Core Viewpoint - Tootsie Roll Industries (NYSE: TR) is positioned as a defensive investment with a strong historical performance during market downturns, making it an attractive option amid potential market volatility [3][10][22]. Financial Performance - Tootsie Roll has shown a total return of 36.94% compared to the S&P 500's -15.19% over a specified period, indicating its resilience during market declines [4]. - The company's current price-to-earnings (P/E) ratio is approximately 23x, and its price-to-sales (P/S) ratio is around 2.8x, both of which are at the lower end of their historical ranges [14][23]. - Tootsie Roll's dividend yield stands at 1.15%, which is competitive compared to the S&P 500 ETF's yield of 1.26% [8][13]. Market Position and Valuation - Tootsie Roll's market capitalization is approximately $2.15 billion, with enterprise valuations on core EBITDA cash generation at 14.6x and sales at 2.6x, suggesting it is undervalued compared to larger competitors like Hershey and Nestlé [16][24]. - The company maintains a conservative balance sheet with net financial debt of -$150 million, contrasting sharply with Hershey's $4.8 billion and Nestlé's $59 billion in net debt [18][25]. Technical Analysis - Recent technical momentum indicates a potential upside breakout for Tootsie Roll, supported by positive indicators such as the Accumulation/Distribution Line and Chaikin Money Flow [20][21]. - A double bottom pattern may have formed over the past year, suggesting a bullish trend could be emerging [20]. Investment Thesis - Tootsie Roll is viewed as a strong defensive investment, particularly in light of potential market downturns, with a favorable valuation setup that could lead to significant outperformance [31][28].

Core Viewpoint - Troubadour Resources Inc. has executed an option agreement to acquire a 100% interest in 173 mineral claims of Xander Resources Inc.'s Senneville Project, which is strategically located in the Abitibi Greenstone Belt, Quebec, presenting significant exploration potential for gold and copper [1][4][7]. Company Overview - Troubadour Resources Inc. is focused on the acquisition and exploration of mineral properties, particularly in battery and precious metals, and is based in Vancouver, BC [11]. Project Details - The Senneville Project covers over 100 km² and is adjacent to significant mining operations, including Probe Metals' Novador Project and Monarch Mining's Beaufor Mine, which have substantial gold resources [2][4]. - Historical exploration at the Senneville Project has yielded high-grade gold samples, with grab samples showing up to 49.5 g/t Au and drilling results indicating up to 18.15 g/t Au over approximately 0.9 meters [5][6]. Strategic Importance - The acquisition of the Senneville Gold-Copper Property is seen as a strategic move to capitalize on the rising global demand for copper, driven by the green energy revolution and the growth of electric vehicles [7][8]. - The geological characteristics and historical data of the property suggest it has significant potential for exploration and development, positioning the company favorably in the expanding green energy sector [8]. Agreement Terms - Under the Option Agreement, Troubadour Resources may acquire the property by issuing a total of 5,000,000 common shares and completing $2,000,000 in work expenditures over a specified timeline [9]. - The agreement includes net-smelter returns royalties that the company will assume, which are 2% NSR to North American Exploration Ltd., Silverwater Capital Corp., and Terrance Coyle for various claims [10].

