4 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
18 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
2 unchanged sentences
Foreign currency translation adjustments ( 5.8 ) 7.6 9.4 0.4
−Removed: Unrealized (losses) gains on cash flow derivative instruments, less related income tax benefit (provision) of $ 0.0 and $( 0.2 ) in 2025, $ 0.5 and $ 0.2 in 2024
+Added: Unrealized gains (losses) on cash flow derivative instruments, less related income tax (provision) benefit of $( 0.5 ) and $( 0.7 ) in 2025, $ 0.3 and $ 0.5 in 2024
1.4 ( 0.9 ) 2.0 ( 1.6 )
5 unchanged sentences
CONDENSED CONSOLIDATED BALANCE SHEETS
−Removed: (dollars in millions)
+Added: (dollars in millions, except for shares)
+Added: September 30,
Current Assets
26 unchanged sentences
Stockholders’ Equity
−Removed: Class A Common Stock (shares issued, 26,000,441 and 26,014,825 as of June 30, 2025 and December 31, 2024, respectively)
−Removed: Common Stock (shares issued 164,707,153 and 164,692,769 as of June 30, 2025 and December 31, 2024, respectively)
+Added: Class A Common Stock (shares issued, 25,996,077 and 26,014,825 as of September 30, 2025 and December 31, 2024, respectively)
+Added: Common Stock (shares issued 164,711,517 and 164,692,769 as of September 30, 2025 and December 31, 2024, respectively)
Capital in excess of par value 612.4 601.3
8 unchanged sentences
(dollars in millions)
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
Operating Activities
17 unchanged sentences
Common stock repurchases ( 335.4 ) ( 237.1 )
−Removed: Net (payments) proceeds from stock option activity ( 0.5 ) 9.4
+Added: Net proceeds from stock option activity 0.7 17.2
Dividends paid ( 145.1 ) ( 140.9 )
9 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
33 unchanged sentences
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: June 30, 2025
+Added: September 30, 2025
Basis of Presentation
2 unchanged sentences
In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.
−Removed: Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results expected for the full year.
+Added: Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results expected for the full year.
It is suggested the accompanying condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 11, 2025.
20 unchanged sentences
The Company’s payment terms for the majority of its customers are 30 to 90 days from shipment.
−Removed: Additionally, certain customers in China pay the Company prior to the shipment of products resulting in a customer deposits liability of $ 21.3 million and $ 54.4 million at June 30, 2025 and December 31, 2024, respectively.
+Added: Additionally, certain customers in China pay the Company prior to the shipment of products resulting in a customer deposits liability of $ 28.6 million and $ 54.4 million at September 30, 2025 and December 31, 2024, respectively.
Customer deposit liabilities are short term in nature, recognized into revenue within one year of receipt.
2 unchanged sentences
In addition, the Company monitors other risk factors including forward-looking information when establishing adequate allowances for credit losses, which reflects the current estimate of credit losses expected to be incurred over the life of the receivables.
−Removed: The Company’s allowance for credit losses was $ 14.9 million and $ 12.9 million at June 30, 2025 and December 31, 2024, respectively.
+Added: The Company’s allowance for credit losses was $ 15.2 million and $ 12.9 million at September 30, 2025 and December 31, 2024, respectively.
Revenue Recognition (continued)
34 unchanged sentences
(dollars in millions) Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
33 unchanged sentences
The following table presents the components of the Company’s inventory balances:
−Removed: (dollars in millions) June 30,
+Added: (dollars in millions) September 30,
2025 December 31, 2024
9 unchanged sentences
(dollars in millions) Three Months Ended
−Removed: Balance at April 1, $ 194.3 $ 185.0
+Added: September 30,
+Added: Balance at July 1, $ 201.1 $ 187.6
Expense 18.2 16.0
Claims settled ( 15.8 ) ( 16.4 )
−Removed: Balance at June 30, $ 201.1 $ 187.6
−Removed: (dollars in millions) Six Months Ended
+Added: Balance at September 30, $ 203.5 $ 187.2
+Added: (dollars in millions) Nine Months Ended
+Added: September 30,
Balance at January 1, $ 190.4 $ 188.1
2 unchanged sentences
Claims settled ( 49.0 ) ( 59.4 )
−Removed: Balance at June 30, $ 201.1 $ 187.6
+Added: Balance at September 30, $ 203.5 $ 187.2
(1) Refer to Note 3 for additional information regarding the acquisition of Pureit
2 unchanged sentences
Borrowings under the Company's bank credit lines and commercial paper borrowings are supported by a $ 500 million revolving credit agreement.
