Reported relationships
Latest disclosed role at each company.
No relationships currently tracked through insider filings.
Disclosed balances
About these balances
Latest available filing per company, not a reconstructed current portfolio. Matching sequences show the last reported balance with all source rows expandable; grouping alone does not establish account ownership. Do not add unresolved positions together. Filings may omit unchanged positions, and amendments may correct only part of an older disclosure. Jointly reported shares are not necessarily this owner's personal holdings.
No balances currently tracked through insider filings.
Past disclosures · reporting ended (1)
No longer tracked through insider filings. These historical balances do not imply present ownership or a zero position.
NORDSON CORP
Report date March 22, 2023 · Filed March 31, 2023 · Amendment
Section 16 reporting ended · disclosed 2023-03-31. Current position is not established by this disclosure.
Amendment: balances below belong to this corrected disclosure, not necessarily a complete replacement of earlier positions.
| Security / award | Ownership account | Disclosed shares / units | Disclosure context |
|---|---|---|---|
| NDSNSEC Table I · non-derivative | Direct | 25,048 |
Reported balance
After 2023-03-22 transaction · row 2
Amendment: may correct only part of an earlier disclosure.
1 source rowRow 2 · 2023-03-22 · Tax withholding · Disposed 90 · Balance 25,048 F2: Represents restricted share units withheld to cover withholding taxes due to vesting upon retirement. |
| NDSNSEC Table I · non-derivative | Direct | 24,885 |
Reported balance
After 2023-03-22 transaction · row 3
Amendment: may correct only part of an earlier disclosure.
1 source rowRow 3 · 2023-03-22 · Tax withholding · Disposed 163 · Balance 24,885 F2: Represents restricted share units withheld to cover withholding taxes due to vesting upon retirement. |
| NDSNSEC Table I · non-derivative | Direct | 24,177 |
Reported balance
After 2023-03-22 transaction · row 4
Amendment: may correct only part of an earlier disclosure.
1 source rowRow 4 · 2023-03-22 · Other · Disposed 708 · Balance 24,177 F3: Represents restricted share units forfeited upon retirement per the terms of the restricted share unit award agreement granted December 1, 2022. |
| NDSNSEC Table I · non-derivative | Direct | 25,138 |
Reported balance
Holding disclosure · report date 2023-03-22 · row 1
Amendment: may correct only part of an earlier disclosure.
1 source rowRow 1 · Balance 25,138 F1: The total holdings include 77 share units accrued from dividend payments through participation in the Company's Deferred Compensation Plan. |
| NDSNSEC Table II · derivative / convertible security · Conversion / exercise price $240.01 · Expires 2032-12-01 | Direct | 28,451 |
Reported balance
After 2023-03-22 transaction · row 6
Amendment: may correct only part of an earlier disclosure.
1 source rowRow 6 · 2023-03-22 · Other · Disposed 4,093 · Balance 28,451 F5: Represents stock options forfeited upon retirement per the terms of the stock option award agreement granted December 1, 2022. |
| NDSNSEC Table I · non-derivative | IndirectCompany Savings Plan | 6 |
Reported balance
Holding disclosure · report date 2023-03-22 · row 5
Amendment: may correct only part of an earlier disclosure.
1 source rowRow 5 · Balance 6 F4: Represents the number of shares attributable to the reporting person's participation in the Company Savings Plan, exempt pursuant to Rule 16b-3(c). |
Filing footnotes · ownership attribution and instrument terms
F1: The total holdings include 77 share units accrued from dividend payments through participation in the Company's Deferred Compensation Plan.
F2: Represents restricted share units withheld to cover withholding taxes due to vesting upon retirement.
F3: Represents restricted share units forfeited upon retirement per the terms of the restricted share unit award agreement granted December 1, 2022.
F4: Represents the number of shares attributable to the reporting person's participation in the Company Savings Plan, exempt pursuant to Rule 16b-3(c).
F5: Represents stock options forfeited upon retirement per the terms of the stock option award agreement granted December 1, 2022.
Transaction history
JSON APIPurchases/sales include open-market and private transactions. Plan disclosure applies to the filing; individual rows may differ. “Not disclosed” is not “unplanned.”
