Seaboard Corp 10-Q for FY2026 Q1

Seaboard Corp (SEB)

10-Q 2026-05-05 For: 2026-04-04

Added on May 05, 2026

About this 10-Q

Seaboard Corp filed this 10-Q on May 5, 2026, covering the quarter ended April 4, 2026 (FY2026 Q1).

Headline figures

Quarter ended April 4, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $2.4B; up 3.6% from $2.32B a year earlier
Net income: $120M; up 275.0% from net income of $32M a year earlier
Diluted EPS: $124.24; up 277.1% from $32.95 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Delaware				04-2260388
(State or other jurisdiction of incorporation)				(I.R.S. Employer Identification No.)



9000 West 67th Street, Merriam, Kansas		66202
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock $1.00 Par Value	SEB	NYSE American


Large Accelerated Filer ⌧	Accelerated Filer ◻
Non-Accelerated Filer ◻	Smaller Reporting Company ☐
	Emerging Growth Company ☐


	Three Months Ended
	April 4,		March 29,
(Millions of dollars except share and per share amounts)	2026		2025
Net sales:
Products (includes sales to affiliates of $259 and $265)	$	1,881	$	1,836
Services (includes sales to affiliates of $11 and $11)		459		427
Other		60		53
Total net sales		2,400		2,316
Cost of sales and operating expenses:
Products		1,759		1,801
Services		375		329
Other		49		44
Total cost of sales and operating expenses		2,183		2,174
Gross income		217		142
Selling, general and administrative expenses		121		104
Operating income		96		38
Interest expense		(10)		(10)
Income from affiliates		42		13
Other income (loss), net		15		(1)
Earnings before income taxes		143		40
Income tax expense		(23)		(8)
Net earnings	$	120	$	32
Less: Net earnings attributable to noncontrolling interests		(1)		—
Net earnings attributable to Seaboard	$	119	$	32

Earnings per common share	$	124.24	$	32.95
Average number of shares outstanding		957,794		971,055

Other comprehensive income (loss):
Foreign currency translation adjustment		7		(15)
Unrecognized pension benefit		—		1
Other comprehensive income (loss), net of tax	$	7	$	(14)
Comprehensive income		127		18
Less: Comprehensive income attributable to noncontrolling interests		(1)		—
Comprehensive income attributable to Seaboard	$	126	$	18


	April 4,		December 31,
(Millions of dollars except share and per share amounts)	2026		2025
Assets
Current assets:
Cash and cash equivalents	$	111	$	178
Short-term investments		1,050		1,052
Receivables, net of allowance for credit losses of $44 and $42 (includes $85 and $97 due from affiliates)		748		756
Inventories		1,721		1,513
Other current assets		133		131
Total current assets		3,763		3,630
Property, plant and equipment, net of accumulated depreciation of $2,431 and $2,379		2,873		2,820
Operating lease right-of-use assets, net		348		362
Investments in and advances to affiliates		805		795
Goodwill		168		168
Long-term investments		210		208
Deferred tax asset		143		145
Other non-current assets (includes $6 and $6 due from affiliates)		120		118
Total assets	$	8,430	$	8,246
Liabilities and Stockholders’ Equity
Current liabilities:
Lines of credit	$	546	$	458
Accounts payable (includes $32 and $32 due to affiliates)		355		397
Deferred revenue (includes $17 and $18 due to affiliates)		101		77
Operating lease liabilities		114		113
Other current liabilities		468		465
Total current liabilities		1,584		1,510
Long-term debt, less current maturities		974		977
Long-term operating lease liabilities		260		275
Accrued pension liability		72		71
Deferred tax liability		32		31
Other non-current liabilities		148		147
Total liabilities		3,070		3,011
Commitments and contingent liabilities
Stockholders’ equity:
Common stock of $1 par value. 1,250,000 shares authorized; 957,794 shares issued and outstanding		1		1
Accumulated other comprehensive loss		(334)		(341)
Retained earnings		5,669		5,552
Total Seaboard stockholders’ equity		5,336		5,212
Noncontrolling interests		24		23
Total equity		5,360		5,235
Total liabilities and stockholders’ equity	$	8,430	$	8,246


