FORWARD-LOOKING STATEMENTS Some of the statements in this document and any documents incorporated by reference, including any statements as to operational and financial projections, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our businesses' or our industries' actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. Such statements may address our plans, our strategies, our prospects, or changes and trends in our business and the markets in which we operate under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" ("MD&A") or in other sections of this document. In some cases, you can identify forward-looking statements by terminology such as "may," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "project," "potential" or "continue" or the negative of those terms or similar expressions. These statements are only predictions. Actual events or results may differ materially because of market conditions in our industries or other factors, and forward-looking statements should not be relied upon as a prediction of actual results. Among other factors that may affect future performance are: the impact of the global outbreak of COVID-19 and governmental and other actions taken in response; cyclical changes and specific industry events in the company's markets; changes in anticipated capital investment and maintenance expenditures by customers; availability, limitations or cost increases of raw materials, component products and/or commodities that cannot be recovered in product pricing; overruns, the incurrence of delays, penalties or liquidated damages with respect to long-term fixed-price contracts; international economic, political, legal, accounting and business developments adversely affecting the company's ability to do business in emerging markets; ability to identify acceptable strategic acquisition targets; uncertainties surrounding timing, successful completion or integration of acquisitions and similar transactions; inadequate performance by third-party suppliers and subcontractors for outsourced products; defects or errors in current or planned products; potential labor disputes, extreme weather conditions and natural and other disasters; compliance costs associated with environmental laws and regulations; threats associated with and efforts to combat terrorism and cyber-security risks; global competitive market conditions, including global reactions toU.S. trade policies, and resulting effects on sales and pricing; and global economic factors, including currency exchange rates, difficulties entering new markets and general economic conditions such as inflation, deflation, interest rates and credit availability. In addition, management's estimates of future operating results are based on our current complement of continuing operations, which is subject to change as management selects strategic markets. All the forward-looking statements in this document are qualified in their entirety by reference to the factors discussed herein and under the heading "Risk Factors" in our 2020 Annual Report on Form 10-K and in any other documents subsequently filed by us under the Exchange Act that describe risks and factors that could cause results to differ materially from those projected in these forward-looking statements. We caution you that these risk factors may not be exhaustive. We operate in a continually changing business environment and frequently enter into new businesses and product lines. We cannot predict these new risk factors, and we cannot assess the impact, if any, of these new risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those projected in any forward-looking statements. Accordingly, you should not rely on forward-looking statements as a prediction of actual results. We undertake no obligation to update or publicly revise any forward-looking statements to reflect events or circumstances that arise after the date of this document. EXECUTIVE OVERVIEW Impact of the COVID-19 Pandemic As further discussed below, the COVID-19 pandemic had an adverse impact on our condensed consolidated financial results for the three months endedApril 3, 2021 . These adverse impacts are expected to continue in future quarters of 2021, and possibly longer, but we are unable to determine the extent, duration, or nature at this time. Although certain of our product lines (e.g., shorter-cycle product lines within our Industrial reportable segment) have been impacted more than others in our portfolio, we believe that our diverse set of products, along with our strong balance sheet position and available liquidity, position us well to mitigate further potential adverse impacts of the COVID-19 pandemic. For example, because we serve customers which produce food, beverages, personal care items, cleaning products, pharmaceuticals, and specialty chemicals, and serve critical infrastructure and industrial enablement functions, a majority, but not all, of our products, services and operations have been classified as "essential" under various governmental orders restricting business activities 27 -------------------------------------------------------------------------------- implemented in response to the COVID-19 pandemic. While