The cutoff filters transaction history only. Company summaries and owner relationships show the latest available disclosures. Parser corrections can improve historical records.
| Transaction date | Company | Activity / security | Shares / units | Reported price | Reported value | Details |
|---|---|---|---|---|---|---|
| January 04, 2018 Filed Jan 5, 2018 21:40 UTC | NORDSON CORP NDSN · Entity 30 | SaleCommon Stock | 808 | $150.52 | $121,620.16 |
DisclosureSEC source: 0001214659-18-000233 · marketforms-40567.xml · nonDerivative · entry 4 PEET SHELLY · CIK 0001390754 · Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 27,412 F4 · price: Price reflected is the weighted-average sale price for shares sold. The shares were sold in multiple transactions, and the range of sale prices for the transactions reported was $150.40 to $150.59. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or any staff member of the Securities and Exchange Commission, upon request, information regarding the number of shares sold at each separate price. F5 · ownership.direct: The holdings include 27 shares acquired through dividend payments and participation in the Company's Dividend Reinvestment Plan and are net of shares previously withheld or sold to cover withholding taxes. Read SEC document |
| January 03, 2018 Filed Jan 5, 2018 21:40 UTC | NORDSON CORP NDSN · Entity 30 | Tax withholdingCommon Stock | 977 | $149.12 | $145,690.24 |
DisclosureSEC source: 0001214659-18-000233 · marketforms-40567.xml · nonDerivative · entry 3 PEET SHELLY · CIK 0001390754 · Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 28,193 F3 · ownership.direct: Shares withheld to cover withholding taxes due upon settlement of the performance share units that were reported on December 4, 2017. The holdings are net of shares previously withheld or sold to cover withholding taxes. Read SEC document |
| January 03, 2018 Filed Jan 5, 2018 21:40 UTC | NORDSON CORP NDSN · Entity 30 | SaleCommon Stock | 14,192 | $148.81 | $2,111,911.52 |
DisclosureSEC source: 0001214659-18-000233 · marketforms-40567.xml · nonDerivative · entry 2 PEET SHELLY · CIK 0001390754 · Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 29,170 F2 · price: Price reflected is the weighted-average sale price for shares sold. The shares were sold in multiple transactions, and the range of sale prices for the transactions reported was $148.60 to $149.10. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or any staff member of the Securities and Exchange Commission, upon request, information regarding the number of shares sold at each separate price. Read SEC document |
| December 19, 2017 Filed Jan 5, 2018 21:40 UTC | NORDSON CORP NDSN · Entity 30 | GiftCommon Stock | 35 | $0.00 | $0.00 |
DisclosureSEC source: 0001214659-18-000233 · marketforms-40567.xml · nonDerivative · entry 1 PEET SHELLY · CIK 0001390754 · Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 43,362 F1 · ownership.direct: On each of December 19, 2017 and December 20, 2017, the reporting person made a gift of shares for a cumulative total of 35 shares gifted. For tax purposes, the value date of the shares delivered is each respective date a gift was made. Read SEC document |
| December 01, 2017 Filed Dec 4, 2017 21:15 UTC | NORDSON CORP NDSN · Entity 30 | GrantCommon Stock | 2,890 | $0.00 | $0.00 |
DisclosureSEC source: 0001214659-17-007132 · marketforms-40348.xml · nonDerivative · entry 2 PEET SHELLY · CIK 0001390754 · Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 43,397 F2 · ownership.direct: Award of performance share units under the Company's 2012 Stock Incentive and Award Plan that were earned upon the achievement of performance measures over a 3-year performance period ended October 31, 2017. The holdings are net of shares previously withheld or sold to cover withholding taxes. Read SEC document |
| November 30, 2017 Filed Dec 4, 2017 21:15 UTC | NORDSON CORP NDSN · Entity 30 | Tax withholdingCommon Stock | 98 | $128.36 | $12,579.28 |
DisclosureSEC source: 0001214659-17-007132 · marketforms-40348.xml · nonDerivative · entry 1 PEET SHELLY · CIK 0001390754 · Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 40,507 F1 · ownership.direct: On November 21, 2016, the Company awarded 900 restricted shares under the Company's 2012 Stock Incentive and Award Plan. One-third of the restricted shares vested on November 30, 2017, and one-third will vest on each of November 30, 2018 and 2019. 98 of the 300 shares that vested November 30, 2017 were withheld to cover withholding taxes due upon vesting. The holdings are net of shares previously withheld or sold to cover withholding taxes. Read SEC document |
