Market Overview - The S&P 500 Index closed down -0.05%, the Dow Jones Industrials Index down -0.59%, while the Nasdaq 100 Index closed up +0.42% [1] - Stock indexes settled mixed as higher bond yields led to long liquidation in equities, with the 10-year T-note yield rising +5 basis points to 4.06% [2] - The University of Michigan US September consumer sentiment index fell -2.8 to a 4-month low of 55.4, which weighed on stock prices [5] Economic Indicators - The US consumer sentiment report for September was weaker than expected, contributing to a Fed-friendly outlook for interest rate cuts [3][9] - Markets are pricing in a 100% chance of a -25 basis point rate cut at the upcoming FOMC meeting, with an overall expectation of -70 basis points by year-end [6][9] Company Movements - Warner Bros Discovery (WBD) surged over +16% following reports of a potential acquisition bid from Paramount Skydance [13] - Tesla (TSLA) rose more than +7% after receiving approval for testing autonomous vehicles in Nevada [13] - Micron Technology (MU) increased over +4% on speculation of accelerated growth due to strong demand for AI chips [14] - Oracle (ORCL) fell more than -5% amid reports of insider backing for a competing acquisition bid [17] Sector Performance - Covid vaccine makers, including Moderna (MRNA) and BioNTech SE (BNTX), retreated over -7% following reports linking child deaths to Covid shots [16] - Home builders and suppliers faced declines due to rising T-note yields, with Builders FirstSource (BLDR) and Toll Brothers (TOL) down more than -2% [16]

Market Overview - The S&P 500 and Nasdaq 100 have reached new all-time highs, driven by expectations of Federal Reserve interest rate cuts [2][4] - The Dow Jones Industrials Index has decreased by -0.31% [1] - Higher bond yields are limiting stock market gains, with the 10-year T-note yield rising to 4.06% [3][8] Economic Indicators - The University of Michigan's September consumer sentiment index fell to a 4-month low of 55.4, below expectations of 58.0 [5] - Inflation expectations for the next 5-10 years increased to +3.9% from +3.5% in August, contrary to expectations of a decline [5][8] - Markets are pricing in a 100% chance of a -25 basis point rate cut at the upcoming FOMC meeting [6][9] Company Movements - Warner Bros Discovery (WBD) surged over +11% following reports of a potential acquisition bid from Paramount Skydance [13] - Tesla (TSLA) rose more than +5% after receiving approval for testing autonomous vehicles in Nevada [13] - Micron Technology (MU) increased by over +3% due to strong demand for AI chips, contributing to a +13% rally this week [14] - Super Micro Computer (SMCI) gained more than +2% after announcing high-volume deliveries of Nvidia systems [14] - Microsoft (MSFT) rose over +1% after reaching a preliminary agreement with OpenAI regarding their partnership [15] Declines in Stock Prices - Lululemon Athletica (LULU) fell more than -3% after a price target cut by Bank of America [16] - Oracle (ORCL) decreased over -3% amid reports of insider backing for a competing acquisition bid [17] - MGM Resorts International (MGM) declined more than -1% due to insider selling activity [18]

Core Insights - The Bonhoeffer Fund focused on selling slower-growth firms and acquiring durable, faster-growing companies in depressed sectors, aligning with long-term growth themes such as consolidation and financial compounders [7][11] - The fund achieved a net gain of 8.7% in Q2 2025, underperforming compared to the MSCI World ex-US and S&P 500, which returned 12.1% and 10.8% respectively [9][10] - The portfolio's projected earnings/free cash flow growth is approximately 16%, with a weighted average earnings/free cash flow yield of 12.5% [10][11] Investment Themes - **Distribution (49% of Portfolio)**: The fund holds high-velocity distributors in various markets, focusing on car dealerships and building product distributors, which have shown a quarterly performance of 6% [14] - **Real Estate/Construction/Finance (58% of Portfolio)**: Investments in construction firms are expected to benefit from government infrastructure programs and affordable housing financing, with banks showing sustainable ROEs and EPS growth rates above 15% [18][19] - **Public Leverage Buyouts (31% of Portfolio)**: The strategy involves growth through acquisitions, with firms like Builders First Source (BFS) utilizing local economies of scale to generate high returns [22][24] - **Compound Mispricings (15% of Portfolio)**: Investments in Korean preferred stocks and Asian real estate are characterized by governance improvements and liquidity, with Vistry facing challenges but still focusing on affordable housing [31][32] - **Telecom/Transaction Processing (3% of Portfolio)**: Companies like Millicom are positioned to benefit from reduced competition and favorable market conditions, with a focus on cost-cutting and dividend yields [33][35] - **Consumer Products (3% of Portfolio)**: Defensive consumer product firms are expected to perform well, with Academy Sports facing challenges but retaining potential for recovery [36][37] Financial Metrics - The Bonhoeffer Fund's portfolio has an average EV/EBITDA of 3.2 and a growth rate of 16% [9][10] - Arrow Electronics is projected to have a 27% EPS growth rate through 2029, with a future share price estimated at $39 [17] - Builders First Source (BFS) is expected to see a recovery in share price with a projected value of around $505 per share based on a 32% IRR [30]

