AM on NYSE

Antero Midstream Corp

Antero Midstream Corp is a natural gas transmission company, listed on NYSE (AM).1 It is headquartered in Denver, Colorado.1

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Last updated Oct 20, 2026.

Overview

Compare with DT Midstream, Inc., Kodiak Gas Services, Inc. or USA Compression Partners, LP, or pick any stock.

  • TickerAM on NYSE1
  • IndustryNatural Gas Transmission1
  • HeadquartersDenver, Colorado1
  • Business address1615 Wynkoop Street, Denver, Co 802022
  • Filer categoryLarge accelerated filer2

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

54.2%Operating margin4
34.8%Net margin4
7.4%Revenue growth, 20254
21.0%Return on equity4
1.63×Debt to equity4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs53¢$624.2M
  • Income tax13¢$151.0M
  • Profit35¢$413.2M

Out of $1.2B in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid47¢$439.0M
  • Share buybacks14¢$135.0M
  • Kept or used elsewhere38¢$358.5M

Out of $932.5M of cash from operations.4

Financial statements

Revenue56784$1.2B in 2025+50% since 2019
0$500.0M$1.0B$1.5B2019: $792.6M$792.6M20192020: $900.7M$900.7M2020+14%2021: $898.2M$898.2M2021−0%2022: $920.0M$920.0M2022+2%2023: $1.0B$1.0B2023+13%2024: $1.1B$1.1B2024+6%2025: $1.2B$1.2B2025+7%
Operating income56784$644.7M in 2025
-$500.0M0$500.0M$1.0B2019: -$398.5M-$398.5M20192020: -$117.6M-$117.6M2020−70%2021: $555.3M$555.3M20212022: $539.5M$539.5M2022−3%2023: $611.9M$611.9M2023+13%2024: $659.2M$659.2M2024+8%2025: $644.7M$644.7M2025−2%
Net income56784$413.2M in 2025
-$400.0M-$200.0M0$200.0M$400.0M$600.0M2019: -$355.1M-$355.1M20192020: -$122.5M-$122.5M2020−65%2021: $331.6M$331.6M20212022: $326.2M$326.2M2022−2%2023: $371.8M$371.8M2023+14%2024: $400.9M$400.9M2024+8%2025: $413.2M$413.2M2025+3%
Fiscal year2019202020212022202320242025
Revenue$792.6M5$900.7M6$898.2M7$920.0M8$1.0B4$1.1B4$1.2B4
Operating expenses$342.9M7$380.5M8$429.9M4$447.0M4$543.8M4
Operating income-$398.5M5-$117.6M6$555.3M7$539.5M8$611.9M4$659.2M4$644.7M4
Income before tax$448.7M7$443.7M8$500.1M4$548.6M4$564.2M4
Income tax-$102.5M5-$55.7M6$117.1M7$117.5M8$128.3M4$147.7M4$151.0M4
Net income-$355.1M5-$122.5M6$331.6M7$326.2M8$371.8M4$400.9M4$413.2M4
Earnings per share-$0.805-$0.266$0.697$0.688$0.774$0.834$0.864
Earnings per share (diluted)-$0.805-$0.266$0.697$0.688$0.774$0.834$0.864
Shares (weighted, basic)477.3M shares7478.2M shares8479.4M shares4480.8M shares4477.9M shares4
Shares (weighted, diluted)479.7M shares7480.3M shares8482.4M shares4485.2M shares4482.2M shares4

Compare Antero Midstream Corp with another company

Corporate structure

Antero Midstream Corp sits at the top of its group. 8 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Antero Midstream Corp