| November 24, 2017 Filed Nov 27, 2017 21:15 UTC | NORDSON CORP NDSN · Entity 30 | Tax withholdingCommon Stock | 98 | $126.26 | $12,373.48 |
DisclosureSEC source: 0001214659-17-006972 · marketforms-40242.xml · nonDerivative · entry 2 PEET SHELLY · CIK 0001390754 · Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 40,605 F2 · ownership.direct: On November 24, 2014, the Company awarded 900 restricted shares under the Company's 2012 Stock Incentive and Award Plan. One-third of the restricted shares vested on each of November 24, 2015, 2016, and 2017. 98 of the 300 shares that vested November 24, 2017 were withheld to cover withholding taxes due upon vesting. The holdings are net of shares previously withheld or sold to cover withholding taxes. Read SEC document |
| November 23, 2017 Filed Nov 27, 2017 21:15 UTC | NORDSON CORP NDSN · Entity 30 | Tax withholdingCommon Stock | 119 | $128.29 | $15,266.51 |
DisclosureSEC source: 0001214659-17-006972 · marketforms-40242.xml · nonDerivative · entry 1 PEET SHELLY · CIK 0001390754 · Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 40,703 F1 · ownership.direct: On November 23, 2015, the Company awarded 1,100 restricted shares under the Company's 2012 Stock Incentive and Award Plan. One-third of the restricted shares vested on each of November 23, 2016 and 2017, and one-third will vest on November 23, 2018. 119 of the 366 shares that vested November 23, 2017 were withheld to cover withholding taxes due upon vesting. The holdings are net of shares previously withheld or sold to cover withholding taxes. Read SEC document |
| November 20, 2017 Filed Nov 22, 2017 21:15 UTC | NORDSON CORP NDSN · Entity 30 | GrantEmployee Stock Options (right to buy) · Derivative | 6,500 | $0.00 Strike: $127.67 | $0.00 |
DisclosureSEC source: 0001214659-17-006922 · marketforms-40203.xml · derivative · entry 13 PEET SHELLY · CIK 0001390754 · Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 6,500 Underlying: Common Stock · 6,500 shares Expires 2027-11-20 F11 · derivative.exercise_date: On November 20, 2017, the Company awarded 6,500 stock options under the Company's 2012 Stock Incentive and Award Plan. The options vest in 4 equal annual installments beginning on November 20, 2018. The vested portions of such options will become exercisable upon vesting. Read SEC document |
| November 20, 2017 Filed Nov 22, 2017 21:15 UTC | NORDSON CORP NDSN · Entity 30 | GrantCommon Stock | 1,550 | $0.00 | $0.00 |
DisclosureSEC source: 0001214659-17-006922 · marketforms-40203.xml · nonDerivative · entry 3 PEET SHELLY · CIK 0001390754 · Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 40,822 F3 · ownership.direct: On November 20, 2017, the Company awarded 1,550 performance shares under the Company's 2012 Stock Incentive and Award Plain, which represent the right to receive shares contingent upon the achievement of performance measures over a 3-year performance period. Shares that are earned upon the attainment of the applicable performance targets settle in January 2021. The ultimate number of shares earned is subject to adjustment based on actual performance. The holdings include 97 shares acquired through dividend payments and participation in the Company's Dividend Reinvestment Plan and are net of shares previously withheld or sold to cover withholding taxes. Read SEC document |
| November 20, 2017 Filed Nov 22, 2017 21:15 UTC | NORDSON CORP NDSN · Entity 30 | GrantCommon Stock | 800 | $0.00 | $0.00 |
DisclosureSEC source: 0001214659-17-006922 · marketforms-40203.xml · nonDerivative · entry 2 PEET SHELLY · CIK 0001390754 · Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 39,175 F2 · ownership.direct: On November 20, 2017, the Company awarded 800 restricted shares under the Company's 2012 Stock Incentive and Award Plan. One-third of the restricted shares will vest on each of November 30, 2018, 2019, and 2020. Read SEC document |
| September 28, 2017 Filed Nov 22, 2017 21:15 UTC | NORDSON CORP NDSN · Entity 30 | GiftCommon Stock | 30 | $0.00 | $0.00 |
DisclosureSEC source: 0001214659-17-006922 · marketforms-40203.xml · nonDerivative · entry 1 PEET SHELLY · CIK 0001390754 · Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 38,375 F1 · ownership.direct: On each of September 28, 2017 and September 29, 2017, the reporting person made a gift of shares for a cumulative total of 30 shares gifted. For tax purposes, the value date of the shares delivered is each respective date a gift was made. Read SEC document |
| March 07, 2017 Filed Mar 9, 2017 21:19 UTC | NORDSON CORP NDSN · Entity 30 | Exercise / conversionEmployee Stock Options (right to buy) · Derivative | 2,650 | $0.00 Strike: $27.26 | $0.00 |