we have temporarily closed certain of our offices and engineering, service and manufacturing centers over the past year, and may be required to close additional facilities in the future in response to governmental orders, other COVID-19 pandemic safety-related concerns or in response to market conditions affected by COVID-19, our manufacturing facilities have not experienced significant interruptions in operations to date. In terms of liquidity, as ofApril 3, 2021 , we had over$380.0 of cash and equivalents on hand and, as discussed in Note 10 to the accompanying condensed consolidated financial statements, approximately$490.0 of borrowing capacity under our revolving credit facilities and no debt repayments due under primary debt obligations untilJune 2022 . During the past year, we have taken actions to manage costs and cash flows, including reducing discretionary spending, and will continue to assess the actual and expected impacts of the COVID-19 pandemic and any requirements for further actions. Discontinued Operations OnMay 2, 2019 , the Company announced that its Board of Directors had initiated a process to divest a substantial portion of the Company's former Power and Energy reportable segment, excluding the Bran+Luebbe product line (collectively, the "Disposal Group "). In connection with this announcement and the continued development of the divestiture process thereafter, we reported theDisposal Group as "held-for-sale", and as discontinued operations, initially as of the end of our second quarter of 2019. InNovember 2019 , we entered into a Purchase and Sale Agreement (the "Sale Agreement") with an affiliate ofApollo Global Management, LLC (the "Buyer"), pursuant to which the Company agreed, indirectly through certain of its subsidiaries, to sell the businesses reflected as discontinued operations in the accompanying condensed consolidated financial statements to the Buyer for a gross purchase price of$475.0 (the "Transaction"). The gross purchase price of$475.0 was subject to (i) reductions based upon the level of certain deductions of theDisposal Group at the closing date, and (ii) certain adjustments based upon the level of net working capital, cash and debt of theDisposal Group at the closing date. The deductions included, for example, components of the "Contract Liabilities" and certain other current and long-term liabilities of theDisposal Group , as well as deductions for budgeted but un-incurred capital expenditures and other business infrastructure costs measured over periods defined in the Sale Agreement, but in all cases which expired at the closing date. OnMarch 30, 2020 , we completed the sale of substantially allDisposal Group businesses and received proceeds from the Buyer of$406.2 , based on an estimate of certain adjustments to the gross purchase price as of the closing date and as discussed further above and, to a lesser extent, certain fees. Unless otherwise indicated, amounts provided in MD&A below pertain to continuing operations only. Our BusinessSPX FLOW operates in two reportable segments: the Nutrition and Health segment and the Industrial segment. During the first quarter of 2021, the Company renamed its former "Food and Beverage" segment to the "Nutrition and Health" segment. Accordingly, all current and comparative period financial information for the segment has been presented as the Nutrition and Health segment in this MD&A. Other than the change in name, there were no changes to the segment and there has been no change to prior period financial information of the segment. Based inCharlotte, North Carolina ,SPX FLOW innovates with customers to help feed and enhance the world by designing, delivering and servicing high value process solutions at the heart of growing and sustaining our diverse communities. The product offering of the Company's continuing operations is concentrated in process technologies that perform mixing, blending, fluid handling, separation, thermal heat transfer and other activities that are integral to processes performed across a wide variety of nutrition, health and industrial markets.SPX FLOW had approximately$1.4 billion in 2020 annual revenues, with approximately 36%, 37% and 27% from sales into theAmericas , EMEA andAsia Pacific regions, respectively, and has continuing operations in more than 30 countries and sales in more than 140 countries. Our product portfolio of pumps, valves, mixers, filters, air dryers, hydraulic tools, homogenizers, separators and heat exchangers, along with the related aftermarket parts and services, supports global industries, including nutrition and health, chemical processing, compressed air and mining. From an end-market perspective, in 2020, approximately 47% of our revenues were from sales into the nutrition and health end markets and approximately 53% were from sales into the industrial end markets. Our core strengths include expertise in rotating, actuating and hydraulic equipment, a highly skilled workforce, global capabilities, product breadth, and a deep application knowledge that enables us to optimize configuration and create custom-engineered solutions for diverse processes. 