v3.26.3
Subsequent Events
9 Months Ended
Sep. 30, 2026
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENT
In October 2026, the Company committed to a plan to sell its Infrastructure business, which consists solely of The D.S. Brown Company (“DSB”) and represents a strategic shift in the Company's operations. The planned divestiture is consistent with the Company's ongoing portfolio optimization strategy to simplify its business and further sharpens its strategic focus and resource allocation on its Residential and Agtech segments.
On October 14, 2026, the Company entered into a Securities Purchase Agreement with GCP Applied Technologies Inc. ("GCP") for the sale of all of the issued and capital stock of DSB. Under the terms of the agreement, GCP has agreed to pay cash consideration of $208.0 million, subject to customary closing conditions and post-closing adjustments.
The Company's commitment to sell its Infrastructure business and execution of the related agreement occurred after September 30, 2026 and therefore represent a nonrecognized subsequent event. Accordingly, the Infrastructure business was not classified as held for sale or presented as discontinued operations under ASC 205-20 in the accompanying consolidated financial statements. Beginning in the fourth quarter of fiscal 2026, the Company expects to classify the Infrastructure business as held for sale and present the results of the Infrastructure business as discontinued operations, including recasting prior-period results to reflect the Infrastructure business as discontinued operations.