Market Overview - The S&P 500 Index is up +0.02%, the Dow Jones Industrials Index is up +0.07%, while the Nasdaq 100 Index is down -0.08% [1] - Stock indexes turned mixed after a revision to US payrolls showed fewer jobs than previously stated, indicating a weaker labor market [2][4] - M&A activity is supporting stocks, with Anglo American acquiring Teck Resources for over $50 billion and Novartis AG buying Tourmaline Bio for approximately $1.4 billion [4] Economic Indicators - Preliminary revisions to US payrolls indicated a loss of -911,000 jobs, exceeding expectations of -700,000, marking the largest markdown in job growth since at least 2000 [4] - Market focus includes upcoming trade or tariff news, with August PPI and CPI data expected to show slight increases [5] - The markets are pricing in a 79% chance of a second -25 bp rate cut at the upcoming FOMC meeting in October, up from 54% [6] Tariff Developments - A federal appeals court ruled that President Trump exceeded his authority by imposing global tariffs without Congressional approval, but the tariffs remain in place during appeals [7] - If implemented as announced, the average US tariff is expected to rise to 15.2%, up from 13.3% earlier [7] Company Movements - Albemarle is down more than -10% due to a retreat in lithium stocks following news of CATL's lithium mine resuming production [12] - SailPoint is down more than -8% after forecasting weaker Q3 adjusted income than consensus [12] - Fox Corp is down more than -5% as trusts for Rupert Murdoch's children sell shares [13] - Energy producers are climbing, with WTI crude oil up more than +1% and several companies like Valero Energy and Phillips 66 seeing gains [15] - Tourmaline Bio is up more than +57% following Novartis AG's acquisition announcement [16] - UnitedHealth Group is up more than +4% after announcing a high percentage of its Medicare Advantage members will be in highly rated plans [17]

Group 1: Federal Reserve and Interest Rates - The Federal Open Market Committee (FOMC) meeting on September 17 is expected to result in an interest rate cut, marking the first reduction since 2025 [1] - Analysts anticipate a modest trimming of rates due to concerns over unemployment figures, leading to market expectations for relief [1] Group 2: Impact on Homebuilding Industry - Financial services and real estate companies are the primary sectors linked to federal funds rate changes, with homebuilding and logistics firms also worth considering [2] - Builders FirstSource, a major supplier in homebuilding, has seen its shares remain flat year-to-date but has experienced steady growth in recent months [4] - The company faced a 5% year-over-year decline in net sales in the second quarter, missing analyst estimates, amid commodity deflation and a soft housing market [5] Group 3: Potential Benefits from Rate Cuts - Lower interest rates could stimulate the housing market by motivating homeowners to engage in renovation projects, thereby increasing demand for homebuilding goods [6] - PulteGroup, another prominent homebuilder, has seen its shares rise nearly 28% year-to-date, benefiting from a strong land position with about 250,000 lots under control [7][8] - PulteGroup's diversified offerings, including land ownership and mortgage services, position it well to capitalize on increased housing market activity [9] Group 4: Logistics Industry Outlook - GXO Logistics, a $6 billion logistics firm, has shown strong performance with a 19% year-to-date increase in shares and record revenue of $3.3 billion in the second quarter [11][12] - The company has achieved organic revenue growth of about 6% year-over-year, indicating resilience despite supply chain challenges [12] - Lower interest rates are expected to benefit GXO's finances and stimulate additional demand across its business segments [13]

Core Viewpoint - The current earnings season for U.S. consumer stocks has led to an unusual sell-off, despite strong earnings reports, indicating deep-seated market concerns about the sustainability of consumer strength [1][2]. Group 1: Earnings Performance - 83% of the 317 S&P 500 companies that have reported earnings exceeded expectations, yet stock prices generally fell post-announcement [1]. - Companies like Procter & Gamble (PG) and PepsiCo (PEP) experienced initial stock price increases after reporting strong earnings, but ultimately saw declines in the following days [3]. Group 2: Market Sentiment - The prevailing market environment suggests a tactical "sell-the-news" approach, with investors opting to take profits rather than establish new long positions [2]. - Negative earnings surprises have led to significant stock price drops, with companies like Philip Morris International (PM) and Chipotle Mexican Grill (CMG) facing severe sell-offs following disappointing results [4]. Group 3: Exceptions to the Trend - A few companies managed to resist the broader sell-off, including Las Vegas Sands (LVS), Wingstop (WING), and Builders FirstSource (BLDR), which showed resilience due to specific business strengths [5]. - Despite these exceptions, the overall sentiment in the consumer sector remains pessimistic, with investors wary of future economic uncertainties [5].

