Group 1: Dividend Stocks Overview - Dividend stocks are essential for income generation and can provide reliable income that supplements or compounds growth [1] - High-quality dividend stocks combine attractive yields with stock price growth, enhancing total returns for investors [2] Group 2: Exxon Mobil - ExxonMobil has a dividend yield of 3.50% with an annual dividend of $3.96 and a 42-year track record of dividend increases [3][4] - The company maintains a dividend payout ratio of 52.52% and generates significant free cash flow, supporting its dividend commitments and stock buybacks [4] - A major revenue driver for ExxonMobil is its oil projects in Guyana, despite ongoing arbitration with Chevron over a stake in the project [5] Group 3: Hasbro - Hasbro's stock has increased by approximately 21% in 2025, nearing a historical resistance level [6] - The company offers a dividend yield of 4.12% with an annual dividend of $2.80 and a payout ratio of 92.41% [8][10] - Hasbro is restructuring to focus on high-margin licensing deals, which will help unlock value in its iconic brands [9] - Analysts have a consensus price target of $81.25 for Hasbro, indicating a potential upside of 19.6% from its recent closing price [10] Group 4: Perrigo - Perrigo has a dividend yield of 4.41% with an annual dividend of $1.16 and a 23-year history of dividend increases [11] - The stock has seen a modest increase of 2.45% in 2025 but remains range-bound as investors seek its attractive dividend [12] - Perrigo specializes in over-the-counter medications, and its performance may benefit from consumers seeking value alternatives amid economic pressures [13]

Federal Reserve & Market Expectations - The market anticipates the Federal Reserve to maintain current interest rates, with focus on the summary of economic projections (SEP) and the dot plot for future rate guidance [2][3] - There's a possibility the Fed's 2025 dot plot could be revised up, expecting only one rate cut this year instead of two, potentially causing initial market declines if it skews hawkish [4][5] - Investors are closely monitoring the Fed's policy decision and the dot plot for clues on future interest rate movements [57] Economic Concerns & Consumer Sentiment - A majority (65%) of Americans believe tariffs will negatively impact their personal finances, contributing to downbeat consumer sentiment [60] - Consumer sentiment regarding the economy's direction is heavily influenced by political affiliation [64][65] - Younger Americans are slightly more pessimistic about the economic outlook, potentially due to financial fragility [67] Housing Market - New housing construction has fallen to levels not seen in 5 years, since May 2020, with 126% million new homes started in May [40][41] - High interest rates, labor shortages, and material costs continue to challenge home builders and weigh on new construction [42][43][45] - The US faces a shortage of approximately 5 million homes, exacerbated by long-standing issues in the housing market [47] Labor Market for New Graduates - New college graduates are facing challenges in the labor market, with an unemployment rate of 66% in May for those aged 20-24 [23] - Industries like technology, information, media, and financial services are not hiring as many new graduates as before the pandemic [26][27] - Education and healthcare sectors are showing stronger hiring growth for young professionals [31] Formula 1 Growth & Brand Partnerships - Formula 1 is experiencing growing popularity in the US, with the 2024 championship reaching approximately 30 million viewers across ESPN's platforms [87] - The F1 fan base in the US is around 50 million and has been nearly doubling year-on-year [94] - A third of Formula 1's partners and sponsors are from the US, highlighting the sport's importance in the American market [94] Gaming Industry - AMD and Xbox have announced a multi-year hardware partnership for the next generation Xbox consoles and handhelds [106][107] - Microsoft aims to expand its Game Pass service, costing between $9 and $1999 per month, through this partnership [107][108] - Nvidia holds a significant lead in the PC gaming market, while AMD powers the Xbox and PlayStation consoles [112][113] Credit Card Comparison - The Chase Sapphire Reserve card's annual fee has increased to $795, up from $550, offering new credits and perks [74] - The American Express Platinum card has a slightly lower annual fee at $695 and offers similar travel benefits [80] - The Capital One Venture X card has a significantly lower annual fee of $395 but is removing complimentary guest access to airport lounges [84][85]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive focuses on sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Group 2 - Proactive is committed to adopting technology to enhance workflows and content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Company Overview - Hasbro has cut 3% of its global workforce, amounting to approximately 150 employees, as part of a cost-cutting initiative due to higher US tariffs on toys imported from China [1][4] - The company had around 4,985 employees globally according to its fiscal 2024 annual filing [1] Sourcing and Market Strategy - Hasbro sources about half of its toys and games sold in the US from China and is accelerating efforts to diversify sourcing to reduce reliance on China [2] - The toy industry is facing pressures from a global trade war and has been struggling with weak demand [2] Financial Impact and Restructuring - CEO Chris Cocks indicated that tariffs lead to higher consumer prices, potential job losses, and reduced profits for shareholders [3] - Hasbro is reassessing logistics routes and manufacturing as part of its strategy to adapt to increased costs [3] - The company previously announced a plan to cut 900 jobs globally in December 2023, following a reduction of 15% of its workforce due to weaker sales [3] Business Performance - In April, Hasbro reported better-than-expected quarterly results, driven by a shift towards digital and licensed gaming businesses, which helped attract younger customers [5]

Industry Overview - The Zacks Toys - Games – Hobbies industry is experiencing robust demand for smart toys, STEM toys, sports toys, and fashion dolls and accessories, with companies focusing on digital initiatives and marketing strategies to drive growth [1][3] - The industry includes companies that design, manufacture, and sell various games and toys, ranging from traditional action figures to video game platforms and military simulation games [2] Trends Impacting the Industry - STEM toys are gaining popularity as parents seek educational experiences that promote problem-solving and creativity, with significant growth potential in markets like China and Brazil [3] - Industry participants are expanding their presence in emerging markets in Eastern Europe, Asia, and Latin and South America, which offer greater revenue growth opportunities compared to developed markets [4] Sales and Market Performance - U.S. toy industry sales increased by 6% with a 3% rise in units sold through April 2025, driven by strong adult demand for trading cards and building sets, with adult buyers spending $1.8 billion in Q1 2025 [5] - The Zacks Toys – Games – Hobbies industry has outperformed the S&P 500 Index, rallying 13.4% compared to the S&P 500's 11.9% increase [9] Cost and Valuation Concerns - The industry faces cost inflation due to rising raw material prices and higher employee-related expenses, prompting firms to launch new products and shift towards technology-driven toys [6] - The industry is currently trading at a forward P/E of 13.05X, lower than the S&P 500's 21.94X and the sector's 19.89X, indicating potential undervaluation [12] Company Performance - JAKKS Pacific is benefiting from its Freight on Board business model and licensing initiatives, with shares gaining 18.9% in the past year and projected earnings growth of 9.5% for 2025 [15][22] - Mattel has seen strong performance from brands like Disney Princess and Barbie, with shares up 8% in the past year and 2025 earnings expected to remain stable at $1.62 [18][19] - Hasbro is experiencing growth from its MAGIC ecosystem and licensing operations, with shares increasing by 13.4% in the past year and a projected earnings increase of 5.2% for 2025 [21][22]

Core Viewpoint - Hasbro, Inc. is expected to benefit from strong performance in MAGIC: The Gathering, operational adjustments, and licensing partnerships, while facing challenges from an uncertain macro environment [1] Group 1: Growth Drivers - Hasbro's Playing to Win strategy is showing early momentum in 2025, focusing on high-growth categories and enhanced consumer engagement, with significant gains from MAGIC: The Gathering and Monopoly Go! [2] - The company is safeguarding key price points ($9.99 and $19.99) and collaborating with retailers to maintain shelf space for major new releases, while operational adjustments aim to boost flexibility and mitigate trade-related risks [3] - Hasbro is prioritizing investments in promising franchises like MAGIC: THE GATHERING and Play-Doh, while optimizing profitability from lower-growth brands and reinventing the NERF business model [4] Group 2: Licensing