  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Antero Midstream Corp, latest Mar 26, 2026 (4 filings since Feb 9, 2022)
  • Invesco Filed SCHEDULE 13G/A on Antero Midstream Corp, latest Nov 6, 2025 (5 filings since Feb 9, 2022)
  • Antero Midstream Corp Denver, Colorado
    • Antero IDR Holdings LLC Subsidiary · Delaware, United States
    • Antero Midstream NewCo Inc. Subsidiary · Delaware, United States
    • Antero Midstream Partners GP LLC Subsidiary · Delaware, United States
    • Antero Midstream Partners LP Subsidiary · Delaware, United States
    • Antero Midstream Preferred Co LLC Subsidiary · Delaware, United States
    • Antero Treatment LLC Subsidiary · Delaware, United States
    • Antero Water LLC Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Antero Midstream Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$4.2B4 Dec 31, 2025$4.6B4 Dec 31, 2024−7.7%
Accumulated depreciation$745.4M4 Dec 31, 2025$670.5M4 Dec 31, 2024+11.2%
Property and equipment, net$3.5B4 Dec 31, 2025$3.9B4 Dec 31, 2024−11.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$180.4M4 Dec 31, 2025$66.0K8 Dec 31, 2023+273286.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Finite-lived intangibles, net$1.1B4 Dec 31, 2025$1.1B4 Dec 31, 2024−6.2%

Leadership

Who has led Antero Midstream Corp, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Paul M. Rady2017–now

Chair

  1. Paul M. Rady2017

Chief financial officer

  1. Michael N. Kennedy2017
20202025
Board members and other officers (28)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Antero IDR Holdings LLC Delaware3
  • Antero Midstream LLC Delaware3
  • Antero Midstream NewCo Inc. Delaware3
  • Antero Midstream Partners GP LLC Delaware3
  • Antero Midstream Partners LP Delaware3
  • Antero Midstream Preferred Co LLC Delaware3
  • Antero Treatment LLC Delaware3
  • Antero Water LLC Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Antero Midstream GP LPFeb 24, 2017 to Mar 11, 20192
  • Antero Resources Midstream Management LLCNov 4, 2014 to May 5, 20172

Timeline

  1. Jul 29, 20268-K Results of operations41
  2. Jul 27, 20268-K Regulation FD disclosure42
  3. Jun 4, 20268-K Shareholder vote43
  4. May 12, 20268-K Regulation FD disclosure44
  5. Apr 29, 20268-K Results of operations45
  6. Apr 1, 20268-K Regulation FD disclosure46
  7. Feb 23, 20268-K Regulation FD disclosure47
  8. Feb 11, 20268-K Results of operations48
  9. Feb 3, 20268-K Completed an acquisition or sale; Other events49
  10. Dec 23, 20258-K New debt or obligation; Other events50
  11. Dec 10, 20258-K Other events51
  12. Dec 9, 20258-K Other events52
  13. May 3, 2017New chief executive Paul M. Rady becomes CEO12

Calendar

Coming up

  1. Oct 28, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.24 a share, on Oct 29, 2025.53

When it reported results

  1. Jul 29, 2026Reported quarterly or annual results41
  2. Apr 29, 2026Reported quarterly or annual results45
  3. Feb 11, 2026Reported quarterly or annual results48
  4. Oct 29, 2025Reported quarterly or annual results54
  5. Jul 30, 2025Reported quarterly or annual results55
  6. Apr 30, 2025Reported quarterly or annual results56
  7. Feb 12, 2025Reported quarterly or annual results57
  8. Oct 30, 2024Reported quarterly or annual results58

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

362 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 64 major events, 239 insider forms, 12 large holders, 27 other. The latest 20:

