®. The Company licenses the brands for CHI® premium garment care products and CloroxTM home appliances. The Company has multiyear agreements to design, sell, market, and distribute Numilk® plant-based milk makers and Sunkist® commercial juicers and sectionizers. Hamilton Beach Health, which owns HealthBeacon, is expanding the Company's presence in the home health and medical markets through connected medical devices. For more information about Hamilton Beach Brands Holding Company, visit www.hamiltonbeachbrands.com.

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**Forward-Looking Statements**

The statements contained in this news release that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act. These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Such risks and uncertainties include, without limitation: (1) uncertain or unfavorable global economic conditions and impacts from tariffs, inflation, rising interest rates, recessions or economic slowdowns; (2) changes in costs, including transportation costs and tariffs, of sourced products; (3) the Company's ability to source and ship products to meet anticipated demand; (4) changes in or unavailability of quality or cost effective suppliers; (5) the Company's ability to successfully manage constraints throughout the global transportation supply chain; (6) delays in delivery of sourced products; (7) changes in the sales prices, product mix or levels of consumer purchases of small electric household and specialty housewares appliances; (8) changes in consumer retail and credit markets, including the increasing volume of transactions made through third-party internet sellers; (9) bankruptcy of or loss of major retail customers or suppliers; (10) exchange rate fluctuations, changes in the import tariffs and monetary policies and other changes in the regulatory climate in the countries in which the Company operates or buys and/or sells products; (11) the impact of tariffs on customer purchasing patterns; (12) customer acceptance of price increases or delays in the development of new products; (13) product liability, regulatory actions or other litigation, warranty claims or returns of products; (14) increased competition, including consolidation within the industry; (15) changes in customers' inventory management strategies; (16) shifts in consumer shopping patterns, gasoline prices, weather conditions, the level of consumer confidence and disposable income as a result of economic conditions, unemployment rates or other events or conditions that may adversely affect the level of customer purchases of the Company's products; (17) changes mandated by federal, state and other regulation, including tax, health, safety or environmental legislation; (18) the Company's ability to identify, acquire or develop, and successfully integrate, new businesses or new product lines; and (19) other risk factors, including those described in the Company's filings with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2025. Furthermore, the future impact of unfavorable economic conditions, including inflation, changing interest rates, availability of capital markets and consumer spending rates remains uncertain. In uncertain economic environments, we cannot predict whether or when such circumstances may improve or worsen, or what impact, if any, such circumstances could have on our business, results of operations, cash flows and financial position.

\*\*\*\*

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**HAMILTON BEACH BRANDS HOLDING COMPANY**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Unaudited)**

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| | | |
|:---|:---|:---|
| | THREE MONTHS ENDED<br>MARCH 31 | THREE MONTHS ENDED<br>MARCH 31 |
| | **2026** | 2025 |
| | (In thousands, except per share data) | (In thousands, except per share data) |
| **Revenue** | $**121963** | $133372 |
| Cost of sales | **85771** | 100601 |
| **Gross profit** | **36192** | 32771 |
| Selling, general and administrative expenses | **31224** | 30458 |
| **Operating profit (loss)** | **4968** | 2313 |
| Interest (income) expense, net | **(78)** | (72) |
| Other (income) expense, net | **94** | (149) |
| **Income (loss) before income taxes** | **4952** | 2534 |
| Income tax expense (benefit) | **1413** | 729 |
| **Net income (loss)** | $**3539** | $1805 |
| **Basic and diluted earnings (loss) per share** | $**0.26** | $0.13 |
| **Basic weighted average shares outstanding** | **13571** | 13769 |
| **Diluted weighted average shares outstanding** | **13589** | 13788 |

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**HAMILTON BEACH BRANDS HOLDING COMPANY**