and Revenue Projections - Hasbro is expanding its licensing strategy with Disney, securing broader rights across Marvel and Star Wars properties, which supports scaling intellectual property through collaborative partnerships [5] - The model predicts a year-over-year revenue increase of 11.2% in 2025 for Digital and Licensed Gaming, reaching $524.7 million [5] Group 3: Cost Management and Financial Performance - The company is expediting a $1 billion cost savings initiative to address ongoing tariff challenges, with total adjusted EBITDA reaching $274 million in the fiscal first quarter, a 59% year-over-year increase [6] - Hasbro aims for $175 million to $225 million in gross cost savings this year, supported by strong performance from the Wizards segment and accelerated cost reductions [7] Group 4: Macro Environment and Challenges - Hasbro is navigating a challenging macroeconomic environment with rising tariff rates on imports from China, estimating a gross financial impact between $100 million and $300 million depending on policy developments [10] - The company anticipates a net profit impact ranging from $60 million to $180 million due to trade policy shifts and consumer behavior, despite stability from its games and licensing segments [11]

Financial Data and Key Metrics Changes - The company reported the highest operating profit margin in its history, exceeding 20% [18][19] - Strong results were noted across the board, particularly in Wizards of the Coast and digital games, which reached all-time highs [18] Business Line Data and Key Metrics Changes - Consumer products returned to profitability, indicating a positive shift in this segment [18] - The Playing to Win strategy is already showing strong demand across key brands and growing licensing momentum [22] Market Data and Key Metrics Changes - The company is experiencing signs of recovery in consumer products despite a volatile tariff environment [22] - Nearly 70% of revenue comes from higher-margin categories like games, digital, and licensing, which have less exposure to global supply risks [23] Company Strategy and Development Direction - The company has reshaped itself into a faster, leaner, and more focused business by exiting non-core operations and prioritizing high-margin growth areas [19][20] - The Playing to Win strategy focuses on profitable franchises, targeting products for fans aged 13 and older, expanding reach across demographics, and investing in digital and direct channels [20][21] Management's Comments on Operating Environment and Future Outlook - The company acknowledges macro pressures but emphasizes control over retail partnerships, supply chain improvements, and margin protection through disciplined execution [23] - The company is positioned to be aggressive in the toy business, aiming to grow market share while others are cautious [23][24] Other Important Information - The long-term partnership with Disney has been extended, enhancing relationships around major intellectual properties like Marvel and Star Wars [23] Q&A Session Summary - No questions were submitted during the Q&A session [26]

Core Insights - Hasbro is adjusting its strategies in response to a significant reduction in tariffs on Chinese imports from 145% to 30%, which has positively impacted the company's planning and pricing strategies [1][2][6] Group 1: Pricing and Product Strategy - The reduction in tariffs has led Hasbro to pause many planned pricing changes that were initially set under the 145% tariff regime, allowing for more thoughtful pricing decisions moving forward [2][3] - The company had previously planned to discontinue certain products due to unfavorable manufacturing costs but is now reconsidering those plans in light of the new tariff situation [4][5] Group 2: Financial Impact - Hasbro had estimated that the 145% tariffs could reduce its annual net profits by $180 million, but with the new 30% tariff, this figure is now projected to be between $50 million and $70 million [6] - The company acknowledges that the current tariff agreement is temporary and the trade environment remains uncertain, indicating that ongoing adjustments will be necessary [6]