Core Insights - Builders FirstSource reported mixed Q2 2025 results with adjusted EPS of $2.38, exceeding the consensus estimate of $2.21, while GAAP revenue was $4.23 billion, slightly below the forecast of $4.28 billion [1][2] - Both earnings and sales declined year-over-year, indicating ongoing challenges in new construction volumes and margin pressures [1][5] Financial Performance - Adjusted EPS decreased by 32.0% from Q2 2024, while revenue fell by 5.2% year-over-year [2] - Adjusted EBITDA dropped 24.4% to $506.1 million, and free cash flow decreased by 30.5% to $255.0 million [2][8] - Gross profit margin declined by 2.1 percentage points to 30.7%, reflecting increased competition and lower volumes in the housing market [2][6] Market Trends - Net sales fell 5.0% due to weakness in core homebuilding markets, with single-family sales down 9.1% and multifamily sales down 23.3% year-over-year [5] - Repair and remodel sales increased by 3.0%, providing some support amid slowing new construction activity [5] Strategic Focus - The company is expanding its range of manufactured and value-added products, integrating digital tools, and driving productivity through scale [4] - Value-added products accounted for 46.8% of sales, but these sales dropped by 8.7% [7] - Acquisitions contributed 5.0% to revenue growth, with recent purchases including Alpine Lumber and O.C. Cluss [9] Operational Efficiency - Operations and productivity initiatives yielded $5 million in savings year-to-date, with a goal of $45–65 million for fiscal 2025 [11] - Selling, general, and administrative expenses rose to 23.3% of sales, partly due to investments in ERP technology [11] Future Outlook - Management reaffirmed full-year 2025 guidance for net sales of $14.8–$15.6 billion and adjusted EBITDA of $1.5–$1.7 billion [14] - Single-family housing starts are expected to decline by 10–12%, while multifamily starts are projected to decrease in the mid-teens [14] - The company anticipates that acquisitions will add around 5% to annual sales [14]

Group 1 - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets, with a focus on banks, telecommunications, logistics, and hotels [1] - The popularity of insurance companies in the Philippines has influenced investment strategies, leading to diversification beyond traditional savings in banks and properties [1] - The investment approach has evolved from initial investments in blue-chip companies to a diversified portfolio across various industries and market capitalizations [1] Group 2 - The entry into the US market occurred in 2020, following a period of learning and analysis through platforms like Seeking Alpha [1] - The investor has holdings in US banks, hotels, shipping, and logistics companies, reflecting a strategy similar to that in the ASEAN market [1] - The use of comparative analyses between the US and Philippine markets has enhanced investment decision-making [1]

Group 1 - Builders FirstSource (BLDR) shares have underperformed over the past year, losing approximately 25% of their value due to a decline in residential construction activity [1] - On a recent Thursday, shares remained relatively flat as investors reacted to the ongoing challenges in the market [1] Group 2 - The company has been impacted by weakening conditions in the residential construction sector, which has affected its stock performance [1]