**CONSOLIDATED BALANCE SHEETS**

**(Unaudited)**

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| | | | |
|:---|:---|:---|:---|
| | **MARCH 31<br>2026** | DECEMBER 31<br>2025 | MARCH 31<br>2025 |
| | (In thousands) | (In thousands) | (In thousands) |
| **Assets** |  |  |  |
| **Current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**47416** | $47313 | $48296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade receivables, net | **89280** | 110535 | 82331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | **130330** | 133833 | 165890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | **16659** | 13052 | 16931 |
| **Total current assets** | **283685** | 304733 | 313448 |
| Property, plant and equipment, net | **28151** | 30253 | 34015 |
| Right-of-use lease assets | **33502** | 34614 | 37961 |
| Goodwill | **7099** | 7099 | 7099 |
| Deferred income taxes | **3472** | 3607 | 7115 |
| Other non-current assets | **14223** | 17318 | 18382 |
| **Total assets** | $**370132** | $397624 | $418020 |
| **Liabilities and stockholders' equity** |  |  |  |
| **Current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $**68471** | $86376 | $126342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | **5143** | 13956 | 5302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued product returns | **7675** | 7875 | 7074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | **5490** | 5497 | 5531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | **8322** | 9529 | 14589 |
| **Total current liabilities** | **95101** | 123233 | 158838 |
| Revolving credit agreements | **50000** | 50000 | 50000 |
| Lease liabilities, non-current | **35181** | 36416 | 40184 |
| Other long-term liabilities | **5081** | 5130 | 5817 |
| **Total liabilities** | **185363** | 214779 | 254839 |
| **Stockholders' equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, par value $0.01 per share | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Common stock | **121** | 119 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B Common stock | **36** | 36 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital in excess of par value | **81979** | 80795 | 77821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock | **(36419)** | (35213) | (29575) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | **145798** | 143888 | 124083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | **(6746)** | (6780) | (9302) |
| **Total stockholders' equity** | **184769** | 182845 | 163181 |
| **Total liabilities and stockholders' equity** | $**370132** | $397624 | $418020 |

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**HAMILTON BEACH BRANDS HOLDING COMPANY**

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

**(Unaudited)**

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| | | |
|:---|:---|:---|
| | THREE MONTHS ENDED<br>MARCH 31 | THREE MONTHS ENDED<br>MARCH 31 |
| | **2026** | 2025 |
| | (In thousands) | (In thousands) |
| **Operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $**3539** | $1805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **2614** | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense | **1186** | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **225** | (935) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables | **21410** | 34899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | **3127** | (40645) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | **782** | 7178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **(18092)** | 22031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | **(11487)** | (20094) |
| **Net cash provided by (used for) operating activities** | **3304** | 6620 |
| **Investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenditures for property, plant and equipment | **(320)** | (516) |
| **Net cash provided by (used for) investing activities** | **(320)** | (516) |
| **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash dividends paid | **(1629)** | (1585) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of treasury stock | **(1206)** | (3373) |
| **Net cash provided by (used for) financing activities** | **(2835)** | (4958) |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash and cash equivalents | **(46)** | 626 |
| **Cash and cash equivalents** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) for the period | **103** | 1772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at the beginning of the period | **47313** | 46524 |
| **Balance at the end of the period** | $**47416** | $48296 |

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**Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures: Net (Cash) Debt**

Net (cash) debt is a non-GAAP financial measure that management uses in evaluating financial position. Net (cash) debt is defined as total debt less cash and cash equivalents and highly liquid short-term investments. Management believes net (cash) debt is an important measure of the Company's financial position due to the amount of cash and cash equivalents on hand. The presentation of this measure is not intended to be considered in isolation from, as a substitute for, or as superior to, the financial information prepared and presented in accordance with U.S. GAAP. The presentation of this measure may be different from non-GAAP financial measures used by other companies. A reconciliation of this measure to its most directly comparable GAAP measure is provided in the table below:

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| | | | |
|:---|:---|:---|:---|
| | **MARCH 31<br>2026** | DECEMBER 31<br>2025 | MARCH 31<br>2025 |
| | (In millions) | (In millions) | (In millions) |
| Total debt | $**50.0** | $50.0 | $50.0 |
| Less: cash and cash equivalents | $**(47.4)** | $(47.3) | $(48.3) |
| Net (cash) debt | $**2.6** | $2.7 | $1.7 |

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