Financial Performance - Net product sales for Q1 2024 were $151,464, a decrease of $9,247 or 5.8% compared to Q1 2023[49] - Domestic net product sales decreased by 7.2% in Q1 2024, while foreign net product sales increased by 9.8%[49] - Adjusted earnings from operations increased by $1,257 or 7.3%, reaching $18,400 in Q1 2024 compared to $17,143 in Q1 2023[57] - Net earnings attributable to Tootsie Roll Industries, Inc. were $15,834 in Q1 2024, an increase from $13,401 in Q1 2023, with earnings per share rising to $0.22 from $0.19[62] Costs and Expenses - Adjusted product cost of goods sold decreased from $111,176 in Q1 2023 to $102,367 in Q1 2024, a decrease of $8,809 or 7.9%[50] - Selling, marketing, and administrative expenses were $38,918 in Q1 2024, an increase from $37,499 in Q1 2023[55] - Customer freight and delivery expenses decreased by $2,617 or 16.1% in Q1 2024 compared to Q1 2023[56] - The Company continues to monitor input costs and has implemented price increases to recover margin declines[54] Tax and Other Income - Other income, net for Q1 2024 was $9,032, compared to $4,780 in Q1 2023, reflecting gains on trading securities[58] - The consolidated effective tax rate decreased to 21.4% in Q1 2024 from 23.8% in Q1 2023[61] Cash Flow and Investments - Net cash flows from operating activities increased by $28,883, reaching $21,401 in Q1 2024 compared to $(7,482) in Q1 2023, primarily due to higher net earnings and favorable changes in working capital[75] - Cash used in investing activities was $(20,002) in Q1 2024, down from $5,495 in Q1 2023, reflecting significant purchases of available for sale securities totaling $27,297 in Q1 2024[76] Future Plans and Investments - The company plans a plant expansion with an estimated total cost of $70,000 to $80,000 over the next five years, primarily funded by cash flow from operations[76] - The company is focused on long-term investments in manufacturing operations to meet new consumer demands and improve operational efficiencies[73] Liquidity and Financial Position - The current ratio improved to 3.8:1 at March 31, 2024, compared to 3.6:1 at December 31, 2023, indicating strong liquidity[78] - Bank borrowings were $1,050 at March 31, 2024, slightly down from $1,060 at March 31, 2023, indicating stable debt levels[77] Employee Benefits and Trusts - The VEBA trust held $19,258 in cash and cash equivalents at March 31, 2024, compared to $3,917 at March 31, 2023, reflecting increased funding for employee benefits[81] - The company added $20,000 in funding to the VEBA trust in 2023, with no contributions made in Q1 2024[80] Market and Investment Risks - The net unrealized loss on available for sale investments decreased to approximately $2,200 at March 31, 2024, from $6,900 at March 31, 2023, due to rising market interest rates[79] - The company is unable to determine the ultimate outcome of the multi-employer union pension matter, which could materially affect future consolidated results[73]

TOOTSIE ROLL INDUSTRIES, INC. Exhibit 99.1 7401 South Cicero Avenue Chicago, IL 60629 Phone 773/838-3400 Fax 773/838-3534 PRESS RELEASE STOCK TRADED: NYSE TICKER SYMBOL: TR FOR IMMEDIATE RELEASE Wednesday, April 24, 2024 CHICAGO, ILLINOIS – April 24, 2024 - Ellen R. Gordon, Chairman, Tootsie Roll Industries, Inc. reported first quarter 2024 net sales and net earnings. First quarter 2024 net sales were $151,464,000 compared to $160,711,000 in first quarter 2023, a decrease of $9,247,000 or 6%. First quarter ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-1361 TOOTSIE ROLL INDUSTRIES, INC. (Exact name of Registrant as specified in its charter) Virginia 22-1318955 (State or other ju ...

Sales and Earnings Growth - Fourth quarter 2023 net sales increased by $7.188 million or 4% to $195.368 million compared to $188.180 million in Q4 2022[3] - Fourth quarter 2023 net earnings rose by $4.059 million or 17% to $29.403 million compared to $25.344 million in Q4 2022[3] - Twelve months 2023 net sales increased by $81.812 million or 12% to $763.252 million compared to $681.440 million in 2022[4] - Twelve months 2023 net earnings rose by $15.975 million or 23% to $91.912 million compared to $75.937 million in 2022[4] Cost and Margin Impact - Higher input costs for ingredients, packaging materials, labor, and manufacturing supplies significantly impacted gross profit margins in 2023[6] - The company implemented price increases to offset higher input costs and restore margins, though margins have not yet returned to historical levels[8] Supply Chain and Operations - Supply chain improvements were achieved in 2023 and are expected to continue throughout 2024[9] - The company continues to invest in plant manufacturing operations to meet new consumer demands and improve operational efficiencies[11] Foreign Exchange and Tax Rates - Unfavorable foreign exchange rates negatively affected 2023 net earnings, partially offset by favorable investment income[10] - Effective income tax rates were 21.8% in Q4 2023 and 23.4% for the full year 2023[10]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to COMMISSION FILE NUMBER 1-1361 Tootsie Roll Industries, Inc. (Exact Name of Registrant as Specified in its Charter) Virginia 22-1318955 (State of ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to COMMISSION FILE NUMBER 1-1361 Tootsie Roll Industries, Inc. (Exact Name of Registrant as Specified in its Charter) Virginia 22-1318955 (State of Inco ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to COMMISSION FILE NUMBER 1-1361 Tootsie Roll Industries, Inc. (Exact Name of Registrant as Specified in its Charter) Virginia 22-1318955 (State of Inc ...