  1. Oct 13, 20264 OWNERSHIP DOCUMENT EDGAR
  2. Oct 13, 20264 OWNERSHIP DOCUMENT EDGAR
  3. Oct 13, 20264 OWNERSHIP DOCUMENT EDGAR
  4. Oct 13, 20264 OWNERSHIP DOCUMENT EDGAR
  5. Oct 13, 20264 OWNERSHIP DOCUMENT EDGAR
  6. Oct 13, 20264 OWNERSHIP DOCUMENT EDGAR
  7. Oct 13, 20264 OWNERSHIP DOCUMENT EDGAR
  8. Oct 13, 20264 OWNERSHIP DOCUMENT EDGAR
  9. Aug 6, 2026144 EDGAR
  10. Aug 6, 20264 OWNERSHIP DOCUMENT EDGAR
  11. Aug 5, 20264 OWNERSHIP DOCUMENT EDGAR
  12. Jul 29, 20268-K EDGAR
  13. Jul 29, 202610-Q EDGAR
  14. Jul 27, 20268-K EDGAR
  15. Jul 14, 20264 OWNERSHIP DOCUMENT EDGAR
  16. Jul 14, 20264 OWNERSHIP DOCUMENT EDGAR
  17. Jul 14, 20264 OWNERSHIP DOCUMENT EDGAR
  18. Jul 14, 20264 OWNERSHIP DOCUMENT EDGAR
  19. Jul 14, 20264 OWNERSHIP DOCUMENT EDGAR
  20. Jul 14, 20264 OWNERSHIP DOCUMENT EDGAR

The 362 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

30 open-market trades by officers, directors and large owners since October 2021: 6 buys and 24 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 6, 2026KLIMLEY BROOKS JDirectorSale5,000$21.27$106.3KForm 4
Aug 4, 2026Pearce SheriSee RemarksSale16,000$22.01$352.2KForm 4
May 4, 2026Schultz Yvette KSee RemarksSale69,269$21.90$1.5MForm 4
May 4, 2026Kennedy Michael N.See RemarksSale100,000$21.92$2.2MForm 4
Mar 12, 2026KLIMLEY BROOKS JDirectorSale5,000$23.16$115.8KForm 4
Mar 10, 2026Pearce SheriSee RemarksSale14,000$22.76$318.6KForm 4
Mar 9, 2026Schultz Yvette KSee RemarksSale25,000$22.81$570.2KForm 4
Dec 16, 2025KLIMLEY BROOKS JDirectorSale5,000$17.59$88.0KForm 4
Aug 20, 2025Pearce SheriSee RemarksSale39,155$17.51$685.6KForm 4
May 28, 2025KLIMLEY BROOKS JDirectorSale5,000$18.88$94.4KForm 4
Dec 13, 2024MCARDLE JANINE JDirectorBuy1,174$15.11$17.7KForm 4
Nov 5, 2024KLIMLEY BROOKS JDirectorSale10,000$14.66$146.6KForm 4
Aug 21, 2024Pearce SheriSee RemarksSale23,518$14.59$343.1KForm 4
Mar 13, 2024Pearce SheriSee RemarksSale16,394$13.67$224.1KForm 4
Aug 22, 2023MCARDLE JANINE JDirectorBuy6,011$11.96$71.9KForm 4
Aug 9, 2023KLIMLEY BROOKS JDirectorSale5,000$12.01$60.0KForm 4
Aug 9, 2023Pearce SheriSee RemarksSale16,600$12.05$200.0KForm 4
Jun 1, 2023Pearce SheriSee RemarksSale19,600$10.25$200.9KForm 4
May 5, 2023Kennedy Michael N.See RemarksSale300,000$10.47$3.1MForm 4
Mar 15, 2023KEYTE DAVID HDirectorBuy10,000$10.01$100.1KForm 4