−Removed: As a result of the long-term nature of this facility, the Company’s commercial paper and credit line borrowings are classified as long-term debt at June 30, 2025.
+Added: As a result of the long-term nature of this facility, the Company’s commercial paper and credit line borrowings are classified as long-term debt at September 30, 2025.
At its option, the Company either maintains cash balances or pays fees for bank credit and services.
The facility requires the Company to maintain two financial covenants, a leverage ratio test and an interest coverage test.
−Removed: The Company was in compliance with the covenants as of June 30, 2025.
+Added: The Company was in compliance with the covenants as of September 30, 2025.
Earnings per Share of Common Stock
2 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
7 unchanged sentences
Smith Combined Executive Incentive Compensation Plan which was originally approved by stockholders in 2002.
−Removed: The number of shares available for granting of share based compensation at June 30, 2025 was 2,095,645 .
+Added: The number of shares available for granting of share based compensation at September 30, 2025 was 2,043,675 .
Upon vesting or exercise of share based compensation, shares are issued from treasury stock.
1 unchanged sentence
Share units vest three years after the date of grant.
−Removed: The Company granted 211,010 and 194,668 share units under the Incentive Plan in the six months ended June 30, 2025 and 2024, respectively.
−Removed: The share units were valued at $ 13.8 million and $ 16.0 million at the date of issuance in 2025 and 2024, respectively, based on the price of the Company’s Common Stock at the date of grant.
+Added: The Company granted 245,168 and 195,363 share units under the Incentive Plan in the nine months ended September 30, 2025 and 2024, respectively.
+Added: The share units were valued at $ 16.1 million at the date of issuance in both 2025 and 2024, based on the price of the Company’s Common Stock at the date of grant.
The share units are recognized as compensation expense ratably over the three-year vesting period.
−Removed: Included in share unit expense in the six months ended June 30, 2025 and 2024 was expense associated with accelerated vesting of share unit awards for certain employees who are retirement eligible or will become retirement eligible during the vesting period.
−Removed: Share based compensation expense attributable to share units of $ 1.8 million and $ 1.4 million was recognized in the three months ended June 30, 2025 and 2024, respectively.
−Removed: Share based compensation expense attributable to share units of $ 7.3 million and $ 9.2 million was recognized in the six months ended June 30, 2025 and 2024, respectively.
+Added: Included in share unit expense in the nine months ended September 30, 2025 and 2024 was expense associated with accelerated vesting of share unit awards for certain employees who are retirement eligible or will become retirement eligible during the vesting period.
+Added: Share based compensation expense attributable to share units of $ 2.1 million and $ 1.7 million was recognized in the three months ended September 30, 2025 and 2024, respectively.
+Added: Share based compensation expense attributable to share units of $ 9.4 million and $ 10.9 million was recognized in the nine months ended September 30, 2025 and 2024, respectively.
Certain non-U.S.-based employees receive the cash value of the share price at the vesting date in lieu of shares.
Unvested cash-settled awards are remeasured at each reporting period.
−Removed: A summary of share unit activity under the Incentive Plan is as follows for the six months ended June 30, 2025:
+Added: A summary of share unit activity under the Incentive Plan is as follows for the nine months ended September 30, 2025:
Number of Units Weighted-Average
4 unchanged sentences
Forfeited ( 11,861 ) 70.82
−Removed: Issued and unvested at June 30, 2025 585,903 68.84
+Added: Issued and unvested at September 30, 2025 616,704 68.75
Share Based Compensation (continued)
4 unchanged sentences
Potential payouts range from zero to 150 % of the target awards and changes from target amounts are reflected as performance adjustments.
−Removed: The Company granted 35,365 and 29,475 performance stock units under the Incentive Plan in the six months ended June 30, 2025 and 2024, respectively.
+Added: The Company granted 38,150 and 29,475 performance stock units under the Incentive Plan in the nine months ended September 30, 2025 and 2024, respectively.
The performance stock units were valued at $ 2.5 million and $ 2.4 million at the date of issuance in 2025 and 2024, respectively, based on the price of the Company’s Common Stock at the date of grant.
The performance stock units are recognized as compensation expense ratably over the three-year vesting period.