28 -------------------------------------------------------------------------------- The following summary describes the products and services offered by our reportable segments: Nutrition and Health: The Nutrition and Health reportable segment operates in a regulated, global industry with customers who demand highly engineered, process solutions. Key demand drivers include dairy consumption, emerging market capacity expansion, sustainability and productivity initiatives, customer product innovation and food safety. Key products for the segment include homogenizers, pumps, valves, separators and heat exchangers. We also design and assemble process systems that integrate many of these products for our customers. Key brands include APV, Gerstenberg Schroeder, Seital andWaukesha Cherry-Burrell . The segment's primary competitors are Alfa Laval AB, Fristam Pumps, GEA Group AG, Krones AG, Südmo,Tetra Pak International S.A. and various regional companies. Industrial: The Industrial reportable segment primarily serves customers in the chemical, air treatment, mining, pharmaceutical, marine, infrastructure construction, general industrial and water treatment industries. Key demand drivers of this segment are tied to macroeconomic conditions and growth in the respective end markets we serve. Key products for the segment are air dryers, filtration equipment, mixers, pumps, hydraulic technologies and heat exchangers. Key brands include Airpel, APV, Bolting Systems, Bran+Luebbe,Deltech , Hankison, Jamix, Jemaco,Johnson Pump , LIGHTNIN, POSI LOCK, Power Team, Stelzer, Stone and Uutechnic. The segment's primary competitors are Alfa Laval AB,Chemineer Inc. ,EKATO , Enerpac, IDEX Viking Pump, KSB AG, Lewa,Milton Roy ,Parker Domnick Hunter , Prominent and various regional companies. Summary of Operating Results Non-GAAP Measures - Throughout the following segment discussion, we use organic revenue growth (decline) to facilitate explanation of the operating performance of our segments. Organic revenue growth (decline) is a non-GAAP financial measure, and is not a substitute for net revenue growth (decline). Refer to the explanation of this measure and purpose of use by management under "Results of Continuing Operations-Non-GAAP Measures." The financial information discussed below and included in this Quarterly Report on Form 10-Q may not necessarily reflect what our financial condition, results of operations and cash flows may be in the future. The following summary is intended to provide certain highlights of the discussion and analysis that follows (all comparisons are to the related period in the prior year): Revenues - For the three months endedApril 3, 2021 , revenues increased$74.3 (25.7%). The increase in revenue was due primarily to (i) an increase in organic revenue and, to a lesser extent, (ii) the weakening of theU.S. dollar against various foreign currencies during the period and (iii) revenues associated with businesses acquired in the third quarter of 2020 and first quarter of 2021. The increase in organic revenue was due primarily to higher volumes of revenue from (i) Nutrition and Health segment systems projects, components and aftermarket products, and (ii) broad-based strengthening across most short-cycle Industrial segment product lines, attributable primarily to increased demand due to reduced adverse effects of the COVID-19 pandemic. Income before Income Taxes - Income before income taxes increased$28.3 in the three months endedApril 3, 2021 . The increase in pre-tax income for the three months endedApril 3, 2021 , compared to the respective 2020 period, included primarily the effects of an increase in segment income and, to a lesser extent, a gain on an investment in an equity security and reduced interest expense, partially offset by the effects of an increase in restructuring and other related charges Cash Flows from Operations - For the three months endedApril 3, 2021 , cash flows from operations increased to$5.1 from$(32.7) primarily as a result of increased cash flows from higher segment income and the effects of improvements in working capital management realized during the 2021 period. RESULTS OF OPERATIONS The unaudited information included in this Quarterly Report on Form 10-Q should be read in conjunction with our annual consolidated financial statements included in our 2020 Annual Report on Form 10-K. Interim results are not necessarily indicative of results for a full year. We establish actual interim closing dates using a fiscal calendar, which requires our businesses to close their books on the Saturday closest to the end of the first calendar quarter, with the second and third quarters being 91 days in length. Our fourth quarter ends onDecember 31 . The interim closing dates for the first, second and third quarters of 2021 areApril 3 ,July 3 , andOctober 2 , compared to the respectiveMarch 28 ,June 27 , andSeptember 26, 2020 dates. We had five more days in the first quarter of 2021 and will have six fewer days in the fourth 29 -------------------------------------------------------------------------------- quarter of 2021 than in the respective 2020 periods. It is not practicable to estimate the impact of the differential in number of days on