Hasbro (HAS) FY Conference Summary Company Overview - **Company**: Hasbro, Inc. (HAS) - **Date of Conference**: May 14, 2025 - **Key Speakers**: Gina Gedder (CFO and COO) Key Points Organizational Changes and Strategy - Hasbro is undergoing a multi-year transformation, with approximately two and a half years completed and another two and a half years expected to finalize the process [8][9] - The initial focus was on simplifying operations, reducing complexity, and divesting from the eOne entertainment business [9] - SKU count has been reduced by nearly 80%, and efforts have been made to clean up inventory and balance sheets [10] - The "Playing to Win" strategy was launched in February, emphasizing play, partnership, and profitability [10][12] - The strategy includes three business categories: growth, optimized, and reinvent, with growth businesses accounting for about 75% of revenue [12][13] Financial Performance and Projections - Midterm revenue growth target is set at a mid-single-digit rate, with annual margin expansion of 0.5 to 1 percentage point [26] - The first quarter saw a 46% growth in the Magic business, indicating strong demand and player engagement [30][34] - The company has not observed significant changes in consumer behavior despite tariff pressures, with holiday sales expected to remain strong [38][40] Tariff Impact and Pricing Strategy - The company is navigating tariff implications, with a recent reduction in anticipated tariff rates from 145% to 30%, which is expected to lessen the financial burden [42][50] - Pricing strategies are being adjusted based on the new tariff landscape, with a focus on maintaining competitive price points [46][48] - Approximately 45-50% of the product portfolio is priced at $20 or less, which is crucial for consumer accessibility [46] Balance Sheet and Debt Management - Hasbro has prioritized balance sheet health, focusing on inventory management and debt reduction following the eOne acquisition [66][68] - Inventory levels are reported to be healthy, returning to pre-COVID levels, allowing for better cash flow management [66] - The company aims to reduce debt to around 2.5 times leverage, with ongoing efforts to buy back or pay down debt [68] Future Growth and Investment - Hasbro is committed to investing in growth opportunities, particularly within the Wizards segment, which includes video games and other gaming initiatives [62][63] - The company is exploring direct-to-consumer sales channels, which currently represent a $100 million business [77] - Future plans include potential share buybacks starting in 2026, contingent on debt reduction and cash flow from new game launches [87][88] Consumer Trends and Market Position - Hasbro is adapting to changing consumer behaviors, particularly the shift towards digital gaming, while leveraging its IP across various platforms [72][74] - The company is focusing on improving demand planning and supply chain management in response to the loss of traditional retail partners like Toys R Us [80][79] Additional Insights - The executive team has undergone significant changes, with about 70% of leadership being new to their roles [15][16] - AI implementation is in the early stages, aimed at enhancing operational efficiency and analytical capabilities [19][20] - The company is actively reshoring some production to the U.S. to mitigate supply chain risks [55]

Part I - Financial Information [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Q1 2025 financials show total assets of $6.04 billion, net revenues of $887.1 million (up 17.1%), and net earnings of $98.6 million, driven by strong segment growth Consolidated Balance Sheet Highlights (in millions) | Account | March 30, 2025 | December 29, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $1,912.8 | $2,242.5 | | **Total Assets** | $6,040.0 | $6,340.3 | | **Total Current Liabilities** | $1,156.0 | $1,401.3 | | **Long-term Debt** | $3,331.5 | $3,380.8 | | **Total Liabilities** | $4,842.5 | $5,155.3 | | **Total Shareholders' Equity** | $1,197.5 | $1,185.0 | - Cash and cash equivalents decreased to **$621.1 million** from **$695.0 million** at year-end 2024[13](index=13&type=chunk) - Inventories increased to **$295.8 million** from **$274.2 million** at year-end 2024[13](index=13&type=chunk) Consolidated Statements of Operations Q1 2025 vs Q1 2024 Performance (in millions, except per share data) | Metric | Q1 2025 (ended Mar 30) | Q1 2024 (ended Mar 31) | Change | | :--- | :--- | :--- | :--- | | Net Revenues | $887.1 | $757.3 | +17.1% | | Operating Profit | $170.7 | $116.2 | +46.9% | | Net Earnings Attributable to Hasbro | $98.6 | $58.2 | +69.4% | | Diluted EPS | $0.70 | $0.42 | +66.7% | | Cash Dividends Declared per Share | $0.70 | $0.70 | 0% | - A loss on disposal of business of **$25.0 million** was recorded in Q1 2025, compared to **$9.1 million** in Q1 2024[15](index=15&type=chunk) Consolidated Statements of Comprehensive Earnings (Loss) - Total comprehensive earnings attributable to Hasbro, Inc. was **$105.4 million** in Q1 2025, a significant increase from **$56.4 million** in