Net trade sales decreased 7% to $4.055 billion in 2025, with divestitures reducing sales by 2% and organic sales declining 5% (6% volume decrease partially offset by 1% raw material-related selling price increases and currency benefit). Earnings Before Interest and Taxes (EBIT) improved significantly to $356 million in 2025, compared to a $(430) million loss in 2024. Net earnings attributable to common shareholders were $235.4 million in 2025, a substantial improvement from a $(511.5) million loss in 2024. Cash from operations increased to $338 million in 2025, up from $306 million in 2024, primarily due to working capital improvements. Total debt was reduced to $1.498 billion in 2025 from $1.864 billion in 2024, largely aided by divestiture proceeds. The Aerospace Products Group was divested in August 2025 for $280 million net cash, resulting in a $91 million pretax gain. The Board of Directors publicly declined an unsolicited all-stock acquisition proposal from Somnigroup International Inc., deeming it undervalued, but entered a six-month standstill agreement for due diligence. The 2024 Restructuring Plan was substantially complete by the end of 2025, generating $63 million in annualized EBIT benefit in 2025, with an additional $5 million incremental benefit expected in 2026. A new 2026 Restructuring Plan was announced to consolidate three manufacturing facilities, anticipating approximately $15 million in pretax costs ($10 million cash, $5 million non-cash). A pension settlement resulted in a $22 million non-cash charge in 2025. The worldwide effective income tax rate was approximately 19% in 2025, compared to 0% in 2024. No goodwill impairments were recorded in 2025, but the fair values of the Bedding, Home Furniture, and Work Furniture reporting units exceeded their carrying values by less than 50% at June 30, 2025. Long-lived asset impairment charges of $19 million in 2025 were primarily related to lease impairments from the 2024 Plan. The largest customer accounted for approximately 7% of 2025 consolidated revenue, and the top 10 customers represented approximately 31%. Antidumping duties on innersprings and mattresses from China, Vietnam, and South Africa were extended through April/May 2030, and new anti-circumvention inquiries were filed for mattress components from Poland, Mexico, and Malaysia. U.S. corporate income tax law changes (Public Law 119-21) were signed in July 2025, with further changes effective in 2026.