Qnity Electronics Inc.

08/04/2026 | Press release | Distributed by Public on 08/04/2026 10:09

Quarterly Report for Quarter Ending June 30, 2026 (Form 10-Q)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of the financial condition and results of operations of Qnity Electronics, Inc. ("Qnity," the "Company," "we," "our" and "us"). Management's discussion and analysis of financial condition and results of operations is provided as a supplement to, and should be read in conjunction with, the unaudited interim Consolidated Financial Statements and related notes thereto included elsewhere in this Quarterly Report on Form 10-Q (the "Quarterly Report") and the audited Financial Statements and related notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026 (the "Annual Report") to enhance the understanding of the Company's operations and present business environment. Certain amounts may not foot due to rounding. This discussion and analysis contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those discussed in this "Management's Discussion and Analysis of Financial Condition and Results of Operations," as well as in "Risk Factors" in the Annual Report. Carefully read the information under "Cautionary Note Regarding Forward-Looking Statements" in this Quarterly Report. Qnity assumes no obligation to update any of these forward-looking statements except as required by law. Actual results may differ materially from those contained in any forward-looking statements.
OVERVIEW
We are a global leader in materials and solutions for semiconductor and electronics industries. We empower our customers' technology roadmaps to enable advancements in megatrends such as artificial intelligence ("AI"), advanced computing and advanced connectivity. We partner with leading semiconductor and advanced device manufacturers to address complex challenges and develop solutions that facilitate next-generation technological innovations. With over 50 years of experience in systems engineering and material science, a global manufacturing footprint, and major application labs across the world, we are well-positioned to capitalize on emerging opportunities across various sectors including transportation, data centers, consumer and personal electronics and aerospace and defense.
We are organized into two operating segments:
•Semiconductor Technologies: Our Semiconductor Technologies segment provides a portfolio of innovative materials and solutions utilized across multiple stages of the semiconductor manufacturing process. These advanced materials are qualified into customers' roadmaps, designed to improve chip performance, enhance yield, and enable leading-edge node technology.
•Interconnect Solutions: Our Interconnect Solutions segment offers a comprehensive range of best-in-class material solutions that address the evolving complexities of signal integrity, thermal and power management and advanced packaging. These solutions are integral for advanced electronics hardware, including complex printed circuit boards and advanced semiconductor packaging.
Our broad portfolio of solutions and materials across both Semiconductor Technologies and Interconnect Solutions segments positions us as a comprehensive solutions provider for our customers. We are often the partner of choice due to our strong innovation capabilities and extensive materials and engineering expertise. In a fast-paced electronics industry, our customers' needs are highly performance-driven and our long-standing relationships and strong renewal rates demonstrate our commitment to delivering excellence in a demanding market.
Macroeconomic Environment
Ongoing developments in U.S. and foreign policy, including uncertainty regarding tariffs on product imports, have heightened global trade tensions and increased macroeconomic and geopolitical uncertainty. To date the conflict in the Middle East has not materially impacted our financial condition, however, the conflict has increased disruption, instability and volatility in markets globally, and if it intensifies or expands could adversely effect our economic condition, supply chains and/or energy prices. The global nature of our business exposes us and our customers to risks arising from these conditions, including disruptions in the availability and pricing of raw materials, shipping logistics challenges, disruptions in global energy markets, fuel price increases, potential retaliatory actions by other countries, and broader impacts on economic conditions, which could affect our financial condition, liquidity, or results of operations. These factors may reduce demand for our products, impair our competitiveness-particularly relative to locally or domestically sourced alternatives-harm customer relationships, and/or decrease profitability, any of which could adversely affect our business, financial condition, and results of operations. While we have meaningful exposure to global trade dynamics, our local-for-local sourcing of raw materials helps limit our exposure to tariff-related risks and shipping logistics. However, these actions may not fully mitigate the impact of prolonged or escalating geopolitical or trade disruptions.