			Accumulated
			Other
	Common		Comprehensive		Retained		Noncontrolling
(Millions of dollars)	Stock		Loss		Earnings		Interests		Total
Balances, December 31, 2024	$	1	$	(376)	$	5,104	$	20	$	4,749
Comprehensive income:
Net earnings		—		—		32		—		32
Other comprehensive loss, net of tax		—		(14)		—		—		(14)
Dividends on common stock ($2.25/share)		—		—		(2)		—		(2)
Balances, March 29, 2025	$	1	$	(390)	$	5,134	$	20	$	4,765

Balances, December 31, 2025	$	1	$	(341)	$	5,552	$	23	$	5,235
Comprehensive income:
Net earnings		—		—		119		1		120
Other comprehensive income, net of tax		—		7		—		—		7
Dividends on common stock ($2.25/share)		—		—		(2)		—		(2)
Balances, April 4, 2026	$	1	$	(334)	$	5,669	$	24	$	5,360



		April 4,	December 31,
(Millions)	Metric	2026	2025
Commodities:
Grain	Bushels	34	30
Hogs and pork products	Pounds	6	8
Soybean oil	Pounds	45	13
Heating oil	Gallons	6	—
Foreign currencies	U.S. dollar	104	168



		Asset					Liability
		April 4,		December 31,			April 4,		December 31,
(Millions of dollars)		2026		2025			2026		2025
Commodities	Other current assets	$	1	$	9	Other current liabilities	$	14	$	5
Foreign currencies	Other current assets		4		—	Other current liabilities		—		3



		Cumulative
		Foreign			Cumulative
		Currency			Unrecognized
		Translation			Pension
(Millions of dollars)		Adjustment			Benefit			Total
Balance, December 31, 2024		$	(400)		$	24		$	(376)
Other comprehensive income (loss), net of tax			(15)			1			(14)
Balance, March 29, 2025		$	(415)		$	25		$	(390)

Balance, December 31, 2025		$	(372)		$	31		$	(341)
Other comprehensive income, net of tax			7			—			7
Balance, April 4, 2026		$	(365)		$	31		$	(334)



		Three Months Ended April 4, 2026
														All
														Other		Inter-
								Liquid						and		Segment
(Millions of dollars)		Pork		CT&M		Marine		Fuels		Power		Turkey		Corporate		Elims		Total
External net sales:
Products	$	465	$	1,196	$	—	$	197	$	—			$	23	$	—	$	1,881
Transportation		6		—		428		—		—				2		—		436
Energy		—		—		—		—		60				—		—		60
Other		14		9		—		—		—				—		—		23
Total external net sales		485		1,205		428		197		60				25		—		2,400
Intersegment net sales ^(a)		12		—		1		—		—				—		(13)		—
Total segment/consolidated net sales	$	497	$	1,205	$	429	$	197	$	60			$	25	$	(13)	$	2,400
Less significant segment expenses:
Cost of sales		461		1,147		364		155		47				22		(13)		2,183
Selling, general and administrative expenses		29		41		31		5		4				11		—		121
Total segment/consolidated operating income (loss)	$	7	$	17	$	34	$	37	$	9			$	(8)	$	—	$	96
Income from affiliates		12		5		1				—		24		—		—		42
Total operating income (loss) and income from affiliates	$	19	$	22	$	35	$	37	$	9	$	24	$	(8)	$	—	$	138
Depreciation and amortization expense	$	40	$	7	$	18	$	9	$	6			$	3	$	—	$	83
Capital expenditures	$	28	$	15	$	6	$	2	$	44			$	1	$	—	$	96
Total assets as of April 4, 2026^(b)	$	2,062	$	1,728	$	1,251	$	792	$	441	$	411	$	1,745	$	—	$	8,430
Investments in affiliates as of April 4, 2026	$	166	$	178	$	44			$	3	$	411	$	3	$	—	$	805