[Part I — Financial Information](index=3&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited condensed consolidated financial statements for Q2 and H1 2025 detail decreased net sales and income, increased assets from acquisitions, and significant financing activities [Condensed Consolidated Statements of Operations](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net sales for Q2 2025 decreased to **$4.23 billion** from **$4.46 billion** year-over-year, with net income falling to **$185.0 million** and diluted EPS at **$1.66** Consolidated Statements of Operations Highlights (in thousands, except per share amounts) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $4,234,064 | $4,456,340 | $7,891,560 | $8,347,692 | | **Gross margin** | $1,299,041 | $1,462,684 | $2,414,282 | $2,762,538 | | **Income from operations** | $311,287 | $489,483 | $495,728 | $863,080 | | **Net income** | $185,031 | $344,090 | $281,335 | $602,871 | | **Diluted EPS** | $1.66 | $2.87 | $2.50 | $4.95 | [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to **$11.46 billion** from **$10.58 billion** at year-end 2024, primarily due to acquisitions, with total liabilities rising to **$7.29 billion** from increased long-term debt Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $87,020 | $153,624 | | Goodwill | $3,988,853 | $3,678,504 | | **Total assets** | **$11,464,555** | **$10,583,086** | | Long-term debt, net | $4,669,983 | $3,700,643 | | **Total liabilities** | **$7,286,463** | **$6,286,616** | | **Total stockholders' equity** | **$4,178,092** | **$4,296,470** | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For H1 2025, net cash from operating activities decreased to **$473.4 million** due to lower net income, while cash used in investing activities significantly increased to **$1.06 billion** due to acquisitions Consolidated Statements of Cash Flows Highlights (in thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $473,368 | $769,271 | | Net cash used in investing activities | ($1,059,473) | ($315,625) | | Net cash provided by (used in) financing activities | $519,501 | ($444,233) | | Net change in cash and cash equivalents | ($66,604) | $9,413 | [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) The notes detail key accounting policies and events, including three acquisitions totaling **$891.9 million**, issuance of **$750 million** in new senior notes, and amendment of the revolving credit facility to **$2.2 billion** - During the first six months of 2025, the company completed acquisitions of Alpine Lumber, Cluss Lumber, and Truckee Tahoe for a combined total of approximately **$891.9 million**, net of cash acquired[35](index=35&type=chunk) Net Sales by Product Category (in thousands) | Product Category | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Manufactured products | $1,803,373 | $2,035,238 | | Windows, doors and millwork | $1,958,766 | $2,145,328 | | Specialty building products and services | $2,023,106 | $1,996,410 | | Lumber and lumber sheet goods | $2,106,315 | $2,170,716 | | **Total Net sales** | **$7,891,560** | **$8,347,692** | - Goodwill increased from **$3.68 billion** at year-end 2024 to **$3.99 billion** as of June 30, 2025, with the **$310.3 million** increase attributable to acquisitions completed during the period[45](index=45&type=chunk)[46](index=46&type=chunk) - On May 8, 2025, the company issued **$750.0 million** of 6.75% senior unsecured notes due 2035[53](index=53&type=chunk) - On May 20, 2025, the company amended its Revolving Facility, increasing commitments from **$1.8 billion** to **$2.2 billion** and extending the maturity to 2030[61](index=61&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the **5.0%** decrease in Q2 net sales to core organic decline and commodity price deflation, partially offset by acquisitions, with gross margin percentage falling due to normalization [Recent Developments](index=19&type=section&id=Recent%20Developments) Key developments in H1 2025 include three strategic acquisitions totaling approximately **$891.9 million**, a new **$500 million** share repurchase plan, and issuance of **$750 million** in senior notes - Completed acquisitions of Alpine Lumber, Cluss Lumber, and Truckee Tahoe for an aggregate price of approximately **$891.9 million**, net of cash acquired[79](index=79&type=chunk) - The board authorized a new **$500.0 million** share repurchase plan on April 30, 2025, replacing the prior plan[81](index=81&type=chunk) - In the first six months of 2025, **3.4 million** shares were repurchased for **$403.6 million**[82](index=82&type=chunk) - Issued **$750.0 million** of 6.750% senior unsecured notes due 2035 and amended the Revolving Facility to increase commitments to **$2.2 billion**[83](index=83&type=chunk)[84](index=84&type=chunk) [Current Operating Conditions and Outlook](index=20&type=section&id=Current%20Operating%20Conditions%20and%20Outlook) The U.S. housing market shows a near-term slowdown, with Q2 2025 single-family housing starts decreasing **8.4%**, though the long-term outlook remains positive due to the market being underbuilt - U.S. single-family housing starts for Q2 2025 were **0.3 million**, an **8.4%** decrease compared to Q2 2024[87](index=87&type=chunk) - The long-term housing outlook is considered positive as the industry remains underbuilt, though near-term demand is pressured by macroeconomic uncertainty like interest rates and inflation[88](index=88&type=chunk) [Results of Operations](index=22&type=section&id=Results%20of%20Operations) For Q2 2025, net sales fell **5.0%** to **$4.2 billion** due to an **8.5%** core organic decline, with gross margin percentage decreasing to **30.7%** due to normalization - Q2 2025 net sales decreased **5.0%** YoY, driven by an **8.5%** decrease in core organic