Recent Developments
Senior Secured Term Loan Facility
On July 1, 2026 (the "Repricing Closing Date"), we entered into the first amendment to the Credit Agreement, as defined in Note 12 to the unaudited interim Consolidated Financial Statements in this Quarterly Report (the "First Amendment"). The First Amendment reduced the applicable margin on term SOFR borrowings under the Senior Secured Term Loan Facility from 2.00% to 1.75%, with no material changes to principal, maturity, amortization, or covenant structure. In connection with the repricing, the repriced borrowings under the Senior Secured Term Loan Facility are subject to a 1.00% premium on certain prepayments, repayments, and amendments constituting a "Repricing Event" occurring on or prior to the date that is six (6) months after the Repricing Closing Date.We will account for the amendment primarily as a debt modification. The amendment is expected to reduce annual cash interest expense by approximately $6 million.
Share Repurchase Authorization
On February 20, 2026, our Board of Directors approved a share repurchase authorization of up to $500 million of common stock (the "$500M Authorization"). Under the $500M Authorization, repurchases of common stock may be effected from time to time, either on the open market (including pre-set trading plans) or other transactions in accordance with applicable securities laws. The $500M Authorization has no expiration date and will terminate once the authorized amount of shares have been repurchased and retired or when terminated by our Board of Directors. The timing and amount of repurchases under the program will depend on a variety of factors. During the three months ended June 30, 2026, we repurchased 183,107 shares under the $500M Authorization for $25 million at an average share price of $136.51 per share. During the six months ended June 30, 2026, we repurchased 402,688 shares under the $500M Authorization for $50 million at an average share price of $124.12 per share. All shares repurchased under the $500M Authorization have been retired. As of June 30, 2026, the aggregate amount of common stock remaining for repurchase under the $500M Authorization was $450 million.
Transformation Plan
In February 2026, we launched a multi-year transformation plan, designed to strengthen operational productivity, enhance commercial and innovation excellence and optimize our presence in key markets. Costs incurred under this plan primarily comprise external consulting and separation services, severance, asset-related charges, and program-related operating costs. The transformation plan does not represent a company-wide restructuring event; rather, it consists of a series of discrete initiatives, including separation-related activities, integration efforts, and productivity programs.
RESULTS OF OPERATIONS
Summary of Sales Results Three Months Ended
June 30, 		Six Months Ended
June 30,
In millions 2026 2025 2026 2025
Net sales $ 1,429 $ 1,170 $ 2,744 $ 2,288
The following table summarizes sales variances by segment and geographic region from the prior year:
Sales Variances by Segment and Geographic Region
Percentage change from prior year Three Months Ended June 30, 2026 Six Months Ended June 30,
Local Price
& Product Mix 		Currency Volume Portfolio & Other Total Local Price
& Product Mix 		Currency Volume Portfolio & Other Total
Semiconductor Technologies (1) % (1) % 18 % - % 16 % (1) % - % 15 % - % 14 %
Interconnect Solutions - 2 28 - 30 - 2 26 - 28
Total (1) % - % 23 % - % 22 % (1) % 1 % 20 % - % 20 %
Americas 1
(1) % - % 17 % - % 16 % (1) % - % 18 % - % 17 %
EMEA 2
- 2 9 - 11 (1) 4 8 - 11
Asia Pacific (1) - 25 - 24 - - 21 - 21
Total (1) % - % 23 % - % 22 % (1) % 1 % 20 % - % 20 %
1.Includes United States, Canada, and Latin America
2.Europe, Middle East and Africa ("EMEA").
We reported net sales for the three months ended June 30, 2026 of $1.4 billion, up 22% from $1.2 billion for the three months ended June 30, 2025, primarily due to a 23% increase in volume. The volume increase was attributable to both Interconnect Solutions up 28% and Semiconductor Technologies up 18%.
Net sales for the six months ended June 30, 2026 were $2.7 billion, up 20% from $2.3 billion for the six months ended June 30, 2025, primarily due to a 20% increase in volume. The increase in volume was attributable to both Interconnect Solutions up 26% and Semiconductor Technologies up 15%.
Cost of Sales
Cost of sales were $763 million for the three months ended June 30, 2026, up 21% from $630 million for the three months ended June 30, 2025 primarily attributable to an 18% increase in volume in addition to a 3% increase in material costs.
Cost of sales as a percentage of net sales decreased slightly from 54% for the three months ended June 30, 2025 to 53% for the three months ended June 30, 2026.