DisclosureSEC source: 0001214659-17-001801 · marketforms-38290.xml · derivative · entry 6 PEET SHELLY · CIK 0001390754 · Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 0 Underlying: Common Stock · 2,650 shares Expires 2019-12-03 Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F6 · derivative.exercise_date: All such options have fully vested. Read SEC document |
| March 07, 2017 Filed Mar 9, 2017 21:19 UTC | NORDSON CORP NDSN · Entity 30 | SaleCommon Stock | 2,650 | $124.21 | $329,156.50 |
DisclosureSEC source: 0001214659-17-001801 · marketforms-38290.xml · nonDerivative · entry 3 PEET SHELLY · CIK 0001390754 · Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 38,405 F2 · price: Price reflected is the weighted-average sale price for shares sold. The shares were sold in multiple transactions, and the range of sale prices for the transactions reported was $124.20 to $124.26. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or any staff member of the Securities and Exchange Commission, upon request, information regarding the number of shares sold at each separate price. F3 · ownership.direct: Exercise of reporting person's stock options that would otherwise expire December 3, 2019 of which shares were sold to pay the exercise price, to cover withholding taxes, and to pay broker fees and commissions, pursuant to a broker-assisted cashless exercise and sale. The holdings are net of shares previously withheld or sold to cover withholding taxes. Read SEC document |
| March 07, 2017 Filed Mar 9, 2017 21:19 UTC | NORDSON CORP NDSN · Entity 30 | Exercise / conversionCommon Stock | 2,650 | $27.26 | $72,239.00 |
DisclosureSEC source: 0001214659-17-001801 · marketforms-38290.xml · nonDerivative · entry 2 PEET SHELLY · CIK 0001390754 · Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 41,055 Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. Read SEC document |
| March 03, 2017 Filed Mar 9, 2017 21:19 UTC | NORDSON CORP NDSN · Entity 30 | GiftCommon Stock | 53 | $0.00 | $0.00 |
DisclosureSEC source: 0001214659-17-001801 · marketforms-38290.xml · nonDerivative · entry 1 PEET SHELLY · CIK 0001390754 · Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 38,405 F1 · ownership.direct: On March 3, 2017, the reporting person made a gift of shares. For tax purposes, the value date of the shares delivered is the date the gift was made. Read SEC document |
| January 03, 2017 Filed Jan 5, 2017 21:27 UTC | NORDSON CORP NDSN · Entity 30 | Tax withholdingCommon Stock | 991 | $113.42 | $112,399.22 |
DisclosureSEC source: 0001214659-17-000136 · marketforms-37502.xml · nonDerivative · entry 2 PEET SHELLY · CIK 0001390754 · Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 38,458 F2 · ownership.direct: Shares withheld to cover withholding taxes due upon settlement of the performance share units that were reported on December 2, 2016. The net holdings include 33 shares acquired through dividend payments and participation in the Company's Dividend Reinvestment Plan and are net of shares previously withheld or sold to cover withholding taxes. Read SEC document |
| December 29, 2016 Filed Jan 5, 2017 21:27 UTC | NORDSON CORP NDSN · Entity 30 | GiftCommon Stock | 14 | $0.00 | $0.00 |
DisclosureSEC source: 0001214659-17-000136 · marketforms-37502.xml · nonDerivative · entry 1 PEET SHELLY · CIK 0001390754 · Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 39,416 F1 · ownership.direct: On December 29, 2016, the reporting person made a gift of shares. For tax purposes, the value date of the shares delivered is the date the gift was made. Read SEC document |
| December 20, 2016 Filed Dec 18, 2019 19:03 UTC | NORDSON CORP NDSN · Entity 30 | GiftCommon Stock | 10 | $114.63 | $1,146.30 |
DisclosureSEC source: 0001209191-19-061076 · doc4.xml · nonDerivative · entry 1 PEET SHELLY · CIK 0001390754 · Executive Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 29,330 Read SEC document |
| November 30, 2016 Filed Dec 2, 2016 22:19 UTC | NORDSON CORP NDSN · Entity 30 | GrantCommon Stock | 2,896 | $0.00 | $0.00 |
DisclosureSEC source: 0001214659-16-015151 · marketforms-37276.xml · nonDerivative · entry 1 PEET SHELLY · CIK 0001390754 · Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 39,430 F1 · ownership.direct: Award of performance share units under the Company's 2012 Stock Incentive and Award Plan that were earned upon the achievement of performance measures over a 3-year performance period ended October 31, 2016. The holdings are net of shares previously withheld or sold to cover withholding taxes. Read SEC document |
| November 25, 2016 Filed Nov 28, 2016 22:12 UTC | NORDSON CORP NDSN · Entity 30 | Tax withholdingCommon Stock | 141 | $109.95 | $15,502.95 |