All 30 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Paul M. Rady(Chairman Emeritus, Former Chairman of the Board of Directors, Chief Executive Officer and President)$271.6K$11.1M61
2025Michael N. Kennedy(Chief Executive Officer and President, Director, Former Sr. Vice President—Finance)51$242.4K$5.4M61
2025Brendan E. Krueger(Sr. Vice President—Finance and Treasurer, Former Chief Financial Officer)41$155.7K$3.2M61
2025Yvette K. Schultz(Sr. Vice President—Legal, Chief Compliance Officer, General Counsel and Corporate Secretary, Director)44$150.9K$3.2M61
2025Justin J. Agnew(Chief Financial Officer, Vice President—Finance)37$79.2K$738.4K61
2024Paul M. Rady(Chairman Emeritus, Former Chairman of the Board of Directors, Chief Executive Officer and President)$394.1K$11.1M61
2024Michael N. Kennedy(Chief Executive Officer and President, Director, Former Sr. Vice President—Finance)51$200.1K$4.8M61
2024Yvette K. Schultz(Sr. Vice President—Legal, Chief Compliance Officer, General Counsel and Corporate Secretary, Director)44$144.0K$2.9M61
2024Brendan E. Krueger(Sr. Vice President—Finance and Treasurer, Former Chief Financial Officer)41$139.4K$2.4M61
2023Paul M. Rady(Chairman Emeritus, Former Chairman of the Board of Directors, Chief Executive Officer and President)$364.6K$11.3M61
2023Michael N. Kennedy(Chief Executive Officer and President, Director, Former Sr. Vice President—Finance)51$185.1K$5.0M61
2023Yvette K. Schultz(Sr. Vice President—Legal, Chief Compliance Officer, General Counsel and Corporate Secretary, Director)44$133.2K$3.0M61
2023Brendan E. Krueger(Sr. Vice President—Finance and Treasurer, Former Chief Financial Officer)41$129.0K$2.5M61

SEC filer profile

How Antero Midstream Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAntero Midstream Corp1
  • CIK0001623925
  • Employer ID (EIN)61-174860562
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company62
  • Incorporated inDelaware62
  • Fiscal year endsDecember 311
  • Industry code (SIC)4922 Natural Gas Transmission1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address1615 Wynkoop Street, Denver, CO 802021
  • Phone(303) 357-73101
  • Shares outstanding474,674,000 as of Jul 24, 202610
  • Public float$6.4B as of Jun 30, 202562
  • AuditorKPMG LLP, Denver, CO PCAOB ID 185; it also attests to the company’s internal control over financial reporting62
  • On EDGAR sinceNov 4, 20141
  • Filings805 in all: 4 (427), 8-K (136), 3 (36), 10-Q (29), SC 13D/A (22), 425 (15), SC 13G/A (15), SC 13E3/A (10)1
    All 45 form types

    10-K (9), 144 (9), 5 (9), DEFA14A (8), CORRESP (7), DEF 14A (7), SC 13D (6), IRANNOTICE (5), UPLOAD (5), 4/A (4), ARS (4), S-1/A (4), SC 13G (4), 8-K/A (3), S-3ASR (3), S-8 (3), SCHEDULE 13G/A (3), 424B3 (2), S-4/A (2), 15-12B (1), 25-NSE (1), 424B4 (1), 8-A12B (1), 8-A12B/A (1), CERTNYS (1), CT ORDER (1), DEFM14A (1), DRS (1), DRS/A (1), DRSLTR (1), EFFECT (1), FWP (1), PRE 14A (1), S-1 (1), S-4 (1), S-8 POS (1), SC 13E3 (1)

  • Latest filingsAnnual report (10-K) Feb 11, 2026
    Quarterly report (10-Q) Jul 29, 2026
    Proxy statement (DEF 14A) Apr 23, 2026
    Latest 8-K (8-K) Jul 29, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01AMNew York Stock Exchange

From the cover page of the 10-K filed Feb 11, 2026 (Section 12(b) of the Exchange Act).62

Risk factors and legal proceedings

The risks Antero Midstream Corp names in Item 1A of its 10-K filed Feb 11, 2026: 54 risks under these headings, as written.62