Q1 2024[18](index=18&type=chunk) - The increase was driven by higher net earnings and a positive foreign currency translation adjustment of **$10.2 million**, compared to a loss of **$4.0 million** in the prior year[18](index=18&type=chunk) Consolidated Statements of Cash Flows Cash Flow Summary (in millions) | Activity | Q1 2025 (ended Mar 30) | Q1 2024 (ended Mar 31) | | :--- | :--- | :--- | | Net cash provided by operating activities | $138.1 | $177.8 | | Net cash utilized by investing activities | ($52.4) | ($48.1) | | Net cash utilized by financing activities | ($162.4) | ($108.9) | - The decrease in operating cash flow was primarily due to changes in working capital, specifically a smaller decrease in accounts receivable compared to the prior year[21](index=21&type=chunk) - Financing activities in Q1 2025 included **$97.9 million** in dividend payments and **$49.2 million** in debt repayments[21](index=21&type=chunk) Consolidated Statements of Shareholders' Equity - Total shareholders' equity increased from **$1,185.0 million** at the end of fiscal 2024 to **$1,197.5 million** at the end of Q1 2025[24](index=24&type=chunk) - The increase was primarily driven by net earnings of **$98.6 million**, partially offset by dividends declared of **$98.4 million**[24](index=24&type=chunk) Condensed Notes to Consolidated Financial Statements Q1 2025 Net Revenue by Segment (in millions) | Segment | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Wizards of the Coast and Digital Gaming | $462.1 | $316.3 | +46% | | Consumer Products | $398.3 | $413.0 | -4% | | Entertainment | $26.7 | $28.0 | -5% | Q1 2025 Net Revenue by Brand Portfolio (in millions) | Brand Portfolio | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Grow Brands | $653.4 | $521.7 | +25% | | Optimize Brands | $132.1 | $141.8 | -7% | | Reinvent Brands | $101.6 | $93.8 | +8% | - The company recorded a **$25.0 million** expense related to the settlement of a holdback amount from the sale of its eOne Film and TV business[48](index=48&type=chunk) - The company repurchased **$50.4 million** of its 2026 and 2027 Notes, recording a gain on extinguishment of **$1.2 million**[59](index=59&type=chunk) - Restructuring charges related to the 'Operational Excellence' program were **$1.8 million** in Q1 2025, with a remaining liability of **$39.1 million**[82](index=82&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reported Q1 2025 revenue increased 17% to $887.1 million, driven by Wizards of the Coast, with operating profit improving and a new 'Playing to Win' strategy launched Overview and Recent Developments - The company launched a refreshed strategy, 'Playing to Win', to refocus on play and partnership, aiming to become a highly profitable and diverse toy and game company[100](index=100&type=chunk) - The five strategic building blocks of 'Playing to Win' are: Profitable Franchises, Aging Up, Everyone Plays, Digital and Direct, and Partner Scale[102](index=102&type=chunk) - Brand portfolios were realigned into Grow, Optimize, and Reinvent categories to correspond with the new strategy[101](index=101&type=chunk)[102](index=102&type=chunk) - The company estimates a potential negative gross impact to operating profit of **$100 million** to **$300 million** in 2025 from tariffs, with a net profit impact of **$60 million** to **$180 million** after mitigation efforts[104](index=104&type=chunk) Results of Operations Q1 2025 vs Q1 2024 Operating Results (as % of Net Revenues) | Line Item | Q1 2025 % | Q1 2024 % | | :--- | :--- | :--- | | Cost of Sales | 23.1% | 27.0% | | Operating Profit | 19.2% | 15.3% | | Net Earnings | 11.2% | 7.8% | - Net revenue increased **17%** YoY, driven by a **46%** increase in the Wizards of the Coast and Digital Gaming segment, partially offset by a **4%** decline in Consumer Products[108](index=108&type=chunk) - Grow Brands revenue increased **25%**, primarily from MAGIC: THE GATHERING, MONOPOLY, and MARVEL products, including digital licensing for MONOPOLY GO - Cost of sales as a percentage of revenue decreased from **27.0%** to **23.1%** due to a product mix shift towards higher-margin digital and consumer product licensing[112](index=112&type=chunk) Segment Results Q1 2025 Operating Profit by Segment (in millions) | Segment | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Wizards of the Coast and Digital Gaming | $230.0 | $122.8 | +87% | | Consumer Products | ($43.9) | ($46.9) | -6% | | Entertainment | ($11.2) | $5.8 | -293% | | Corporate and Other | ($4.2) | $34.5 | -112% | - Wizards of the Coast and Digital Gaming revenue grew **46%**, driven by higher digital licensing