[PART I](index=3&type=section&id=PART%20I) [Business](index=3&type=section&id=ITEM%201.%20Business) Tootsie Roll Industries, Inc. is a confectionery manufacturer with over a century of history, marketing iconic brands across North America and experiencing seasonal sales with significant customer concentration - The company has over **100 years** of history in confectionery manufacturing, its sole business, featuring key trademarks like **TOOTSIE ROLL** and **ANDES**[8](index=8&type=chunk) - Products are distributed through brokers and directly to various channels including **wholesale distributors, supermarkets, and e-commerce merchants**[9](index=9&type=chunk) - Sales are seasonal, peaking in the **third quarter** due to pre-Halloween and back-to-school demand, requiring increased inventory and staffing[19](index=19&type=chunk) Major Customer Sales Concentration (as % of Net Product Sales) | Customer | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Wal-Mart Stores, Inc. | 23.0% | 22.7% | 23.5% | | Dollar Tree, Inc. | 12.4% | 12.1% | 11.7% | | McLane Company, Inc. | 20.4% | 21.0% | 22.1% | [Risk Factors](index=5&type=section&id=ITEM%201A.%20Risk%20Factors) The company faces industry-wide risks such as pandemics, price volatility, and seasonality, alongside company-specific risks including pension liabilities, customer concentration, and reliance on a single manufacturing facility [Industry-Wide Risks](index=5&type=section&id=Risk%20factors%20which%20we%20believe%20affect%20all%20competitors%20in%20our%20industry) Industry-wide risks include pandemic impacts on consumer behavior, supply chain disruptions, ingredient price volatility, intense competition, and high sales seasonality around Halloween - Pandemics like **Covid-19** may negatively impact business through changes in consumer patterns or operational challenges affecting demand and distribution[25](index=25&type=chunk) - Halloween accounts for approximately **50% of third-quarter domestic net sales**, making the business highly susceptible to changes in consumer behavior or related mandates[30](index=30&type=chunk) - Exposure to price volatility and availability issues for principal ingredients, coupled with inflation and supply chain disruptions, may increase costs not fully recoverable from consumers[32](index=32&type=chunk) [Company-Specific Risks](index=8&type=section&id=Risk%20factors%20which%20we%20believe%20are%20principally%20specific%20to%20our%20Company) Company-specific risks include significant multi-employer pension plan liability, high dependence on major customers, reliance on a single manufacturing facility, and an expired union labor agreement - Participation in a multi-employer pension plan in **'critical and declining status'** poses a significant potential withdrawal liability, with insolvency expected within **20 years**[37](index=37&type=chunk) - The majority of products are manufactured at a **single Chicago facility**, creating risk of market share loss from disruptions[40](index=40&type=chunk) - Dependence on **McLane Company, Wal-Mart, and Dollar Tree**, which comprised approximately **37% of 2022 net product sales**, presents a significant risk if any customer is lost[40](index=40&type=chunk) - The union labor agreement at the **Chicago plant expired in September 2022**, and ongoing negotiations under a month-to-month extension could lead to a work stoppage materially affecting sales and profits[44](index=44&type=chunk) [Unresolved Staff Comments](index=10&type=section&id=ITEM%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - No unresolved staff comments are reported[44](index=44&type=chunk) [Properties](index=11&type=section&id=ITEM%202.%20Properties) The company owns principal manufacturing, warehousing, and office facilities globally, including its Chicago headquarters, and holds commercial real estate for investment - The company owns principal manufacturing facilities in **Chicago (Corporate HQ), Tennessee, Massachusetts, Wisconsin, Mexico, Spain, and Canada**[45](index=45&type=chunk) - Beyond manufacturing plants, the company holds **four commercial real estate properties for investment** and owns **two warehouse facilities leased to third parties**[46](index=46&type=chunk) [Legal Proceedings](index=11&type=section&id=ITEM%203.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, none of which are expected to materially affect its financial condition or results - Various legal proceedings in the ordinary course of business are not expected to materially affect the company's financial condition or results[47](index=47&type=chunk) [Mine Safety Disclosures](index=11&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures) The company reports no mine safety disclosures - No mine safety disclosures are reported[49](index=49&type=chunk) [PART II](index=12&type=section&id=PART%20II) [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=12&type=section&id=ITEM%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on the NYSE, Class B stock is convertible, and it historically issues quarterly cash and annual stock dividends - The company's common stock trades on the **NYSE**, while Class B common stock is convertible into common stock on a share-for-share basis[52](index=52&type=chunk) - Historically, the company has issued quarterly cash dividends (**$0.09 per share in 2022**) and an annual **3% stock dividend**[53](index=53&type=chunk) [RESERVED](index=13&type=section&id=ITEM%206.