Cost of sales were $1,460 million for the six months ended June 30, 2026, up 20% from $1,217 million for the six months ended June 30, 2025 primarily attributable to a 16% increase in volume in addition to 3% and 1% increases attributable to material costs and currency, respectively.
Cost of sales as a percentage of net sales was flat at 53% for both the six months ended June 30, 2026 and 2025.
Research and Development ("R&D") Expenses
R&D expense was $98 million for the three months ended June 30, 2026, up from $88 million for the three months ended June 30, 2025. R&D expense as a percentage of net sales decreased period over period from 8% for the three months ended June 30, 2025 to 7% for the three months ended June 30, 2026.
R&D expense was $192 million for the six months ended June 30, 2026, up from $172 million for the six months ended June 30, 2025. R&D expense as a percentage of net sales decreased period over period from 8% for the six months ended June 30, 2025 to 7% for the six months ended June 30, 2026.
Selling, General and Administrative ("SG&A") Expenses
SG&A expenses were $200 million in the second quarter of 2026, up from $154 million in the second quarter of 2025. SG&A expenses as a percentage of net sales increased to 14% for the three months ended June 30, 2026 as compared to 13% for the three months ended June 30, 2025.
For the first six months of 2026, SG&A expenses were $373 million, up from $294 million in the first six months of 2025. SG&A expenses as a percentage of net sales increased to 14% for the six months ended June 30, 2026 as compared to 13% for the six months ended June 30, 2025.
Amortization of Intangibles
Amortization of intangibles was $50 million for both the three months ended June 30, 2026 and 2025. In the first six months of 2026, amortization of intangibles was $102 million, down from $105 million in the same period of the prior year. The decrease for the six months ended June 30, 2026 as compared with the same period of the prior year was primarily due to assets becoming fully amortized.
Transformation, Integration and Other Charges
Beginning in fiscal 2026, we present costs incurred in connection with the multi-year transformation plan described under "―Overview―Recent Developments―Transformation Plan," designed to strengthen operational productivity, enhance commercial and innovation excellence and optimize our presence in key markets, within a single operating expense line titled "Transformation, integration and other charges" in the Consolidated Statements of Operations.
Consistent with the update above, we combined our historical "Restructuring and other asset related charges" and "Acquisition, integration and separation costs" into the expense caption, "Transformation, integration and other charges" to simplify our presentation and better reflect how management evaluates these activities. Prior period amounts presented in this Quarterly Report on Form 10-Q have been recast to conform to the current period presentation. This change in presentation did not affect total operating expenses, operating income, net income, earnings per share, or cash flows for any period presented.
Transformation, integration and other charges were $42 million in the second quarter of 2026, up from $2 million of charges in the second quarter of 2025. The activity for the three months ended June 30, 2026 primarily consisted of costs incurred to support our information technology independence initiatives of approximately $24 million, costs related to transformation initiatives of approximately $8 million, and other integration-related costs of approximately $3 million. Additionally, for the three months ended June 30, 2026 we incurred $2 million and $4 million, respectively, of severance and asset-related charges associated with organizational redesign actions under our transformation plan. The activity for the three months ended June 30, 2025 consisted of charges for severance and related benefits, the entirety of which related to DuPont-approved restructuring programs that were initiated prior to our separation from DuPont into an independent publicly traded company.
For the first six months of 2026, transformation, integration and other charges were $70 million, up from $19 million for the same period in the prior year. The activity for the six months ended June 30, 2026 primarily consisted of costs incurred to support our information technology independence initiatives of approximately $48 million, costs related to transformation initiatives of approximately $10 million, and other integration-related costs of approximately $6 million. Additionally, for the six months ended June 30, 2026 we incurred $2 million and $4 million, respectively, of severance and asset-related charges associated with organizational redesign actions under our transformation plan. The activity for the six months ended June 30, 2025 consisted of charges for severance and related benefits, the entirety of which related to DuPont-approved restructuring programs that were initiated prior to our separation from DuPont into an independent publicly traded company.
See Note 4 to the unaudited interim Consolidated Financial Statements for additional information.