for MONOPOLY GO! and a **51%** increase in Tabletop Gaming revenue from MAGIC: THE GATHERING[127](index=127&type=chunk) - Consumer Products revenue decreased **4%**, driven by declines in NERF, GI JOE, and PLAY-DOH, partially offset by growth in BEY BLADE, MARVEL, and TRANSFORMERS[129](index=129&type=chunk) - Entertainment segment's operating loss of **$11.2 million** was primarily due to a non-recurring **$25.0 million** loss on the disposal of the eOne Film and TV business[132](index=132&type=chunk) Liquidity and Capital Resources - The company believes cash from operations and available credit are adequate to meet working capital needs for the next twelve months[136](index=136&type=chunk) - As of March 30, 2025, cash and cash equivalents totaled **$621.1 million**[138](index=138&type=chunk) - The company has a **$1.25 billion** revolving credit facility, with no borrowings outstanding as of March 30, 2025[140](index=140&type=chunk) - During Q1 2025, the company repurchased **$50.4 million** of its outstanding debt[142](index=142&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from foreign currency fluctuations, using hedging, and holds $3.4 billion in fixed-rate debt - The company is exposed to market risks from fluctuations in foreign currency exchange rates, particularly the U.S. dollar, Euro, British pound, Canadian dollar, Japanese Yen, Brazilian real, and Mexican peso[149](index=149&type=chunk) - To manage exposure, the company hedges a portion of its forecasted foreign currency transactions using foreign exchange forward and option contracts[150](index=150&type=chunk) - As of March 30, 2025, the company had **$3.4 billion** in fixed-rate debt and no outstanding interest rate swaps[152](index=152&type=chunk) [Item 4. Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of March 30, 2025, with no material changes to internal control - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 30, 2025[156](index=156&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, the company's internal control[157](index=157&type=chunk) Part II - Other Information [Item 1. Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company is defending a class action lawsuit regarding inventory statements, with two related shareholder derivative actions dismissed - A putative class action lawsuit was filed on November 13, 2024, alleging violations of securities laws related to statements about the company's inventory[158](index=158&type=chunk) - The company intends to vigorously defend against these claims and is unable to estimate a reasonably possible range of loss at this stage[158](index=158&type=chunk) - Two shareholder derivative actions with nearly identical allegations were filed and subsequently voluntarily dismissed by the plaintiffs[159](index=159&type=chunk)[160](index=160&type=chunk) [Item 1A. Risk Factors](index=37&type=page&id=Item%201A.%20Risk%20Factors) There have been no material changes from the risk factors previously disclosed in the company's 2024 Form 10-K or subsequent filings - There are no material changes from the risk factors as previously disclosed in the company's 2024 Form 10-K[162](index=162&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase common stock in Q1 2025, with $241.6 million remaining available under its share repurchase authorization - No repurchases of the Company's Common Stock occurred during the three months ended March 30, 2025[164](index=164&type=chunk) - As of March 30, 2025, Hasbro had **$241.6 million** remaining available under its share repurchase authorization[164](index=164&type=chunk) [Item 3. Defaults Upon Senior Securities](index=37&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities during the reporting period - None[165](index=165&type=chunk) [Item 4. Mine Safety Disclosures](index=37&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[166](index=166&type=chunk) [Item 5. Other Information](index=38&type=section&id=Item%205.%20Other%20Information) No officers or directors adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q1 2025 - During the three months ended March 30, 2025, none of the company's officers or directors adopted or terminated a 'Rule 10b5-1 trading arrangement' or 'non-Rule 10b5-1 trading arrangement'[167](index=167&type=chunk) [Item 6. Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents, debt indentures, and certifications - The report lists numerous exhibits, including Restated Articles of Incorporation, Bylaws, various debt Indentures, new forms of Restricted and Performance Stock Unit Agreements, and officer certifications required by the SEC[168](index=168&type=chunk)