sales and a **1.5%** decrease from commodity price deflation, partially offset by a **5.0%** increase from acquisitions[92](index=92&type=chunk) Net Sales by Product Category - Q2 2025 vs Q2 2024 (in millions) | Product Category | Net Sales 2025 | % of Net Sales | Net Sales 2024 | % of Net Sales | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Manufactured products | $953.1 | 22.5% | $1,056.1 | 23.7% | (9.8)% | | Windows, doors and millwork | $1,030.0 | 24.3% | $1,114.9 | 25.0% | (7.6)% | | Specialty building products and services | $1,117.8 | 26.4% | $1,093.6 | 24.6% | 2.2% | | Lumber and lumber sheet goods | $1,133.2 | 26.8% | $1,191.7 | 26.7% | (4.9)% | | **Total Net sales** | **$4,234.1** | **100.0%** | **$4,456.3** | **100.0%** | **(5.0)%** | - Q2 2025 gross margin percentage decreased to **30.7%** from **32.8%** in Q2 2024, primarily driven by single-family and multi-family margin normalization[95](index=95&type=chunk) - For the six months ended June 30, 2025, net sales decreased **5.5%** YoY, driven by an **8.4%** core organic decline, **1.2%** from commodity deflation, and **0.8%** from one fewer selling day, partially offset by a **4.9%** contribution from acquisitions[99](index=99&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained a strong liquidity position of **$1.6 billion** as of June 30, 2025, with net excess borrowing availability of **$1.54 billion** under its expanded **$2.2 billion** Revolving Facility - Total liquidity as of June 30, 2025, was **$1.6 billion**, consisting of cash on hand and net borrowing availability under the Revolving Facility[110](index=110&type=chunk) Revolving Facility Availability (in millions) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Maximum borrowing amount | $1,850.7 | $1,714.3 | | Outstanding borrowings | ($233.0) | — | | Letters of credit | ($79.6) | ($83.3) | | **Net excess borrowing availability** | **$1,538.1** | **$1,631.0** | - Cash provided by operating activities decreased to **$473.4 million** for the six months ended June 30, 2025, from **$769.3 million** in the prior year period, largely due to lower net income[113](index=113&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=27&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from interest rate fluctuations and commodity price volatility, where a **1.0%** rate increase on the Revolving Facility would add approximately **$2.3 million** in annual interest expense - The company is exposed to interest rate risk on its Revolving Facility[120](index=120&type=chunk) - A **1.0%** increase in interest rates would result in approximately **$2.3 million** of additional annual interest expense based on the **$233.0 million** outstanding borrowings as of June 30, 2025[120](index=120&type=chunk) - The company is exposed to commodity price risk, particularly for lumber products[121](index=121&type=chunk) - Delays in passing on material price increases to customers can negatively impact operating results[121](index=121&type=chunk) [Item 4. Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective at a reasonable assurance level, with no material changes to internal control over financial reporting identified - Based on their evaluation, the CEO and CFO concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective at a reasonable assurance level[126](index=126&type=chunk) - There were no changes in internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[127](index=127&type=chunk) [Part II — Other Information](index=29&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=29&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal claims, including construction defect claims, for which a reasonable estimate of potential loss cannot be determined, though management believes the ultimate outcome will not have a material adverse effect - The Company faces a number of known and threatened construction defect legal claims, for which a reasonable possibility of loss cannot be estimated at this time[129](index=129&type=chunk) - Management believes the outcome of pending claims will not materially affect the company's consolidated financial position, cash flows, or results of operations[131](index=131&type=chunk) [Item 1A. Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) There were no material changes to the risk factors previously disclosed in the company's 2024 Form 10-K - There were no material changes to the risk factors reported in the company's 2024 Form 10-K[133](index=133&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=29&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2025, the company repurchased approximately **3.4 million** shares of common stock under a new **$500 million** share repurchase authorization, with **$500 million** remaining available - On April 30, 2025, the board approved a new share repurchase authorization of up to **$500.0 million**, terminating the prior plan[134](index=134&type=chunk) Common Stock Repurchases - Q2 2025 | Period | Total Number of Shares Purchased | Average Price Paid per Share | Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs | | :--- | :--- | :--- | :--- | | April 1-30, 2025 | 3,358,899 | $118.25 | $500,000,000 | | May 1-31, 2025 | 1,055 | $120.64 | $500,000,000 | | June 1-30, 2025 | — | — | $500,000,000 | | **Total** | **3,359,954** | **$118.25** | **$500,000,000** | [Item 5. Other Information](index=30&type=section&id=Item%205.%20Other%20Information) No information is reported under this item - None[136](index=136&type=chunk) [Item 6. Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents, debt agreements, and required CEO/CFO certifications - Exhibits filed include the Indenture for the new 2035 notes, an amendment to the Credit Agreement, and CEO/CFO certifications (Sections 302 and 906)[139](index=139&type=chunk)