Equity in Earnings of Nonconsolidated Affiliates
Our share of the earnings of nonconsolidated affiliates was $11 million in the second quarter of 2026, down from $13 million in the second quarter of 2025, reflecting lower earnings from the underlying nonconsolidated affiliates. For the first six months of 2026, our share of earnings of nonconsolidated affiliates was $24 million, up from $22 million in the first six months of 2025, reflecting higher earnings from the underlying nonconsolidated affiliates. See Note 10 to the unaudited interim Consolidated Financial Statements for additional information.
Interest Expense
Interest expense was $61 million and $122 million for the three and six months ended June 30, 2026, respectively. There was no interest expense for the three and six months ended June 30, 2025. Interest expense in 2026 was driven by interest associated with the Secured and Unsecured Notes and the Senior Secured Term Loan Facility (each as defined in Note 14 to the Consolidated Financial Statements in the Annual Report). See Note 12 to the unaudited interim Consolidated Financial Statements in this Quarterly Report for additional information.
Other Income (Expense) - Net
Other income (expense) - net includes a variety of income and expense items such as interest income, indirect legacy (costs) and benefits and foreign exchange gains or losses. Other income (expense) - net was $27 million of expense in the three months ended June 30, 2026, as compared to $4 million of expense for the three months ended June 30, 2025. In the first six months of 2026, Other income (expense) - net was $32 million of expense, as compared to $2 million of expense in the first six months of 2025.
See Note 6 to the unaudited interim Consolidated Financial Statements in this Quarterly Report for additional information.
Provision for Income Taxes
Our effective tax rate fluctuates based on, among other factors, where income is earned and the level of income relative to attributes. The tax provision for the second quarter ended June 30, 2026 resulted in an effective tax rate of 31.7% on pretax income of $199 million, compared with an effective tax rate of 22.4% on pretax income of $255 million for the second quarter ended June 30, 2025. The increase in the effective tax rate in the second quarter of 2026 relates to taxes related to prior year uncertain tax positions for which we are indemnified, a non-deductible indemnification accrual recorded for the State of North Carolina litigation, a limitation on the deductibility of interest expense, and higher tax costs on the remittance of foreign earnings, partially offset by a reduction in foreign tax costs. The tax provision for the six months ended June 30, 2026 resulted in an effective tax rate of 28.5% on pre-tax income of $417 million, compared with an effective tax rate of 20.8%, on pre-tax income of $501 million for the six months ended June 30, 2025. The increase in the effective tax rate in 2026 relates to a limitation on the deductibility of interest expense, taxes related to prior year uncertain tax positions for which we are indemnified, higher tax costs on the remittance of foreign earnings, and a non-deductible indemnification accrual recorded for the State of North Carolina litigation, partially offset by a reduction in foreign tax costs.
SEGMENT RESULTS
Our measure of profit/loss for segment reporting purposes is Adjusted Operating EBITDA as this is the manner in which our CODM assesses performance and allocates resources. We define Adjusted Operating EBITDA as earnings (i.e., "Income (loss) before income taxes") before interest, depreciation, amortization, non-operating pension / other post-employment benefits ("OPEB") / charges, and foreign exchange gains / losses, indirect legacy costs, and adjusted for significant items.
SEMICONDUCTOR TECHNOLOGIES
Semiconductor Technologies Three Months Ended Six Months Ended
In millions June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025
Net sales $ 744 $ 644 $ 1,466 $ 1,288
Adjusted Operating EBITDA $ 253 $ 226 $ 516 $ 473
Equity in earnings of nonconsolidated affiliates $ 12 $ 13 $ 25 $ 24
Semiconductor Technologies Three Months Ended Six Months Ended
Percentage change from prior year June 30, 2026 June 30, 2026
Change in Net Sales from Prior Period due to:
Local price & product mix
(1) % (1) %
Currency
(1) -
Volume
18 15
Portfolio & other
- -
Total
16 % 14 %
Semiconductor Technologies net sales were $744 million for the three months ended June 30, 2026, up 16% as compared to $644 million for the three months ended June 30, 2025. Net sales increased due to an 18% increase in volume. The increase in sales volume was due to ongoing end-market demand strength related to improved customer utilization rates and growth in AI driven applications, particularly in advanced nodes, including advanced packaging and high bandwidth memory. These increases were partially offset by unfavorable local price and product mix and currency impacts.