		Three Months Ended March 29, 2025
														All
														Other		Inter-
								Liquid						and		Segment
(Millions of dollars)		Pork		CT&M		Marine		Fuels		Power		Turkey		Corporate		Elims		Total
External net sales:
Products	$	468	$	1,219	$	—	$	121	$	—			$	28	$	—	$	1,836
Transportation		4		—		403		—		—				—		—		407
Energy		—		—		—		—		53				—		—		53
Other		14		6		—		—		—				—		—		20
Total external net sales		486		1,225		403		121		53				28		—		2,316
Intersegment net sales ^(a)		9		—		2		—		—				—		(11)		—
Total segment/consolidated net sales	$	495	$	1,225	$	405	$	121	$	53			$	28	$	(11)	$	2,316
Less significant segment expenses:
Cost of sales		500		1,150		321		143		43				28		(11)		2,174
Selling, general and administrative expenses		26		34		27		4		3				10		—		104
Total segment/consolidated operating income (loss)	$	(31)	$	41	$	57	$	(26)	$	7			$	(10)	$	—	$	38
Income from affiliates		8		4		1				—		—		—		—		13
Total operating income (loss) and income from affiliates	$	(23)	$	45	$	58	$	(26)	$	7	$	—	$	(10)	$	—	$	51
Depreciation and amortization expense	$	39	$	6	$	16	$	8	$	6			$	3	$	—	$	78
Capital expenditures	$	27	$	4	$	74	$	1	$	1			$	2	$	—	$	109
Total assets as of December 31, 2025^(b)	$	2,033	$	1,662	$	1,285	$	690	$	348	$	413	$	1,815	$	—	$	8,246
Investments in affiliates as of December 31, 2025	$	160	$	173	$	43			$	3	$	413	$	3	$	—	$	795



	Total amount
(Millions of dollars)	available
Short-term uncommitted and committed lines	$	1,339
Amounts drawn against lines		(546)
Available borrowing capacity as of April 4, 2026	$	793


Item 6.		Exhibits

Exhibit No.		Description

10.1*		Seaboard Corporation Employee Welfare Plan as Amended and Restated effective April 1, 2026

10.2*		Seaboard Corporation Retiree Medical Benefit Plan as Amended and Restated effective April 1, 2026

31.1		Certification of the Chief Executive Officer Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2		Certification of the Chief Financial Officer Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1		Certification of the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2		Certification of the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


	SEABOARD CORPORATION
		(Registrant)


	by:	/s/ David H. Rankin
		David H. Rankin Executive Vice President, Chief Financial Officer

		(principal financial officer)

	Date: May 5, 2026


	by:	/s/ Barbara M. Smith
		Barbara M. Smith Vice President and Corporate Controller

		(principal accounting officer)

	Date: May 5, 2026



	April 4,		December 31,
(Millions of dollars)	2026		2025
Domestic equity securities ^(a)	$	720	$	713
Foreign equity securities		155		145
Domestic fixed-income mutual funds		137		136
Foreign fixed-income mutual funds		17		26
Domestic debt securities - other		18		25
Money market funds held in trading accounts		3		7
Total short-term investments	$	1,050	$	1,052



	April 4,		December 31,
(Millions of dollars)	2026		2025
At lower of FIFO cost and net realizable value (“NRV”):
Hogs and materials	$	493	$	476
Pork products and materials		67		66
Grains, oilseeds and other commodities		447		346
Biofuels and related credits		418		339
Other		94		77
Total inventories at lower of FIFO cost and NRV		1,519		1,304
Grain, flour and feed at lower of weighted average cost and NRV		202		209
Total inventories	$	1,721	$	1,513