our changes in revenues on a quarter-over-quarter basis. Cyclicality of End Markets, Seasonality and Competition - The financial results of many of our businesses closely follow changes in the industries and end markets they serve. In our Nutrition and Health reportable segment, system revenues are highly correlated to timing on capital projects, which may cause significant fluctuations in our financial performance from period to period. Fluctuations in dairy commodity prices and production of dairy related products, particularly those aimed at serving theChina market, can influence the timing of capital spending by many end customers in our Nutrition and Health reportable segment. Although our businesses operate in highly competitive markets, our competitive position cannot be determined accurately in the aggregate or by segment since our competitors do not offer all the same product lines or serve all the same markets. In addition, specific reliable comparative figures are not available for many of our competitors. In most product groups, competition comes from numerous concerns, both large and small. The principal methods of competition are service, product performance, technical innovation and price. These methods vary with the type of product sold. We believe we compete effectively on the basis of each of these factors. See "Executive Overview - Our Business" for a discussion of our competitors. Non-GAAP Measures - Organic revenue growth (decline) presented herein is defined as revenue growth (decline) excluding the effects of foreign currency fluctuations and business acquisitions which occurred in the third quarter of 2020 and first quarter of 2021. We believe this metric is a useful financial measure for investors in evaluating our operating performance for the periods presented as, when read in conjunction with our revenues, it presents a tool to evaluate our ongoing operations and provides investors with a metric they can use to evaluate our management of assets held from period to period. In addition, organic revenue growth (decline) is one of the factors we use in internal evaluations of the overall performance of our business. This metric, however, is not a measure of financial performance under accounting principles generally accepted inthe United States ("GAAP"), should not be considered a substitute for net revenue growth (decline) as determined in accordance with GAAP and may not be comparable to similarly titled measures reported by other companies. 30 --------------------------------------------------------------------------------
The following table provides selected financial information for the three months
ended
Three months ended April 3, 2021 March 28, 2020 % Change Revenues$ 363.8 $ 289.5 25.7 Gross profit 128.5 101.1 27.1 % of revenues 35.3 % 34.9 % Selling, general and administrative 90.4 85.2 6.1 % of revenues 24.8 % 29.4 % Intangible amortization 3.0 2.8 7.1 Asset impairment charges - 1.9 (100.0) Restructuring and other related charges 9.2 2.6 253.8 Other income (expense), net 6.3 (1.5) 520.0 Interest expense, net (4.9) (8.1) 39.5
Income (loss) from continuing operations before income taxes
27.3 (1.0) * Income tax benefit (provision) (8.3) 0.9 * Income (loss) from continuing operations 19.0 (0.1) * Loss from discontinued operations, net of tax (0.3) (5.1) 94.1 Net income (loss) 18.7 (5.2) * Less: Net income attributable to noncontrolling interests 0.1 0.1 - Net income (loss) attributable to SPX FLOW, Inc. 18.6 (5.3) * Components of consolidated revenue growth: Organic increase 18.5 Foreign currency 5.2 Business combinations 2.0 Net revenue increase 25.7
*Not meaningful for comparison purposes
Revenues - For the three months endedApril 3, 2021 , the increase in revenues, compared to the respective 2020 period, was due primarily to (i) an increase in organic revenue and, to a lesser extent, (ii) the weakening of theU.S. dollar against various foreign currencies during the period and (iii) revenues associated with businesses acquired in the third quarter of 2020 and first quarter of 2021. The increase in organic revenue was due primarily to higher volumes of revenue from (i) Nutrition and Health segment systems projects, components and aftermarket products, and (ii) broad-based strengthening across most short-cycle Industrial segment product lines, attributable primarily to increased demand due to reduced adverse effects of the COVID-19 pandemic. See "Results of Reportable Segments" for additional details. Gross Profit - The increases in gross profit and margin for the three months endedApril 3, 2021 , compared to the respective 2020 period, were due primarily to the favorable impact on operating leverage of higher volumes of revenues as discussed above, as well as an improved mix of higher-quality revenue, in both of our reportable segments. See "Results of Reportable Segments" for additional details. Selling, General and Administrative ("SG&A") Expense - For the three months endedApril 3, 2021 , the increase in SG&A expense, compared to the respective 2020 period, was due primarily to the weakening of theU.S. dollar against various foreign currencies during the period and, to a lesser extent, an increase in variable incentive compensation. These increases in costs were partially offset by savings from reductions in discretionary spending. Asset Impairment Charges - Charges for the three months endedMarch 28, 2020 resulted from management's decision within the first quarter of 2020 to discontinue a product line within the Industrial reportable segment. Such charges related to certain machinery and equipment of the segment. 