%20%5BRESERVED%5D) This item is reserved [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=13&type=section&id=ITEM%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The company maintains a strong financial position with increased sales in 2022, though profitability was impacted by higher costs and pension plan risks, while cash flow decreased due to inventory increases [Financial Condition](index=13&type=section&id=FINANCIAL%20CONDITION) The company's financial position remains strong despite a decrease in cash and investments to **$396.9 million** in 2022, driven by dividends, share repurchases, and capital expenditures Financial Position Summary (in thousands) | Metric | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Cash, Cash Equivalents & Investments | $396,926 | $436,983 | | Net Working Capital | $218,894 | $188,333 | | Shareholders' Equity | $783,171 | $769,042 | - In 2022, cash was used for dividends (**$24.6 million**), share repurchases (**$31.9 million**), and capital expenditures (**$23.4 million**)[58](index=58&type=chunk) [Results of Operations](index=13&type=section&id=RESULTS%20OF%20OPERATIONS) Consolidated net product sales increased **20.4%** to **$681.4 million** in 2022, driven by demand and price increases, though gross profit margins were impacted by higher input costs 2022 vs. 2021 Performance (in thousands, except per share data) | Metric | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Net Product Sales | $681,440 | $566,043 | 20.4% | | Earnings from Operations | $110,755 | $67,133 | 65.0% | | Adjusted Earnings from Operations* | $93,492 | $81,341 | 14.9% | | Net Earnings | $75,937 | $65,326 | 16.2% | | Net Earnings Per Share | $1.10 | $0.94 | 17.0% | - Sales growth resulted from increased demand and higher price realization as consumer activities normalized post-pandemic[63](index=63&type=chunk) - Gross profit margins were adversely affected by significantly higher costs for **ingredients, packaging, freight, and manufacturing supplies**, compounded by supply chain inefficiencies and labor shortages[64](index=64&type=chunk)[65](index=65&type=chunk) [Liquidity and Capital Resources](index=19&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) Operating cash flow decreased to **$72.1 million** in 2022 due to increased inventories, while capital expenditures were **$23.4 million**, with plans for further expansion in 2023 Cash Flow Summary (in thousands) | Cash Flow Activity | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | From Operating Activities | $72,051 | $85,298 | $74,710 | | From Investing Activities | ($68,589) | ($91,899) | $9,501 | | From Financing Activities | ($56,400) | ($54,146) | ($55,846) | - Operating cash flow decreased from 2021 to 2022 primarily due to increased inventories driven by higher demand and material costs[94](index=94&type=chunk) - Capital expenditures totaled **$23.4 million in 2022**, with an additional **$12 million planned for 2023** for the initial phase of a plant expansion to meet demand[96](index=96&type=chunk) [Critical Accounting Policies and Estimates](index=19&type=section&id=CRITICAL%20ACCOUNTING%20POLICIES%20AND%20ESTIMATES) Key accounting estimates involve revenue recognition, intangible asset valuation, and income taxes, requiring management judgment for variable considerations, impairment testing, and deferred tax realization - Revenue recognition necessitates estimates for variable consideration, such as **customer discounts, price adjustments, and promotional allowances**, which reduce reported revenue[102](index=102&type=chunk) - Goodwill and indefinite-lived trademarks are tested annually for impairment using a **qualitative 'step-zero' test** or **quantitative discounted cash flow analysis**[104](index=104&type=chunk) - Income tax accounting requires recognizing deferred taxes for temporary differences and establishing valuation allowances when deferred tax asset realization is not **'more-likely-than-not'**[109](index=109&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=24&type=section&id=ITEM%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from commodity prices, interest rates, and foreign currency, which it mitigates using derivative instruments and a laddered investment portfolio - The company is exposed to market risks from **commodity prices (sugar, corn, cocoa, oils), interest rates, investments, equity prices, and foreign exchange**[113](index=113&type=chunk)[114](index=114&type=chunk) - Commodity futures and foreign currency forward contracts are utilized as **cash flow hedges** to manage raw material purchase variability and foreign operation cash flows[118](index=118&type=chunk) - Interest rate risk is managed via a **'ladder' approach** for its investment portfolio, with **20% to 35%** maturing annually in high-quality corporate bonds with **three to five-year maturities**[110](index=110&type=chunk)[121](index=121&type=chunk) [Financial Statements and Supplementary Data](index=24&type=section&id=ITEM%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents management's assertion of effective internal controls and the independent auditor's unqualified opinion on financial statements and controls, along with detailed consolidated financial statements and notes - Management concluded that internal control over financial reporting was effective as of **December 31, 2022**, based on **COSO criteria**[132](index=132&type=chunk) - Grant Thornton LLP issued an **unqualified opinion** on the fair presentation of financial statements and the effectiveness of internal control over financial reporting as of **December 31, 2022**[137](index=137&type=chunk) Consolidated Earnings Summary (in thousands) | Metric | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Total Revenue | $686,970 | $570,776 | $471,063 | | Earnings from Operations | $110,755 | $67,133 | $58,244 | | Net Earnings | $75,892 | $65,308 | $58,974 | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=47&type=section&id=ITEM%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants regarding accounting and financial disclosure - No changes in or disagreements with accountants on accounting and financial disclosure are reported[234](index=234&type=chunk) [Controls and Procedures](index=47&type=section&id=ITEM%209A.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective as of **December 31, 2022**, with no material changes to internal controls during the fourth quarter - The CEO and CFO concluded that the company's disclosure controls and procedures are effective as of the report period end[235](index=235&type=chunk) - No material changes occurred in the company's internal control over financial reporting during the quarter ended **December 31, 2022**[237](index=237&type=chunk) [Other Information](index=48&type=section&id=ITEM%209B.%20Other%20Information) The company reports no other information - No other information is reported[238](index=238&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=48&type=section&id=ITEM%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) The company reports no disclosures concerning foreign jurisdictions that prevent inspections - No disclosures regarding foreign jurisdictions that prevent inspections are reported[239](index=239&type=chunk) [PART III](index=49&type=section&id=PART%20III) [Directors, Executive Officers and Corporate Governance](index=49&type=section&id=ITEM%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors is incorporated by reference from the Proxy Statement, and the report lists executive officers, including the Chairman and CEO - Information on Directors and **Section 16(a) compliance** is incorporated by reference from the company's Proxy Statement[242](index=242&type=chunk) Executive Officers | Name | Position | Age | | :--- | :--- | :--- | | Ellen R. Gordon | Chairman of the Board and Chief Executive Officer | 91 | | G. Howard Ember Jr. | Vice President/Finance | 70 | | Stephen P. Green | Vice President/Manufacturing | 64 | | Kenneth D. Naylor | Vice President/Marketing and Sales | 63 | | Barry P. Bowen | Treasurer | 67 | | Henry G. Mills | Vice President/Business Development | 34 | [Executive Compensation](index=49&type=section&id=ITEM%2011.%20Executive%20Compensation) All executive and director compensation information is incorporated by reference from the company's Proxy Statement - Executive and director compensation information is incorporated by reference from the company's Proxy Statement[246](index=246&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=49&type=section&id=ITEM%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on beneficial ownership by major shareholders and management is incorporated by reference from the Proxy Statement, and the company has no equity compensation plans - Security ownership information for beneficial owners and management is incorporated by reference from the Proxy Statement, and the company has no authorized equity compensation plans[248](index=248&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=50&type=section&id=ITEM%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related person transactions is incorporated by reference from the Proxy Statement, and the board has determined its non-management directors are independent - The board has determined that its non-management directors, **Mr. Seibert, Ms. Wardynski, and Ms. Lewis-Brent**, are independent under **NYSE listing standards**[251](index=251&type=chunk) [Principal Accounting Fees and Services](index=50&type=section&id=ITEM%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information on fees paid to the principal accountant and services rendered is incorporated by reference from the Proxy Statement - Information on principal accounting fees and services is incorporated by reference from the 'Independent Auditor Fees and Services' section of the Proxy Statement[251](index=251&type=chunk) [PART IV](index=50&type=section&id=PART%20IV) [Exhibits, Financial Statement Schedules](index=50&type=section&id=ITEM%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists financial statements from Item 8, the financial statement schedule, and all exhibits filed with the Form 10-K - This item lists financial statements, **Schedule II - Valuation and Qualifying Accounts**, and exhibits required by **Item 601 of Regulation S-K** included in the filing[251](index=251&type=chunk)[252](index=252&type=chunk)[253](index=253&type=chunk) [Form 10-K Summary](index=50&type=section&id=ITEM%2016.%20Form%2010-K%20Summary) The company provides no Form 10-K summary - No Form 10-K summary is provided[255](index=255&type=chunk)