Adjusted Operating EBITDA was $253 million for the three months ended June 30, 2026, up 12% as compared to $226 million for the three months ended June 30, 2025, primarily due to volume growth partially offset by investments to support future growth, including R&D and supply chain initiatives.
Semiconductor Technologies net sales were $1,466 million for the six months ended June 30, 2026, up 14% as compared to $1,288 million for the six months ended June 30, 2025. Net sales increased due to a 15% increase in volume. The increase in sales volume was due to ongoing end-market demand strength related to improved customer utilization rates and growth in AI driven applications, particularly in advanced nodes, including advanced packaging and high bandwidth memory. These increases were partially offset by unfavorable local price and product mix.
Adjusted Operating EBITDA was $516 million for the six months ended June 30, 2026, up 9% as compared to $473 million for the six months ended June 30, 2025, primarily due to volume growth partially offset by select growth investments primarily within R&D.
INTERCONNECT SOLUTIONS
Interconnect Solutions Three Months Ended Six Months Ended
In millions June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025
Net sales $ 685 $ 526 $ 1,278 $ 1,000
Adjusted Operating EBITDA $ 197 $ 137 $ 366 $ 251
Equity in earnings (losses) of nonconsolidated affiliates $ (1) $ - $ (1) $ (2)
Interconnect Solutions Three Months Ended Six Months Ended
Percentage change from prior year June 30, 2026 June 30, 2026
Change in Net Sales from Prior Period due to:
Local price & product mix
- % - %
Currency
2 2
Volume
28 26
Portfolio & other
- -
Total
30 % 28 %
Interconnect Solutions net sales were $685 million for the three months ended June 30, 2026, up 30% from $526 million for the three months ended June 30, 2025. Net sales increased primarily due to a 28% increase in volume and a 2% favorable currency impact. The increase in sales volume was due to continued demand strength from AI driven technology ramps and new content and share gains in advanced packaging, AI PCB and thermal management. The favorable currency impact was primarily driven by the euro.
Adjusted Operating EBITDA was $197 million for the three months ended June 30, 2026, up 44% as compared to $137 million for the three months ended June 30, 2025, primarily due to an increase in sales volume, favorable mix and productivity gains, partially offset by increased costs of raw materials inputs and select growth investments in SG&A and R&D.
Interconnect Solutions net sales were $1,278 million for the six months ended June 30, 2026, up 28% from $1,000 million for the six months ended June 30, 2025. Net sales increased primarily due to a 26% increase in volume and a 2% favorable currency impact. The increase in sales volume was due to continued demand strength from AI driven technology ramps and new content and share gains in advanced packaging, AI PCB and thermal management. The favorable currency impact was primarily driven by the euro.
Adjusted Operating EBITDA was $366 million for the six months ended June 30, 2026, up 46% as compared to $251 million for the six months ended June 30, 2025, primarily due to an increase in sales volume, favorable mix and productivity gains.
CHANGES IN FINANCIAL CONDITION
Liquidity & Capital Resources
Information related to the Company's liquidity and capital resources can be found in the Annual Report, Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources." Discussion below provides updates to this information for the six months ended June 30, 2026.
We continually review our sources of liquidity and debt portfolio and may make adjustments to one or both to ensure adequate liquidity and increase our optionality and financing efficiency as it relates to financing cost and balancing terms/maturities. Our primary source of incremental liquidity is cash flows from operating activities. Management expects the generation of cash from operations and the ability to access the debt capital markets and other sources of liquidity will continue to provide sufficient liquidity and financial flexibility to meet the Company's and our subsidiaries' obligations as they come due. However, we are unable to predict the extent of macroeconomic related impacts which depend on uncertain and unpredictable future developments. In light of this uncertainty, we have taken steps to further ensure liquidity and capital resources, as discussed below.
Our cash and cash equivalents at June 30, 2026 and December 31, 2025 were $961 million and $915 million, respectively. Cash and cash equivalents held by subsidiaries in foreign countries were $662 million and $640 million as of June 30, 2026 and December 31, 2025, respectively. For each of its foreign subsidiaries, we make an assertion regarding the amount of earnings intended for permanent reinvestment, with the balance available to be repatriated to the United States. Refer to subsequent paragraphs for drivers of the change in cash and cash equivalents.
