ULS — what changed in the latest 10-Q
A section-by-section comparison of ULS's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-05 vs the prior 10-Q · 2025-11-04
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +50 | −78 | ~25 | 47 |
| Market risk (Item 3) | Text added/removed | +4 | −4 | ~3 | 1 |
| Controls & procedures | Text added/removed | +1 | 0 | ~2 | 0 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Other information | Text added/removed | +4 | −1 | 0 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Risk factors
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-05
Effective beginning in the first quarter of 2026, the Company reorganized its segments to be consistent with how the Chief Executive Officer currently evaluates business performance and allocates resources. The changes primarily relate to the Company’s Advisory business, which was previously include…
The geopolitical environment and attendant increased levels of uncertainty have caused, and may continue to cause, the Company’s customers to modify, delay or cancel plans to purchase services. Accordingly, ongoing uncertainty related to the current geopolitical environment and the associated unpred…
In April 2026, the Company completed the divestiture of its Employee Health and Safety software business in the Company’s Risk & Compliance Software segment to an affiliate of Peak Rock Capital, a private investment firm. The preliminary purchase price is approximately $202 million in cash considera…
Acquisition of Electrical and Electronics Testing LUX Holding SARL
In April 2026, Underwriters Laboratories Holdings B.V. (“ULH”), a wholly owned subsidiary of the Company, and the Company as guarantor, entered into a sale and purchase agreement for the entire issued share capital of Electrical and Electronics Testing LUX Holding SARL, a private limited liability c…
Text removed vs the prior filing · source: 10-Q · 2025-11-04
Since January 1, 2024, the Company has completed the following acquisitions and divestiture, which impact the comparability of results between periods:
•In July 2024, the Company acquired 100% of the outstanding stock of TesTneT Engineering GmbH (together with its subsidiaries, “TesTneT”) for approximately $19 million. TesTneT is a Germany-based company that provides testing services for various hydrogen storage systems, refueling stations and thei…
•In May 2024, the Company acquired 100% of the outstanding stock of BatterieIngenieure GmbH (together with its subsidiaries, “BatterieIngenieure”) for approximately $12 million. BatterieIngenieure is a Germany-based battery testing company that was, at the time of acquisition, in the process of buil…
•In May 2024, the Company completed the sale of its payments testing business to an affiliate of Gallant Capital Partners, for a base price of $29 million. The business performed Software and Non-certification Testing and Other Services and the results of operations were included in the Industrial s…
Recently, the geopolitical environment and attendant increased levels of uncertainty have caused, and may continue to cause, the Company’s customers to modify, delay or cancel plans to purchase services. Accordingly, ongoing uncertainty related to the current geopolitical environment and the associa…
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-05-05
The Company’s operating results are subject to risk from interest rate fluctuations on its credit facility, which carries variable interest rates. Borrowings under the 2025 Credit Facility bear interest at a rate per annum equal to, at the applicable Borrower’s option, (a) a specified benchmark rate…
The Company also has outstanding $300 million in aggregate principal amount of 6.500% senior notes due 2028. The notes carry a fixed interest rate (coupon rate) and as such, are not exposed to interest rate fluctuations risk until their expected maturity in 2028.
During the first three months of 2026, the variable interest rates applicable to both benchmark rate loans and base rate loans under the 2025 Credit Facility generally fluctuated in line with interest rate changes in the marketplace and are expected to continue fluctuating with any future Federal Re…
The interest rate for the 2025 Credit Facility as of March 31, 2026 was 4.74%, which was a floating rate based on the Term SOFR plus a margin. A hypothetical 100 basis point change in interest rates affecting the 2025 Credit Facility would not result in a material change to interest expense, based o…
Text removed vs the prior filing · source: 10-Q · 2025-11-04
The Company’s operating results are subject to risk from interest rate fluctuations on its credit facilities, which carry variable interest rates. Borrowings under the 2022 Credit Facility bore interest at a rate per annum equal to, at the Company’s option, (a) in the case of U.S. dollar loans, the …
During the first nine months of 2025, the variable interest rates applicable to both benchmark rate loans and base rate loans under the 2022 Credit Facility generally fluctuated in line with interest rate changes in the marketplace and are expected to continue fluctuating with any future Federal Res…
The interest rates for the Company’s term loan and revolving credit facility as of September 30, 2025 were 5.26% and 5.34%, respectively, which were floating rates based on the Term SOFR (as defined in the 2022 Credit Facility) plus a SOFR adjustment of 0.10%. A hypothetical 100 basis point change i…
With global operations, the Company has foreign currency risk related to its revenues and expenses denominated in currencies other than the U.S. dollar, primarily the euro, the Chinese renminbi, the Japanese yen, the New Taiwan dollar, the Korean won, the British pound sterling, the Mexican peso and…
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-05-05
The Company’s disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving their objectives as specified above. Management does not expect, however, that the Company’s disclosure controls and procedures or its internal con…
Other information
Text added vs the prior filing · source: 10-Q · 2026-05-05
On March 6, 2026, Karen K. Pepping, Senior Vice President and Chief Accounting Officer of the Company, entered into a Rule 10b5-1 trading arrangement (the “Pepping 10b5-1 Plan”) for the potential sale of up to 5,529 shares of UL Solutions Inc. Class A common stock, including shares resulting from th…
On March 3, 2026, Gitte Schjøtz, Executive Vice President and Chief Business Operations and Innovation Officer of the Company, entered into a Rule 10b5-1 trading arrangement (the “Schjøtz 10b5-1 Plan”) for the potential sale of up to 21,880 shares of UL Solutions Inc. Class A common stock, including…
On February 26, 2026, Alberto Uggetti, Executive Vice President and Chief Commercial Officer of the Company, entered into a Rule 10b5-1 trading arrangement (the “Uggetti 10b5-1 Plan”) for the potential sale of up to 3,844 shares of UL Solutions Inc. Class A common stock, including shares resulting f…
During the quarter ended March 31, 2026, no other directors or officers of the Company informed the Company of the adoption, modification or termination of a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (in each case, as defined in Item 408(a) of Regulation S-K).
Text removed vs the prior filing · source: 10-Q · 2025-11-04
During the three months ended September 30, 2025, none of the Company’s directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulatio…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice