What changed in this filing

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Item 1. Business

2024-02-14 compared with 2023-02-16 · 82 added, 82 removed, 246 unchanged (40% of the section changed)

Allison Transmission Holdings, Inc.

and its subsidiaries (“Allison,”

the “Company,”

“we,”

“us”

or “our”) design and manufacture vehicle propulsion solutions, including commercial-duty on-highway, off-highway and defense fully automatic transmissions and electric hybrid and fully electric systems.

and its subsidiaries (“Allison,” “we,” “us” or “our”) design and manufacture vehicle propulsion solutions, including commercial-duty on-highway, off-highway and defense fully automatic transmissions and electric hybrid and fully electric systems.

The business was founded in 1915 and has been headquartered in Indianapolis, Indiana since inception.

Allison is traded on the New York Stock Exchange under the symbol “ALSN”.

We have approximately 3,500 employees.

Although approximately 74% of revenues were generated in North America in 2022, we have a global presence by serving customers in Asia, Europe, South America and Africa.

Allison is traded on the New York Stock Exchange under the symbol “ALSN”.

We have a global presence by serving customers in North America, Asia, Europe, South America, and Africa, with approximately 75% of our revenues being generated in North America in 2023.

We serve customers through an independent network of approximately 1,600 independent distributor and dealer locations worldwide.

Global markets continue to experience supply chain, labor, energy and raw material constraints as a result of global economic volatility, the war in Ukraine and the COVID-19 pandemic, that impacted our business in 2022 and continue to impact our business performance.

As a result, during 2022 we experienced raw material and component part price inflation, increased freight and logistics costs, increased labor costs, production constraints due to labor shortages and increased foreign exchange volatility.

In addition, our net sales for 2022 were negatively impacted as a result of our customers’

inability to secure components from the broader commercial vehicle supply base which resulted in reduced commercial vehicle build schedules and the inability of the commercial vehicle market to produce sufficient quantities to meet demand.

We expect that commercial vehicle build schedules will continue to be negatively impacted by the availability of components in 2023.

We are the world’s largest manufacturer of fully automatic transmissions for medium- and heavy-duty commercial vehicles and medium- and heavy-tactical U.S.

defense vehicles and a leader in electrified propulsion systems.

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We believe the Allison brand is one of the most recognized in our industry as a result of the performance, reliability and fuel efficiency of our propulsion solutions and is associated with high quality, durability, vocational value, technological leadership and superior customer service.

We introduced the world’s first fully automatic transmission for commercial vehicles over 75 years ago.

Since that time, we have driven the trend in North America and other parts of the world towards increasing automaticity by targeting a diverse range of commercial vehicle vocations.

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manual, automated manual or fully automatic.

Manual and automated manual transmissions ("AMT") are the most prevalent transmission type used in Class 8 tractors in North America.

Manual transmissions and automated manual transmissions ("AMT") are the most prevalent transmission types used in Class 8 tractors in North America.

Manual transmissions are the most prevalent in medium- and heavy-duty commercial vehicles, generally, outside North America.

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However, steady-state cruising is only one part of the duty cycle.

When the duty cycle requires a high degree of “start and stop”

activity or speed transients, as is common in many vocations as well as in urban environments, we believe manual transmissions result in reduced performance, lower fuel efficiency, lower average speed for a given amount of fuel consumed and inferior ride quality.

When the duty cycle requires a high degree of “start and stop” activity or speed transients, as is common in many vocations as well as in urban environments, we believe manual transmissions result in reduced performance, lower fuel efficiency, lower average speed for a given amount of fuel consumed and inferior ride quality.

Moreover, the clutches must be replaced regularly, resulting in increased maintenance expense and vehicle downtime.

Manual transmissions also require a skilled driver to operate the disconnect clutch when launching the vehicle and shifting gears.

Manual transmissions also

require a skilled driver to operate the disconnect clutch when launching the vehicle and shifting gears.

AMTs are manual transmissions that feature automated operation of the disconnect clutch.

Fully automatic transmissions utilize technology that smoothly shifts gears instead of a disconnect clutch, thereby delivering uninterrupted power to the wheels during gear shifts and requiring minimal driver input.

These transmissions deliver superior acceleration, higher productivity, increased fuel efficiency, reduced operating costs, less driveline shock and smoother shifting relative to both manual transmissions and AMTs in vocations with a high degree of “start and stop”

activity, as well as in urban environments.

Emerging technologies in commercial-duty propulsion solutions include electric hybrid and fully electric propulsion solutions in certain end markets and are in part driven by efforts to reduce fuel consumption, noise and greenhouse gas emissions.

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Specialty vehicle

North America medium- and heavy-tactical wheeled platforms

Global tracked combat platforms

North America medium- and heavy-tactical wheeled platforms

Aluminum die cast components

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Refer to "Note 19.

Concentration of Risk”

in Part II, Item 8., of this Annual Report on Form 10-K for additional information on our significant original equipment manufacturer (“OEM”) customers.

Concentration of Risk” in Part II, Item 8., of this Annual Report on Form 10-K for additional information on our significant original equipment manufacturer (“OEM”) customers.

North America

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The following is a summary of our on-highway net sales by vehicle class in North America.

Our core North American on-highway market includes Class 4-5, Class 6-7 and Class 8 straight trucks, conventional transit, shuttle and coach buses, school buses and motorhomes.

Our core North American on-highway market includes Class 4-5, Class 6-7 and Class 8 straight trucks and regional haul tractors, conventional transit, shuttle and coach buses, school buses and motorhomes.

Class 8 trucks are subdivided into two markets:

straight and tractor (which includes both line-haul and regional haul day cab tractors).

straight and tractor.

Class 8 straight trucks are those with a unified body (e.g., refuse, construction, and dump trucks), while tractors have a vehicle chassis that is separable from the trailer they pull.

Class 8 tractor is further divided into two subcategories:

regional haul and line-haul.

Regional haul tractors are typically used for local or regional hauling, whereas line-haul tractors are typically used in extended duration long distance hauling.

We have been supplying transmissions for Class 8 straight trucks for decades, and it is a core end market for us.

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These OEMs, in turn, install our propulsion solutions in vehicles in which our product is either the exclusive propulsion solution available or is specifically requested by end users.

In 2022, OEM customers representing over 90% of our North American on-highway unit volume participated in long-term agreements (“LTAs”) with us.

Generally, these LTAs offer the OEM customer defined levels of mutual commitment with respect to growing Allison’s presence in the OEMs’

products and promotional efforts, pricing and sharing of commodity cost risk.

In 2023, OEM customers representing over 90% of our North American on-highway unit volume participated in long-term agreements (“LTAs”) with us.

Generally, these LTAs offer the OEM customer defined levels of mutual commitment with respect to growing Allison’s presence in the OEMs’ products and promotional efforts, pricing and sharing of commodity cost risk.

The length of our LTAs is typically between three and five years.

We often compete in this market against independent manufacturers of manual transmissions, AMTs, electric hybrid and fully electric propulsion solutions, fully automatic transmissions manufactured by Ford Motor Company (“Ford”), ZF Friedrichshafen AG (“ZF”) and Voith GmbH (“Voith”) and against vertically integrated OEMs in certain weight classes that use their own internally manufactured transmissions in certain vehicles.

We often compete in this market against (i) independent manufacturers of

manual transmissions, AMTs, electric hybrid and fully electric propulsion solutions, (ii) fully automatic transmissions manufactured by Ford Motor Company (“Ford”), ZF Friedrichshafen AG (“ZF”) and Voith GmbH (“Voith”) and (iii) vertically integrated OEMs in certain weight classes that use their own internally manufactured transmissions in certain vehicles.

The following table presents a summary of our market share by vehicle class in the North America On-Highway end market.

CLASS 8 STRAIGHT

We have provided products used in vehicles and equipment that serve energy, mining and construction applications in North America for over 70 years.

We have provided products used in vehicles and equipment that primarily serve energy, mining and construction applications in North America for over 70 years.

Off-highway energy applications include hydraulic fracturing equipment, well-stimulation equipment, pumping equipment, and well-servicing rigs, which often use a fully automatic transmission in stationary pumping applications.

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Competition in this end market includes Caterpillar Inc.

(“Caterpillar”) and Twin Disc, Inc.

(“Twin Disc”).

(“Caterpillar”) and Twin Disc, Inc.

(“Twin Disc”).

We also provide heavy-duty transmissions used in mining trucks, specialty vehicles and construction vehicles.

Off-highway mining and construction applications include trucks used to haul various commodities and other products around construction sites and mines, including underground mines.

These trucks include rigid dump trucks, wide-body dump trucks, underground trucks, and long-haul tractor trailer trucks with load capacities between 40 to 110 tons.

These trucks include rigid dump trucks, wide-body dump trucks and underground trucks with load capacities between 40 to 110 tons.

Our major competitors in this end market include vertically integrated companies that manufacture fully automatic transmissions for their vehicles.

These vertically integrated competitors include Caterpillar, Komatsu Ltd.

(“Komatsu”), and Volvo Group (“Volvo”).

We also compete with independent manufacturers ZF and Dana.

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Outside North America we serve several different markets, including:

Asia-Pacific, Europe, Middle East, Africa (collectively, “EMEA”), and South America.

We are the largest manufacturer of fully automatic transmissions for the commercial vehicle market outside of North America.

We also provide electric hybrid and fully electric propulsion solutions within the outside North America on-highway market.

We also provide electric hybrid and fully electric propulsion solutions for the outside North America on-highway market.

While the use of fully automatic transmissions in the medium- and heavy-duty commercial vehicle market has been widely accepted in North America, markets outside North America continue to be dominated by manual transmissions.

Where adopted, fully automatic transmission-equipped medium- and heavy-duty commercial vehicles are concentrated in certain vocational end markets.

and against vertically integrated OEMs.

We often compete in this market against (i) independent manufacturers of manual transmissions, AMTs, electric hybrid and fully electric propulsion solutions, (ii) fully automatic transmissions manufactured by ZF, Voith, and Shaanxi Fast Gear Co., Ltd.

and (iii) vertically integrated OEMs.

The following is a summary of our on-highway net sales by region outside of North America.

Asia-Pacific.

Our key Asia-Pacific markets include China, Japan, South Korea, Australia and India;

Our key Asia-Pacific markets include Australia, China, India, Japan and South Korea;

however, we actively participate in several other important Asia-Pacific countries including Indonesia, Malaysia, Singapore, Taiwan and Thailand.

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Currently, manual transmissions are the predominant transmissions used in commercial vehicles in the Asia-Pacific region.

In China, government subsidies and regulations by governmental entities continue to drive the development and adoption of fully electric propulsion solutions for use in the bus and truck markets.

Europe, Middle East, Africa.

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Our primary competitors are Caterpillar, Danyang Winstar Auto Parts Co., Ltd., Twin Disc and manufacturers of electrified solutions in energy applications;

Caterpillar, Xi’an FC Intelligence Transmission Co.

and Komatsu in mining applications;

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A typical construction application is a rigid or articulated dump truck, with competition from Caterpillar, Dana, Volvo and ZF.

We have a long-standing relationship with the U.S.

Department of Defense (the “DOD”) dating back to 1946, when we began developing our first-generation tank transmission.

We have had a long-standing relationship with the U.S.

Department of Defense (the “DOD”) since the 1940s, when we began developing our first-generation tank transmission.

Today, we sell substantially all of the propulsion solutions for medium- and heavy-tactical wheeled vehicles used by the U.S.

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We supply tracked vehicle propulsion solutions to the U.S.

Army, including the Abrams M1A2 Main Battle Tank, Joint Assault Bridge, Assault Breacher Vehicles, Mobile Protected Firepower Assault Vehicles and the M113A3 Armored Personnel Carrier family of vehicles.

Army, including the Abrams M1A2 Main Battle Tank, Joint Assault Bridge, Assault Breacher Vehicles, M10 Booker and the M113A3 Armored Personnel Carrier family of vehicles.

We also sell parts kits to the U.S.

Army for Abrams Tank sustainment.

See Part I, Item 1A., “Risk Factors”

of this Annual Report on Form 10-K for a discussion of risks associated with our contracts with the DOD.

We have defense products in 110 countries around the world.

See Part I, Item 1A., “Risk Factors” of this Annual Report on Form 10-K for a discussion of risks associated with our contracts with the DOD.

We have defense products in approximately 110 countries around the world.

Increasingly, we are supplying vehicle propulsion solutions for international tracked vehicles, such as light tracked personnel carriers, armored fighting vehicles, heavy tracked artillery systems, and Main Battle Tanks.

Our defense products are manufactured at our headquarters in Indianapolis and by our licensees internationally for export world-wide.

Globally, we face competition primarily from Renk AG/Renk America, SAPA S.p.A, ST Kinetics and QinetiQ Group plc for supply of tracked vehicle propulsion solutions.

Globally, we face competition primarily from Renk AG/Renk America, SAPA S.p.A, ST Kinetics and QinetiQ Group plc for the supply of tracked vehicle propulsion solutions.

Additionally, we face competition from ZF in certain defense wheeled vehicles using automatic transmissions and from several AMT suppliers.

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The need for replacement parts is driven by normal vehicle and equipment maintenance requirements.

Uninterrupted operation is generally critical for end users’

profitability.

Uninterrupted operation is generally critical for end users’ profitability.

The sale of Allison-branded parts and fluids, remanufactured transmissions and support equipment is fundamental to our brand promise.

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As part of our brand strategy, our distributors and dealers are required to sell genuine Allison-branded parts.

Within the aftermarket, we offer remanufactured transmissions under our ReTran brand, which provides a cost-effective alternative for transmission repairs and replacements.

Within the aftermarket, we offer remanufactured propulsion solutions as a cost-effective alternative for repairs and replacements.

We also provide support equipment to our OEMs to assist in installing new Allison solutions into vehicles, and, therefore, sales of support equipment are dependent upon sales of new solutions.

The competition for service parts and ReTran transmissions comes from a variety of smaller-scale companies sourcing non-genuine “will-fit”

parts from unauthorized manufacturers.

These “will-fit”

parts often do not meet our product specifications, and therefore may be of lesser quality than genuine Allison parts.

The competition for service parts and ReTran remanufactured transmissions comes from a variety of smaller-scale companies sourcing non-genuine “will-fit” parts from unauthorized manufacturers.

These “will-fit” parts often do not meet our product specifications, and therefore may be of lesser quality than genuine Allison parts.

Our Product Offerings

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On-Highway Products

Distribution

School and Shuttle Bus

Wheeled Defense

Distribution

School and Shuttle Bus

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Coach and Transit Bus

Construction

Day Cab Tractors

Distribution

Fire and Emergency

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Coach and Transit Bus

Construction

Day Cab Tractors

Distribution

Fire and Emergency

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Day Cab Tractors

Distribution

Fire and Emergency

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Further, we are developing new products and technology to improve the fuel efficiency and fuel economy of our conventional products, including by allowing engines to operate more efficiently and at lower speeds to avoid consuming fuel without compromising performance, and to expand our portfolio of electric hybrid and fully electric propulsion solutions.

Some examples of these development efforts in 2022 include the expansion of our eGen portfolio of electric propulsion solutions through the addition of the 130S fully electric axle and the eGen Flex, our next generation electric hybrid system capable of full electric vehicle operation for up to 50% of a bus’s route depending on duty-cycle.

Our product development and engineering efforts in 2022 also extended into our off-highway and Defense end-markets through the launch of FracTran, a more efficient and higher-horsepower hydraulic fracturing transmission, and the development of eGen Force, a new cross-drive transmission for tracked applications that enables electric hybrid propulsion and electric only silent maneuverability.

In 2022, we also began production of our next generation of electronic controls that are capable of delivering advanced communications, functional safety, cybersecurity and over-the-air programming.

Sales and Marketing Organization

Our sales and marketing effort is organized along geographic and customer lines and is comprised of marketing, sales and service professionals, supported by application engineers worldwide.

Our sales and marketing effort is organized along geographic and customer lines and is comprised of marketing, sales and service professionals, supported by customer integration engineers worldwide.

In North America, selling efforts in the on-highway end market are organized by distributor area responsibility, OEM sales and, for our large end users, national accounts.

Outside North America, we manage our sales, marketing, service and application engineering professionals through regional areas of responsibility.

These regional management teams distribute OEM service and application engineering resources globally.

We manage our defense products sales, marketing and service geographically, with North America and Outside North America sales supported by application engineering through professionals based in Indianapolis, Indiana.

Outside North America, we manage our sales, marketing, service and customer integration engineering professionals through regional areas of responsibility.

These regional management teams distribute OEM service and customer integration engineering resources globally.

We have developed a marketing strategy to reach OEM customers as well as end users.

We target our end users primarily through marketing activities by our sales staff, who directly call on end users and attend local trade shows, targeting specific vocations globally and through our plant tour programs, where end users may test our products on our Indianapolis test track and our enhanced customer experience demonstration track at our Hungary facility.

While our marketing management uses the term “customer”

interchangeably for OEMs and end users, the primary objective of our marketing strategy is to create demand for propulsion solutions through:

While our marketing management uses the term “customer” interchangeably for OEMs and end users, the primary objective of our marketing strategy is to create demand for propulsion solutions through:

• OEM promotion of our products and incorporation of our propulsion solutions in their commercial vehicle product offerings;

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Our manufacturing strategy provides for distributed capability in manufacturing and assembly of our products for the global commercial vehicle market.

Our primary manufacturing facilities, located in Indianapolis, Indiana, consist of approximately 2.3 million square feet of usable manufacturing space in six plants.

Our primary manufacturing facilities, located in Indianapolis, Indiana, consist of approximately 2.3 million square feet of usable manufacturing space in five plants.

Our high volume on-highway products are produced in multiple global locations (United States, Chennai, India and Szentgotthard, Hungary), while off-highway, electric hybrid propulsion and defense tracked products are produced in Indianapolis and fully electric propulsion solutions are produced in Auburn Hills, Michigan.

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and foreign patents related to our products and business.

We do not consider our business to be dependent on any single patent, nor will the expiration of any single patent materially affect our business.

We do not consider our business to be dependent

on any single patent, nor will the expiration of any single patent materially affect our business.

Our current patents will expire over various periods, and we continue to file new patent applications on newly-developed technology.

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However, in typical market conditions, the North American truck market experiences a higher level of production in the first half of the year due to fewer holidays and the practice of plant shutdowns in July and December.

Due to ongoing supply chain and labor constraints caused by global economic volatility, the war in Ukraine and the COVID-19 pandemic, demand for our products may not align with the demand we have experienced during typical market conditions.

Human Capital

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Workforce Demographics .

Our people continue to be a critical component in our continued success, the delivery of our values and the execution of our growth initiatives.

Our people are a critical component in our continued success, the delivery of our values and the execution of our growth initiatives.

As of December 31, 2023, we had a highly skilled workforce of approximately 3,700 employees, with approximately 89% of those employees in the U.S.

Approximately 48% of our U.S.

employees are represented by the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (“UAW”) and are subject to a collective bargaining agreement.

In December 2017, we entered into a six-year collective bargaining agreement with UAW Local 933 that expires in November 2023.

There have been no strikes or work stoppages due to Allison-specific issues in over 40 years.

employees are represented by the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (“UAW”) and are subject to a collective bargaining agreement.

In January 2024, we entered into a new four-year collective bargaining agreement with UAW Local 933 that expires in November 2027.

Inclusion and Diversity .

Allison recognizes the power of different thought, accepts and respects each individual and strives to create an inclusive workplace where everyone can reach their full potential, driving innovation and business results.

Our inclusion and diversity efforts in 2022 included the participation by employees in unconscious bias training, continuing our speaker series to facilitate dialogue about inclusion and diversity, continuing to increase our focus on the recruitment of underrepresented groups including by participating in career fairs with Historically Black Colleges and Universities, Hispanic institutions, veterans and people with disabilities and continuing our virtual mentoring program to connect team members from different offices, departments and backgrounds.

Allison’s Inclusion and Diversity (I&D) Executive Council is chaired by our Chief Executive Officer and includes eight executive members.

The council exists to provide leadership advice, analyze progress of our I&D strategy and ensure alignment with our business strategy.

We are committed to advancing and representing all of our workforce by creating a diverse, equitable, and inclusive organization.

Our efforts to promote an equitable and inclusive workplace include:

providing unconscious bias training;

continuing to increase our focus on non-traditional recruiting sources such as veterans, people with disabilities, diverse professional organizations, high schools, Historically Black Colleges and Universities and predominantly Hispanic organizations;

organizing virtual mentoring programs to connect employees from different locations, departments and backgrounds;

and creating LGBTQ+, multicultural, emerging professionals and military veterans employee resource groups.