31 -------------------------------------------------------------------------------- Restructuring and Other Related Charges - Charges for the three months endedApril 3, 2021 related to a global cost productivity program initiated during the first quarter of 2021. Such charges related primarily to severance and other costs associated with commercial, engineering and certain operational employees across both segments and across each region in which our segments operate, as well as certain functional support employees across most of our corporate functions. See Note 6 to our condensed consolidated financial statements for further details of actions taken during the three months endedApril 3, 2021 andMarch 28, 2020 . Other Income (Expense), net - Other income, net, for the three months endedApril 3, 2021 was composed of investment-related gains of$5.4 , income from a transition services agreement entered into in connection with the sale of our former Power and Energy segment (the "TSA") of$1.0 , and net gains on asset sales and other of$0.1 , partially offset by foreign currency ("FX") losses of$0.1 and non-service-related pension and postretirement costs of$0.1 . The investment-related gains related to an increase in the net asset value of our investment in an equity security (see Note 15 to the condensed consolidated financial statements for additional details). See Note 3 for additional details regarding theTSA . Other expense, net, for the three months endedMarch 28, 2020 was composed of FX losses of$0.8 , net losses on asset sales and other of$0.5 , and non-service related pension and postretirement costs of$0.2 . Interest Expense, net - Interest expense, net, for the three months endedApril 3, 2021 andMarch 28, 2020 , was composed primarily of interest expense related to our senior notes and senior credit facilities and, to a lesser extent, finance lease obligations and miscellaneous lines of credit, partially offset by interest income on cash and cash equivalents. Interest expense, net, included interest expense of$5.9 and$9.1 , and interest income of$1.0 and$1.0 , respectively, during the three months endedApril 3, 2021 andMarch 28, 2020 . The decrease in interest expense in 2021, compared to 2020, was due primarily to the early redemption of our 5.625% senior notes inAugust 2020 . See Note 10 to our condensed consolidated financial statements for additional details on our third-party debt and Note 3 for additional details regarding our allocation of certain interest expense to discontinued operations. Income Tax Benefit (Provision) - During the three months endedApril 3, 2021 , we recorded an income tax provision of$8.3 on$27.3 of pre-tax income, resulting in an effective tax rate of 30.4%. This compares to an income tax benefit for the three months endedMarch 28, 2020 of$0.9 on$1.0 of pre-tax loss, resulting in an effective tax rate of 90.0%. The effective tax rate for the first quarter of 2021 was impacted by an income tax charge of$1.7 resulting from losses occurring in the quarter in certain jurisdictions where the benefit of those losses is not expected to be realized. The effective tax rate for the first quarter of 2020 was impacted by an income tax benefit of$1.2 resulting from tax return adjustments for certain of the Company's subsidiaries, which was partially offset by an income tax charge of$0.6 resulting from losses occurring in the quarter in certain jurisdictions where the tax benefit of those losses is not expected to be realized. Our future effective tax rate may vary, particularly during the first quarter of each year, based on tax charges or benefits that could result from potential future vestings of restricted stock shares and restricted stock units. Loss from Discontinued Operations, Net of Tax - For the three months endedApril 3, 2021 , the loss from discontinued operations, net of tax, of$0.3 , related to certain trailing costs incurred related to the sale of the Disposal Group For the three months endedMarch 28, 2020 , the loss from discontinued operations, net of tax, of$5.1 , was composed of an income tax benefit of$0.9 on a pre-tax loss of$6.0 . The pre-tax loss included a loss of$8.5 to reduce the carrying value of the net assets of theDisposal Group to our estimate of the net proceeds expected to be realized upon finalization of the purchase price with the Buyer. 32 --------------------------------------------------------------------------------
RESULTS OF REPORTABLE SEGMENTS The following information should be read in conjunction with our condensed consolidated financial statements and related notes. Nutrition and Health
As
of and for the three months ended