  • Customer Concentration
  • Because substantially all of our revenue is currently derived from Antero Resources, any development that materially and adversely affects Antero Resources’ operations, financial condition or market reputation could have a material and adverse impact on us.
  • Business Operations
  • A material shut-in of production by Antero Resources or any of our other customers could adversely affect our business.
  • Our gathering and compression agreements include minimum volume commitments only under certain circumstances.
  • Our construction or purchase of new gathering and compression, processing, water handling or other assets may not be completed on schedule, at the budgeted cost or at all, may not operate as designed or at the expected levels, may not result in revenue increases and may be subject to regulatory, environmental, political, legal and economic risks, all of which could adversely affect our financial condition, cash flows and results of operations.
  • Recent action and the possibility of future action on trade by U.S. and foreign governments has increased the costs of certain equipment and materials used in the construction of our assets and has created uncertainty in global markets, which may adversely affect our income from operations and cash flows.
  • If third-party pipelines or other midstream facilities interconnected to our gathering and compression systems become partially or fully unavailable, our operating margin and cash flows could be adversely affected.
  • Our exposure to commodity price risk may change over time.
  • The fees charged to our customers may not escalate sufficiently to cover increases in costs, or the agreements may be amended with less favorable terms, may not be renewed or may be suspended in some circumstances.
  • Oil and natural gas producers’ operations, especially those using hydraulic fracturing, are substantially dependent on the availability of water.
  • Sustainability matters and conservation measures may adversely impact our business.
The other 44 risks
  • Our business involves many hazards and operational risks, some of which may not be fully covered by insurance. The occurrence of a significant accident or other event that is not fully insured could curtail our operations and have a material adverse effect on our business, financial condition and results of operations.
  • An impairment of our assets, including property and equipment and/or intangible assets could reduce our earnings.
  • We do not own all of the land on which our pipelines and facilities are located, which could result in disruptions to our operations.
  • World health events may materially adversely affect our business.
  • Terrorist attacks, cyberattacks and threats could have a material adverse effect on our business, financial condition and results of operations.
  • Capital Structure and Access to Capital
  • We may not be able to generate sufficient cash to service all of our indebtedness and may be forced to take other actions to satisfy our obligations under our indebtedness or to refinance, which may not be successful.
  • We will be required to make capital expenditures to increase our asset base. If we cannot obtain needed capital or financing on satisfactory terms, we may be unable to expand our business operations and/or our financial leverage could increase.
  • We may be unable to access the equity or debt capital markets to meet our obligations.
  • Restrictions in our existing and future debt agreements could adversely affect our business, financial condition and results of operations.
  • Debt we incur in the future may limit our flexibility to obtain financing and to pursue other business opportunities.
  • Increases in interest rates could adversely affect our business.
  • Geographic Concentration
  • Our gathering and compression and water handling systems are concentrated in the Appalachian Basin, making us vulnerable to risks associated with operating in one major geographic area.
  • A shortage of equipment and skilled labor in the Appalachian Basin could reduce equipment availability and labor productivity and increase labor costs, which could have a material adverse effect on our business and results of operations.
  • Acquisitions and Divestitures
  • We may not achieve the intended benefits of the HG Acquisition, and the HG Acquisition may disrupt our existing plans or operations.
  • We may not complete the Utica Shale Divestiture within the anticipated timeframe or at all.
  • Notwithstanding the due diligence investigation that we performed in connection with our entry into the definitive agreement to purchase HG Midstream, HG Midstream may have liabilities, losses or other exposures for which we do not have adequate insurance coverage or other protection.
  • We may be unable to make attractive acquisitions or successfully integrate acquired businesses, and any inability to do so may disrupt our business and hinder our ability to grow.
  • Our certificate of incorporation and bylaws, as well as Delaware law, contain provisions that could discourage acquisition bids or merger proposals, which may adversely affect the market price of our common stock.
  • We have elected not to be subject to the provisions of Section 203 of the Delaware General Corporation Law (the “DGCL”), regulating corporate takeovers.
  • Joint Ventures