DisclosureSEC source: 0001214659-16-015003 · marketforms-37195.xml · nonDerivative · entry 3 PEET SHELLY · CIK 0001390754 · Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 36,534 F3 · ownership.direct: On November 25, 2013, the Company awarded 900 restricted shares under the Company's 2012 Stock Incentive and Award Plan. One-third of the restricted shares vested on each of November 25, 2014, 2015, and 2016. 141 of the 300 shares that vested November 25, 2016 were withheld to cover withholding taxes due upon vesting. The holdings are net of shares previously withheld or sold to cover withholding taxes. Read SEC document |
| November 24, 2016 Filed Nov 28, 2016 22:12 UTC | NORDSON CORP NDSN · Entity 30 | Tax withholdingCommon Stock | 141 | $109.95 | $15,502.95 |
DisclosureSEC source: 0001214659-16-015003 · marketforms-37195.xml · nonDerivative · entry 2 PEET SHELLY · CIK 0001390754 · Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 36,675 F2 · ownership.direct: On November 24, 2014, the Company awarded 900 restricted shares under the Company's 2012 Stock Incentive and Award Plan. One-third of the restricted shares vested on each of November 24, 2015 and 2016, and one-third will vest on November 24, 2017. 141 of the 300 shares that vested November 24, 2016 were withheld to cover withholding taxes due upon vesting. The holdings are net of shares previously withheld or sold to cover withholding taxes. Read SEC document |
| November 23, 2016 Filed Nov 28, 2016 22:12 UTC | NORDSON CORP NDSN · Entity 30 | Tax withholdingCommon Stock | 172 | $109.14 | $18,772.08 |
DisclosureSEC source: 0001214659-16-015003 · marketforms-37195.xml · nonDerivative · entry 1 PEET SHELLY · CIK 0001390754 · Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 36,816 F1 · ownership.direct: On November 23, 2015, the Company awarded 1,100 restricted shares under the Company's 2012 Stock Incentive and Award Plan. One-third of the restricted shares vested on November 23, 2016, and one-third will vest on each of November 23, 2017 and 2018. 172 of the 366 shares that vested November 23, 2016 were withheld to cover withholding taxes due upon vesting. The holdings are net of shares previously withheld or sold to cover withholding taxes. Read SEC document |
| November 21, 2016 Filed Nov 23, 2016 21:27 UTC | NORDSON CORP NDSN · Entity 30 | GrantEmployee Stock Options (right to buy) · Derivative | 6,600 | $0.00 Strike: $107.65 | $0.00 |
DisclosureSEC source: 0001214659-16-014935 · marketforms-37175.xml · derivative · entry 12 PEET SHELLY · CIK 0001390754 · Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 6,600 Underlying: Common Stock · 6,600 shares Expires 2026-11-21 F10 · derivative.exercise_date: On November 21, 2016, the Company awarded 6,600 stock options under the Company's 2012 Stock Incentive and Award Plan. The options vest in 4 equal annual installments beginning on November 21, 2017. The vested portions of such options will become exercisable upon vesting. Read SEC document |
| November 21, 2016 Filed Nov 23, 2016 21:27 UTC | NORDSON CORP NDSN · Entity 30 | GrantCommon Stock | 1,800 | $0.00 | $0.00 |
DisclosureSEC source: 0001214659-16-014935 · marketforms-37175.xml · nonDerivative · entry 2 PEET SHELLY · CIK 0001390754 · Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 36,988 F2 · ownership.direct: On November 21, 2016, the Company awarded 1,800 performance shares under the Company's 2012 Stock Incentive and Award Plan, which represent the right to receive shares contingent upon the achievement of performance measures over a 3-year performance period. Shares that are earned upon the attainment of the applicable performance targets settle in January 2020. The ultimate number of shares earned is subject to adjustment based on actual performance. The holdings include 73 shares acquired through dividend payments and participation in the Company's dividend reinvestment plan, and are net of shares previously withheld or sold to cover withholding taxes. Read SEC document |
| November 21, 2016 Filed Nov 23, 2016 21:27 UTC | NORDSON CORP NDSN · Entity 30 | GrantCommon Stock | 900 | $0.00 | $0.00 |
DisclosureSEC source: 0001214659-16-014935 · marketforms-37175.xml · nonDerivative · entry 1 PEET SHELLY · CIK 0001390754 · Vice President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 35,115 F1 · ownership.direct: On November 21, 2016, the Company awarded 900 restricted shares under the Company's 2012 Stock Incentive and Award Plan. One-third of the restricted shares will vest on each of November 30, 2017, 2018, and 2019. Read SEC document |
Value uses the disclosed total when available, otherwise shares × reported transaction price. It is not an estimate of exercise cash cost or investment performance.