April 3, 2021 March 28, 2020 % Change Backlog$ 288.5 $ 251.5 14.7 Orders 172.8 125.2 38.0 Revenues 171.6 137.8 24.5 Income 28.6 19.4 47.4 % of revenues 16.7 % 14.1 % Components of revenue growth: Organic increase 19.1 Foreign currency 5.4 Net revenue growth 24.5 Revenues - For the three months endedApril 3, 2021 , the increase in revenues, compared to the respective 2020 period, was due primarily to an increase in organic revenue and, to a lesser extent, a weakening of theU.S. dollar during the period against various foreign currencies. The increase in organic revenue was due to higher volumes of systems, components and aftermarket revenues, partially attributable to reduced adverse effects of the COVID-19 pandemic. Income - For the three months endedApril 3, 2021 , income and margin increased, compared to the respective 2020 period. The increases in income and margin were due primarily to the favorable impact on operating leverage of higher volumes of revenues as discussed above, as well as an improved mix of higher-quality revenue. Backlog - The segment had backlog of$288.5 and$251.5 as ofApril 3, 2021 andMarch 28, 2020 , respectively. Of the$37.0 year-over-year increase in backlog,$20.3 was attributable to the favorable impact of fluctuations in foreign currencies relative to theU.S. dollar and$16.7 was attributable to organic growth across systems, components and aftermarket product lines, partially due to reduced adverse effects of the COVID-19 pandemic. Industrial As
of and for the three months ended
April 3, 2021 March 28, 2020 % Change Backlog$ 276.2 $ 265.5 4.0 Orders 198.7 191.8 3.6 Revenues 192.2 151.7 26.7 Income 21.4 9.4 127.7 % of revenues 11.1 % 6.2 % Components of revenue growth: Organic increase 17.9 Foreign currency 4.9 Business combinations 3.9 Net revenue growth 26.7 33
-------------------------------------------------------------------------------- Revenues - For the three months endedApril 3, 2021 , the increase in revenues, compared to the respective 2020 period, was due primarily to (i) an increase in organic revenue and, to a lesser extent, (ii) a weakening of theU.S. dollar during the period against various foreign currencies and (iii) revenues associated with businesses acquired in the third quarter of 2020 and first quarter of 2021. The increase in organic revenue was due primarily to increased shipments across the majority of our short-cycle Industrial segment product lines and end markets, primarily associated with reduced adverse effects of the COVID-19 pandemic. Income - For the three months endedApril 3, 2021 , income and margin increased, compared to the respective 2020 period. The increases in income and margin were due primarily to the favorable impact on operating leverage of higher volumes of revenues as discussed above, as well as an improved mix of higher-quality revenue in our short-cycle product lines. Backlog - The segment had backlog of$276.2 and$265.5 as ofApril 3, 2021 andMarch 28, 2020 , respectively. The$10.7 year-over-year increase in backlog was attributable to a$17.3 favorable impact of fluctuations in foreign currencies relative to theU.S. Dollar and an$11.0 increase in backlog associated with acquired businesses, partially offset by a$17.6 decline in legacy operations. The decline associated with legacy operations was due primarily to the timing of large-order shipments over the prior twelve months as well as an overall decrease in the quantity of large orders received during the first quarter of 2021. CORPORATE EXPENSE AND PENSION AND POSTRETIREMENT SERVICE COSTS Three months ended April 3, 2021 March 28, 2020 % Change Total consolidated revenues$ 363.8 $ 289.5 25.7 Corporate expense 14.7 15.5 (5.2) % of revenues 4.0 % 5.4 % Pension and postretirement service costs 0.2 0.2 - Corporate Expense - Corporate expense generally relates to the cost of ourCharlotte, North Carolina corporate headquarters and ourAsia Pacific center inShanghai, China . Corporate expense also reflects stock-based compensation costs associated with corporate employees. The decrease in corporate expense for the three months endedApril 3, 2021 , compared to the respective 2020 period, was due primarily to actions taken to manage costs on a year-over-year basis, including reducing discretionary spending, in response to the ongoing effects of the COVID-19 pandemic. See Note 12 to our condensed consolidated financial statements for further details regarding our stock-based compensation awards. Pension and Postretirement Service Costs -SPX FLOW sponsors a number of defined benefit pension plans and a postretirement plan. For all of these plans, changes in the fair value of plan assets and actuarial gains and losses are recognized to earnings in the fourth quarter of each year as a component of net periodic benefit expense, unless earlier remeasurement is required. The remaining components of pension and postretirement expense, primarily service and interest costs and expected return on plan assets, are recorded on a quarterly basis. Non-service-related pension and postretirement costs are reported in "Other income (expense), net."
See Note 9 to our condensed consolidated financial statements for further details regarding our pension and postretirement plans.
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