ARTICLE I. INTRODUCTION		1
1.1	Purpose of Plan	1
1.2	Purpose of Plan Document	1
ARTICLE II. DEFINITIONS AND CONSTRUCTION		1
2.1	Definitions	1
2.2	Construction	3
ARTICLE III. PARTICIPATION		4
3.1	Eligibility for Participation	4
3.2	Eligibility Effective Date	4
3.3	Cessation and Reinstatement of Participation	4
ARTICLE IV. BENEFITS		5
4.1	Benefits	5
4.2	Limitations, Exclusions, and Restrictions on Benefit	5
4.3	Loss of Eligibility and Benefits	5
ARTICLE V. CLAIMS AND APPEALS PROCEDURES		6
5.1	Claims and Appeals Procedures	6
ARTICLE VI. ADMINISTRATION OF PLAN		6
6.1	Funding	6
6.2	Limitation of Rights	6
6.3	Plan Administrator	6
6.4	Named Fiduciary	7
6.5	Named Fiduciary Responsibilities	7
6.6	Insurer Responsibilities	8
6.7	Personal Liability Precluded	8
6.8	Governing Law	8
6.9	Alienation	8
6.10	Indemnification of Plan Administrator	8
6.11	Examination of Records	8
6.12	Claims for Benefits	8
6.13	Mental Health Parity and Addiction Equity Act	9
6.14	Genetic Information Nondiscrimination Act (GINA)	9
6.15	Health Care Reform	9
6.16	Equitable Doctrines Inapplicable	9

6.17	Right to Reimbursement, Subrogation and Benefit Offset	9
6.18	Compliance with Laws	10
6.19	Insurance Contract Controls	10
6.20	Participant’s Responsibilities	10
6.21	Right to Information and Fraudulent Claims	10
ARTICLE VII. AMENDMENT AND TERMINATION		10
7.1	Amendment	10
7.2	Duration and Employer’s Right to Discontinue Plan and Contributions	10
ARTICLE VIII. HIPAA PRIVACY AND SECURITY		11
8.1	Privacy Officer	11
8.2	Definitions	11
8.3	Disclosure to Employer	11
8.4	Restrictions on Employer’s Use and Disclosure of PHI	12
8.5	Adequate Separation Between Employer and this Plan	13
8.6	Uses and Disclosures of PHI by Employer	14
8.7	Minimum Necessary	16
8.8	Employer’s Certification of Compliance	16
8.9	Security Provisions	16
8.10	Mitigation	16
8.11	Breach Notification	17
8.12	Hybrid Entity Statement	17
ARTICLE IX. ERISA INFORMATION		17
9.1	Exclusive Benefit and Legal Enforceability	17
9.2	Plan Identification Number	17
9.3	Employer Identification Number	17
9.4	Administration	17
9.5	Agent for Service of Legal Process	17
9.6	Provision of Continuation Coverage	17
9.7	Procedures for Qualified Medical Child Support Order (“QMCSO”)	18
9.8	Health Insurance Portability and Accountability Act of 1996 (“HIPAA”) Privacy Rights	18
ARTICLE X. MISCELLANEOUS		18
10.1	Plan Interpretation	18
10.2	Other Plans	18
10.3	Severability	18
10.4	Single Plan; ERISA Annual Reporting	18
10.5	Captions	18
10.6	Inability to Locate Payee	18
10.7	No Contract of Employment	18
10.8	No Guarantee of Tax Consequence	18

10.9	Payments to Minors and Incompetents	19
10.10	Electronic Administration	19
EXHIBIT A LIST OF CARRIERS/SERVICE PROVIDERS		A-1
EXHIBIT B FOR SALARIED AND CLERICAL EMPLOYEES		B-1
EXHIBIT B for production employees		B-1
EXHIBIT C acquisition CREDIT		C-1

BENEFIT	ELIGIBLE EMPLOYEE	WAITING PERIOD
Medical and Dental	All Salaried/Clerical Employees	None
Medical and Dental	Production Employees	90 days from date of hire
Medical and Dental	Production Bio-Diesel Employees	None
Medical and Dental	Production Truck Drivers	None


	SEABOARD CORPORATION

	By:	/s/ Robert L. Steer

	Name:	Robert L. Steer

	Title:	President and Chief Executive Officer

Carrier/Service Provider	Coverage Type
CIGNA Dental Health	Dental Benefits
Lincoln Financial Group	Life Insurance, Long-Term Disability, and Employee Assistance Plan Benefits
Zurich American Insurance Company	AD&D, Voluntary AD&D, and Business Travel Accident Insurance
Blue Cross and Blue Shield of Kansas City	Medical Benefits and Wellness Benefits
Allegeant, LLC	Center for Excellence Third Party Administrative Services
WEX Health, Inc.	COBRA Continuation Benefits Administration, Flexible Benefit Plan Administration, and Retiree Health Reimbursement Arrangement Plan Administration
Vision Service Plan	Vision Benefits
Reliastar Life Insurance Company	Accident, Hospital, and Critical Illness Insurance