Employee Health & Safety .

Allison’s overriding priority is to protect the health and safety of each employee.

As part of our health and safety programs , employees participate in training focused on this topic and metrics are reviewed regularly, including the number of injury incidents that occur and those incidents that result in lost work days.

For 2022, we achieved an overall recordable rate of 2.26, meaning that for every 100 employees, 2.26 employees incurred an injury that resulted in recordable medical treatment and the number of lost work days was 0.87, meaning that for every 100 employees, 0.87 individuals experienced an incident that resulted in days away from work.

Allison’s overriding priority is to protect the health and safety of each employee.

As part of our health and safety programs, Allison is certified in ISO 45001, Occupational Health and Safety Management Systems.

ISO 45001 is the only internationally recognized Safety Management System.

Employees participate in training focused on health and safety and metrics are reviewed regularly, including the number of injury incidents that occur and those incidents that result in lost work days.

For 2023, we achieved an overall recordable rate of 1.64 at our global locations, meaning that for every 100 employees, 1.64 employees incurred an injury that resulted in recordable medical treatment, and the number of lost work days was 0.63 at our global locations, meaning that for every 100 employees, 0.63 individuals experienced an incident that resulted in days away from work.

Government Regulations

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Some of our operations require environmental permits and controls to prevent and reduce air and water pollution.

These permits are subject to modification, renewal and revocation by issuing authorities.

In addition, certain of our products and our customer’s products are subject to certification requirements by a variety of regulatory bodies.

These permits are subject to modification, renewal and revocation by

issuing authorities.

In addition, certain of our products and our customer’s products are subject to certification requirements by a variety of regulatory bodies.

We believe we are in substantial compliance with all material environmental laws and regulations applicable to our plants and operations.

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Environmental Protection Agency has taken action to control greenhouse gases from certain stationary and mobile sources.

In addition, several states have taken steps, such as adoption of cap and trade programs or other regulatory systems, to address greenhouse gases.

In addition, several states have taken steps, such as the adoption of cap and trade programs or other regulatory systems, to address greenhouse gases.

There have also been international efforts seeking legally binding reductions in emissions of greenhouse gases.

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and in other countries, states or provinces could affect our operations both positively and negatively (e.g., by affecting the demand for or suitability of some of our products).

In addition to the foregoing, various legislation, regulations and international accords pertaining to climate change have been implemented or are being considered for implementation, particularly as they relate to the reporting of greenhouse gas emissions and sustainability efforts being undertaken, such as the European Union’s Corporate Sustainability Reporting Directive ("CSRD"), California’s Climate Corporate Data Accountability Act and Climate-Related Financial Risk Act, and proposed climate disclosure rules that remain under consideration by the SEC.

We continue to monitor the development and implementation of such legislation and regulations and are evaluating the impact these laws and regulations may have on the Company, including the extent of our potential disclosures or other reporting requirements.

We also continue to regularly report our sustainability efforts and metrics under the Global Reporting Initiative framework and report our progress in our annual Environmental, Social and Governance Report.

We also may be subject to liability as a potentially responsible party under the Comprehensive Environmental Response, Compensation and Liability Act and similar state or foreign laws for contaminated properties that we currently own, lease or operate or that we or our predecessors have previously owned, leased or operated and sites to which we or our predecessors sent hazardous substances.

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Our principal executive offices are located at One Allison Way, Indianapolis, IN 46222 and our telephone number is (317) 242-5000.

Our internet address is www.allisontransmission.com.

We file annual, quarterly and current reports, proxy statements and other documents with the United States Securities and Exchange Commission (“SEC”), under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Our internet address is https://www.allisontransmission.com.

We file annual, quarterly and current reports, proxy statements and other documents with the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

These periodic and current reports and all amendments to those reports are available free of charge on the investor relations page of our website at https://ir.allisontransmission.com as soon as reasonably practicable after we electronically file them with, or furnish them to, the SEC.

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The information contained on, or accessible through, our website is not incorporated into this Annual Report on Form 10-K.

The SEC also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at http://www.sec.gov.

The SEC also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at https://www.sec.gov.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business