Cash flows from operating, investing and financing activities are provided in the tables that follow. Individual amounts in the unaudited interim Consolidated Statements of Cash Flows exclude the effect of exchange rate impacts on cash and cash equivalents, which are presented separately in the cash flows. Thus, the amounts presented in the following operating, investing and financing activities tables reflect changes in balances from period to period adjusted for these effects.
Summary of Cash Flows
Our cash flows from operating, investing and financing activities, as reflected in the unaudited interim Consolidated Statements of Cash Flows, are summarized in the following table.
Cash Flow Summary
Six Months Ended
In millions
June 30, 2026 June 30, 2025
Cash provided by (used for):
Operating activities $ 376 $ 480
Investing activities $ (205) $ (153)
Financing activities $ (109) $ (330)
Effect of exchange rate changes on cash and cash equivalents $ (16) $ 16
Cash Flows from Operating Activities
In the first six months of 2026, cash provided by operating activities was $376 million, compared with $480 million in the same period last year. The decrease in cash provided by operating activities is primarily related to payments of interest on our long-term debt, which was not outstanding as of June 30, 2025, and an increase in net cash used for working capital. Changes in working capital were primarily driven by higher trade receivables due to increased sales and higher inventory based on business activity, net of increased accounts payable due to increased production and inventory builds to support sales growth.
Cash Flows from Investing Activities
In the first six months of 2026, cash used for investing activities was $205 million, compared with $153 million in the first six months of 2025. The increase in cash used for investing activities in 2026 is primarily attributable to higher capital expenditures.
Cash Flows from Financing Activities
In the first six months of 2026, cash used for financing activities was $109 million compared with $330 million in the same period last year. Cash used for financing activities decreased primarily due to the absence of net transfers to Parent compared to the prior period, partially offset by current period purchases of common stock, payment of dividends, and repayments on long-term debt.
Material Cash Requirements
In the normal course of business, we enter into contracts and commitments that oblige us to make payments in the future. Information regarding our obligations under lease, debt, commitments and pensions is provided in Note 6, Note 12, Note 13 and Note 15, respectively, in the interim unaudited Consolidated Financial Statements for the three and six months ended June 30, 2026 and 2025 of this Quarterly Report. We expect the generation of cash from operations and the ability to access the debt capital markets and other sources of liquidity will continue to provide sufficient liquidity and financial flexibility to meet our obligations, and those of our subsidiaries, as they come due.
Debt
Total debt at June 30, 2026 and December 31, 2025 was $4,020 million and $4,027 million, respectively. As of June 30, 2026, we were in compliance with all applicable covenants included in the terms of our debt arrangements.
As of June 30, 2026, we are contractually obligated to make future cash payments of $4.1 billion and $1.5 billion associated with principal and interest, respectively, on debt obligations. Related to the principal, $23 million will be due in the next twelve months and the remainder will be due subsequent to June 2027. We may address the principal payment with cash on hand, utilizing existing credit facilities, accessing the debt capital markets or a combination of any of them. Related to interest, $236 million will be due in the next twelve months and the remainder will be due subsequent to June 2027.
We rely on cash from our own operating activities, borrowings available under our Senior Secured Revolving Facility, and access to the capital markets to fund our operations. The servicing of this debt will be supported, in part, by cash flows from our existing operations. The cost and availability of debt financing is influenced by our credit ratings and market conditions.
Dividends
On December 9, 2025 the Board of Directors declared a quarterly dividend of $0.08 per share for each share of issued and outstanding common stock of the Company. The dividend was paid on March 16, 2026 to stockholders of record on February 27, 2026.
On April 15, 2026, we announced that the Board of Directors declared a quarterly dividend of $0.08 per share, which was paid on June 15, 2026, to our stockholders of record on May 29, 2026.
On June 24, 2026, we announced that the Board of Directors declared a quarterly dividend of $0.08 per share payable on September 15, 2026, to our stockholders of record on August 31, 2026.
Recently Issued Accounting Pronouncements
For a discussion of recently issued accounting pronouncements, see Note 2 to the unaudited interim Consolidated Financial Statements in this Quarterly Report.
Critical Accounting Estimates
There have been no material changes in our critical accounting estimates from those disclosed under the heading "Critical Accounting Estimates" within Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report.
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