B-5	Group Dental Plan Contract CIGNA Dental Health – 1DPPO Eligible Employees (and their Dependents): ● Participants in the Health Plans in Exhibits B-2 or B-3. ● Salaried and clerical employees of Seaboard Corporation; Seaboard Foods, LLC; Seaboard Foods of Iowa, LLC; Seaboard Energy Kansas LLC; Seaboard Energy California, LLC; Seaboard Marine Ltd.; Seaboard Solutions, Inc.; Seaboard Marine of Florida, Inc.; Seaboard Transport LLC; Mount Dora Farms Inc.; Seaboard Power Management Inc.; High Plains Transport LLC; Cape Fear Railways, Inc.; and Jacintoport International LLC. ● Permanent employees who reduce their schedules to less than 30 hours a week and who, at the time of their reduction in hours, would otherwise be eligible for the Benefits described in Section I.A below but for their continued employment with the Employer. Eligible Retirees (and their Dependents): ● Pre-65 Retired Employees described in Section I.A below. ● Effective March 1, 2025, Post-65 Retired Employees who (1) were eligible for Retiree Benefits described in Section I.A below and (2) are “Eligible Employees” as defined in the Seaboard Corporation Retiree Medical Benefit Plan (“Post-65 Eligible Retiree”).
B-6	Group Life Insurance Lincoln Financial Group
B-7	Group Long-Term Disability Policy Lincoln Financial Group
B-8	Not Used
B-9	Group Accidental Death and Dismemberment Zurich American Insurance Company
B-10	Voluntary Accidental Death and Dismemberment Zurich American Insurance Company
B-11	Business Travel Accident Zurich American Insurance Company
B-12	Seaboard Corporation Flexible Benefits Plan

B-13	Flexible Benefits Plan Services Agreement
B-14	COBRA Continuation Benefits Services Agreement
B-15	Wellness Program
B-16	Employee Assistance Plan
B-17	Group Vision Plan Policy Vision Service Plan Eligible Employees (and their Dependents): ● Participants in the Health Plans in Exhibits B-2 or B-3 (which includes Pre-65 Retired Employees described in Section I.A below) ● Permanent employees who reduce their schedules to less than 30 hours per week and who, at the time of their reduction in hours, would otherwise be eligible for the Benefits described in Section I.A below but for their continued employment with the Employer. Eligible Retirees (and their Dependents): ● Pre-65 Retired Employees described in Section I.A. below. ● Effective March 1, 2025, Post-65 Eligible Retirees
B-18	Group Accident Insurance Reliastar Life Insurance Company
B-19	Group Hospital Insurance Reliastar Life Insurance Company
B-20	Group Critical Illness Insurance Reliastar Life Insurance Company
B-21	Seaboard Corporation Retiree Health Reimbursement Arrangement (Effective January 1, 2026) WEX Health, Inc. Supplemental Retiree Coverage Eligible Retirees (and their Medicare-eligible Spouses): ● Retired Employees described in Section I.D below.

