GTES — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-07-31

• On February 20, 2026, the U.S. Supreme Court issued a ruling addressing the validity of certain tariffs implemented under the International Emergency Economic Powers Act ("IEEPA"). In March 2026, the U.S. Court of International Trade issued an additional ruling that importers that paid tariffs under…

• Income from continuing operations before taxes100.2 80.2 178.1 174.0

• Cost of sales for the three months ended June 27, 2026 was $555.5 million, compared to $523.5 million for the prior year period, an increase of 6.1%, or $32.0 million. The following table lists the primary drivers behind the change in cost of sales (amounts in millions):

• Cost of sales for the six months ended June 27, 2026 was $1,068.6 million, compared to $1,026.5 million for the prior year period, an increase of 4.1%, or $42.1 million. The following table lists the primary drivers behind the change in cost of sales (amounts in millions):

• Selling, general and administrative (“SG&A”) expenses for the three months ended June 27, 2026 were $250.7 million compared to $231.2 million for the prior year period. This increase of $19.5 million was driven primarily by higher labor and benefits expense of $5.4 million, unfavorable impacts of ex…

Text removed vs the prior filing · source: 10-Q · 2026-05-01

• Selling, general and administrative (“SG&A”) expenses for the three months ended March 28, 2026 were $226.9 million compared to $216.2 million for the prior year period. This increase of $10.7 million was driven primarily by higher labor and benefits expense of $4.3 million, unfavorable impacts of e…

• Transaction-related expenses for the three months ended March 28, 2026 were $0.5 million compared to $0.4 million for the prior year period. Transaction-related expenses incurred during the three months ended March 28, 2026 were primarily related to certain corporate transactions. Transaction-relate…

• Restructuring expenses during the three months ended March 28, 2026 included $0.7 million of costs related to a global cost reduction effort and reorganization of our operations in Mexico. Restructuring related expenses during the three months ended March 28, 2026 included $2.4 million of costs rela…

• Restructuring expenses during the three months ended March 29, 2025 primarily included $1.3 million of costs related to the relocation of certain production activities and reorganization of our operations in Mexico, as well as severance and professional service fees. Restructuring related expenses d…

• Details of our long-term debt are presented in Note 12 to the condensed consolidated financial statements included elsewhere in this report. Interest expense increased by $0.3 million during the three months ended March 28, 2026, respectively, when compared to the equivalent prior year period, prima…

Text added vs the prior filing · source: 10-Q · 2026-07-31

• Except as set forth below, there have been no material changes to the risk factors previously disclosed in Item 1A “Risk Factors” in Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 12, 2026 (the “annual report”).

• The following disclosure is added as the last risk factor under the caption “Risks Related to Legal and Regulatory Matters” contained in the annual report.

• Legislation enacted in Bermuda as to economic substance may affect our operations.

• Pursuant to the Economic Substance Act 2018 of Bermuda, as amended, and the Economic Substance Regulations 2018, as amended (collectively, the “ES Act”), that came into force on January 1, 2019, a registered entity other than an entity which is resident for tax purposes in certain jurisdictions outs…

• To the extent the Company is conducting a “relevant activity,” we believe it will be the relevant activity of a “holding entity” within the meaning of the ES Act. On this basis, the Company should be subject to only minimum economic substance requirements under the ES Act and related regulations. Ho…

Text removed vs the prior filing · source: 10-Q · 2026-05-01

• In addition to the other information set forth in this report, you should carefully consider the factors discussed in Item 1A “Risk Factors” in Part I of the Company’s annual report, which could materially affect the Company’s business, financial condition, operating results or liquidity or future r…

Text removed vs the prior filing · source: 10-Q · 2026-05-01

• On April 27, 2026, Cristin C. Bracken, the Executive Vice President, Chief Legal Officer and Corporate Secretary of the Company, notified the Company of her intention to retire from her role with the Company effective as of June 5, 2026.