  • We own a 50% interest in the Joint Venture, which is operated by MarkWest. While we have the ability to influence certain business decisions affecting the Joint Venture, the success of our investment in the Joint Venture will depend on MarkWest’s operation of the Joint Venture.
  • If the Joint Venture is not successful or if the Joint Venture does not perform as expected, our future financial performance may be negatively impacted.
  • Interruptions in operations at any of the Joint Venture’s facilities may adversely affect its operations and our gathering and processing and water handling operations.
  • Compliance with Regulations
  • We are subject to complex federal, state and local laws and regulations that could adversely affect the cost, manner or feasibility of conducting our operations or expose us to significant liabilities.
  • If our assets become subject to FERC regulation or federal, state or local regulations or policies change, or if we fail to comply with market behavior rules, our financial condition, cash flows and results of operations could be materially and adversely affected.
  • Increased regulation of hydraulic fracturing could result in reductions or delays in production by our customers, which could reduce the throughput on our gathering and processing systems and the number of wells for which we provide water handling services, which could adversely impact our revenues.
  • We or any third-party customers may incur significant liability under, or costs and expenditures to comply with, environmental and occupational health and workplace safety regulations, which are complex and subject to frequent change.
  • The Inflation Reduction Act could adversely impact demand for oil and gas and could impose new costs on our operations and those of our customers.
  • Our operations are subject to a series of risks related to climate that could result in increased operating costs, limit the areas in which our customers may conduct oil and gas exploration and production activities, and reduce demand for the services we provide.
  • We may incur significant costs and liabilities as a result of pipeline integrity management program testing and any related pipeline repair or preventative or remedial measures.
  • Regulations related to the protection of wildlife could adversely affect our ability to conduct oil and gas operations in some of the areas where we operate.
  • Human Capital
  • The loss of senior management or technical personnel could adversely affect operations.
  • Our officers and employees provide services to both Antero Resources and us.
  • Related Parties
  • Antero Resources owns a significant interest in us and, as a result, conflicts of interest will arise from time to time between it and us, and Antero Resources may favor their own interests to the detriment of us and our other stockholders. Additionally, Antero Resources is under no obligation to adopt a business strategy that favors us.
  • We are a holding company whose sole material asset is our equity interest in Antero Midstream Partners, and we are accordingly dependent upon distributions from Antero Midstream Partners to pay taxes, return capital to stockholders and cover our corporate and other overhead expenses.
  • Our future tax liabilities may be greater than expected if we do not generate deductions or net operating loss (“NOL”) carryforwards sufficient to offset taxable income or if tax authorities challenge our tax positions.
  • Changes to applicable tax laws and regulations or exposure to additional income tax liabilities could adversely affect our operating results and cash flows.
  • Taxable gain or loss on the sale of our common stock could be more or less than expected.
  • General Risks
  • We expect to use a significant portion of our cash flows to pay dividends to our stockholders and/or repurchase shares of our common stock, which could limit our ability to grow and make acquisitions.
  • We may reduce or cease paying dividends on our common stock.
  • The price of our common stock may be volatile, and you could lose a significant portion of your investment.
  • There may be future dilution of our common stock, which could adversely affect the market price of shares of our common stock.
  • Sales of a substantial amount of shares of our common stock in the public market could adversely affect the market price of our shares.
  • Our certificate of incorporation designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or agents.
  • We may issue preferred stock, which may have terms that could adversely affect the voting power or value of our common stock.

Legal proceedings

Our operations are subject to a variety of risks and disputes normally incident to our business. As a result, we may, at any given time, be a defendant in various legal proceedings and litigation arising in the ordinary course of business.

We maintain insurance policies with insurers in amounts and with coverage and deductibles that we, with the advice of our insurance advisors and brokers, believe are reasonable and prudent. We cannot, however, assure you that this insurance will be adequate to protect us from all material expenses related to potential future claims for personal and property damage or that these levels of insurance will be available in the future at economical prices.

See Note 16—Contingencies to our consolidated financial statements for additional information.

The opening of Item 3, Legal Proceedings.62

Sources

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