	Retiree’s Alternative Group Health Plan Coverage	Spouse’s Alternative Group Health Plan Coverage	Dependent Child’s Alternative Group Health Plan Coverage
	eligible for coverage through X Corp as of January 15, 2024. Bill must enroll himself, his wife, and his children in X Corp’s medical, dental, and vision plans for everyone to remain eligible for Retiree Benefits.	group health insurance through his employer effective January 15, 2024. Steve must enroll himself in his group medical, dental, and vision plans for everyone to remain eligible for Retiree Benefits.	Because Sam is under the age of 26, the ACA mandates that plans offering dependent coverage must extend that coverage to children up to the age of 26, regardless of factors like employment status. Therefore, Sam is not required to enroll in ZZ’s group medical, dental, or vision plans to remain eligible for Retiree Benefits.
Primary v. Secondary Payer Status	Example: Bill, Susan, and their children enrolled in X Corp.’s group health coverage effective January 15, 2024. In 2025, Bill resigns at X Corp., and Bill, Susan and their children lose eligibility for X Corp’s group health coverage as of 11:59 p.m. on January 31, 2025. Retiree Benefits shall be the primary payer effective July 1, 2023, until January 14, 2024. X Corp. is then primary payer beginning January 15, 2024, through January 31, 2025. Beginning February 1, 2025, the Retiree Benefits shall once again become the primary payer.	Example: Steve, Janet, and their children enrolled in Steve’s employer’s group health coverage effective January 15, 2024. On June 1, 2025, Steve is laid off and Steve, Janet and their children lose eligibility under Steve’s employer’s group health coverage as of 11:59 p.m. on June 30, 2025. Retiree Benefits shall be the primary payer effective July 1, 2023, until January 14, 2024. Steve’s employer’s group health plan is then the primary payer beginning January 15, 2024, through June 30, 2025. Beginning July 1, 2025, the Retiree Benefits shall once again become the primary payer.	Example: Sam enrolls in ZZ’s group health coverage effective June 1, 2025. John is not eligible for alternative group health coverage. Sam: Retiree Benefits shall be the primary payer effective July 1, 2023, until May 31, 2025. Effective June 1, 2025, ZZ’s group health coverage is the primary payer, and the Retiree Benefits shall be the secondary payer. John: Retiree Benefits remains the primary payer.
Certification Requirement	Example: Bill must complete a Certification (1) when he became eligible for Retiree Benefits after his June 30, 2023, retirement; (2) during the 2024 and 2025 open enrollment periods; and (3) upon losing eligibility for coverage under X Corp.’s group health plan.	Example: Janet must complete a Certification (1) when she became eligible for Retiree Benefits after her June 30, 2023 retirement; (2) during the 2024 and 2025 open enrollment periods; and (3) upon Steve losing eligibility under his employer’s group health coverage.	Example: John must complete a Certification (1) when he became eligible for Retiree Benefits after his June 30, 2023, retirement; and (2) during the 2024 and 2025 open enrollment periods.

Exhibit	Document
B-1	Blue Cross and Blue Shield of Kansas City Administrative Services Agreement
B-2	Seaboard Health Plan Blue Cross and Blue Shield of Kansas City Eligible Employees (and their Dependents): Permanent full-time employees working at least 30 hours a week who are not absent from work during the initial enrollment period, because of a leave of absence or temporary lay-off, unless the absence is due to a health status-related factor who are: ● Production employees of Seaboard Foods, LLC; Seaboard Foods of Iowa, LLC; Seaboard Energy Kansas LLC; Seaboard Energy California, LLC; High Plains Transport LLC; and Seaboard Transport LLC.
B-3	Group Dental Plan Policy Cigna Dental Health - Eligible Employees (and their Dependents): ● Production employees of Seaboard Foods, LLC; Seaboard Foods of Iowa, LLC; Seaboard Energy Kansas LLC; Seaboard Energy California, LLC; High Plains Transport LLC; Seaboard Transport LLC; and Jacintoport International LLC.
B-4	Group Life Insurance Lincoln Financial Group
B-5	Group Accidental Death and Dismemberment Zurich American Insurance Company
B-6	Seaboard Corporation Flexible Benefits Plan
B-7	Flexible Benefits Plan Services Agreement
B-8	COBRA Continuation Benefits Services Agreement

	SEABOARD CORPORATION

	By:	/s/ Robert L. Steer
		Robert L. Steer
		President and Chief Executive Officer


Date: May 5, 2026	/s/ Robert L. Steer
	Robert L. Steer President, Chief Executive Officer

	(principal executive officer)


Date: May 5, 2026
		/s/ David H. Rankin
		David H. Rankin
		Executive Vice President and Chief Financial Officer

		(principal financial officer)