−Removed: Share based compensation expense attributable to performance stock units of $ 0.7 million and $ 0.6 million was recognized in the three months ended June 30, 2025 and 2024, respectively.
−Removed: Share based compensation expense attributable to performance stock units of $ 1.2 million and $ 0.9 million was recognized in the six months ended June 30, 2025 and 2024, respectively.
+Added: Share based compensation expense attributable to performance stock units of $ 0.7 million and $ 0.4 million was recognized in the three months ended September 30, 2025 and 2024, respectively.
+Added: Share based compensation expense attributable to performance stock units of $ 1.9 million and $ 1.3 million was recognized in the nine months ended September 30, 2025 and 2024, respectively.
Certain non-U.S.-based executives receive the cash value of the share price at the vesting date in lieu of shares.
Unvested cash-settled awards are remeasured at each reporting period.
−Removed: A summary of performance stock unit activity under the Incentive Plan is as follows for the six months ended June 30, 2025:
+Added: A summary of performance stock unit activity under the Incentive Plan is as follows for the nine months ended September 30, 2025:
Number of Units Weighted-Average
2 unchanged sentences
Granted 38,150 65.64
−Removed: Issued and unvested at June 30, 2025 109,763 72.21
+Added: Forfeited ( 1,600 ) 71.23
+Added: Issued and unvested at September 30, 2025 110,948 72.10
Segment Results
4 unchanged sentences
Both segments primarily manufacture and market in their respective regions of the world.
−Removed: Three Months Ended June 30, 2025
+Added: Three Months Ended September 30, 2025
(dollars in millions) North America Rest of World Inter-segment Elimination Total Segments Corporate Expenses Total
13 unchanged sentences
Segment Results (continued)
−Removed: Three Months Ended June 30, 2024
+Added: Three Months Ended September 30, 2024
(dollars in millions) North America Rest of World Inter-segment Elimination Total Segments Corporate Expenses Total
12 unchanged sentences
Earnings before provision for income taxes $ 156.6
−Removed: Six Months Ended June 30, 2025
+Added: Nine Months Ended September 30, 2025
(dollars in millions) North America Rest of World Inter-segment Elimination Total Segments Corporate Expenses Total
13 unchanged sentences
Segment Results (continued)
−Removed: Six Months Ended June 30, 2024
+Added: Nine Months Ended September 30, 2024
(dollars in millions) North America Rest of World Inter-segment Elimination Total Segments Corporate Expenses Total
13 unchanged sentences
Assets, depreciation and capital expenditures by segment
−Removed: (dollars in millions) June 30, 2025 December 31, 2024
+Added: (dollars in millions) September 30, 2025 December 31, 2024
North America $ 2,365.2 $ 2,315.2
5 unchanged sentences
Depreciation and amortization Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
(dollars in millions) 2025 2024 2025 2024
5 unchanged sentences
Capital expenditures Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
(dollars in millions) 2025 2024 2025 2024
14 unchanged sentences
Assets (liabilities) measured at fair value on a recurring basis are as follows (dollars in millions):
−Removed: Fair Value Measurement Using Balance Sheet Location June 30,
+Added: Fair Value Measurement Using Balance Sheet Location September 30,
2025 December 31, 2024
Quoted prices in active markets for identical assets (Level 1) Marketable Securities $ 20.1 $ 36.5
−Removed: Significant other observable inputs (Level 2) Accrued Liabilities ( 0.8 ) ( 1.9 )
+Added: Significant other observable inputs (Level 2) Other current assets / (Accrued liabilities) 1.0 ( 1.9 )
Items measured at fair value were comprised of the Company’s marketable securities (Level 1) and derivative instruments (Level 2).
−Removed: There were no changes in the Company's valuation techniques used to measure fair values on a recurring basis during the six months ended June 30, 2025.
+Added: There were no changes in the Company's valuation techniques used to measure fair values on a recurring basis during the nine months ended September 30, 2025.
Derivative Instruments
15 unchanged sentences
The majority of the amounts in accumulated other comprehensive loss for cash flow hedges are expected to be reclassified into earnings within one year.
−Removed: The combined fair value of the foreign currency forward contracts was an asset balance of $ 0.5 million as of June 30, 2025 which was recorded in Other current assets within the condensed consolidated balance sheet.
+Added: The combined fair value of the foreign currency forward contracts was an asset balance of $ 2.1 million as of September 30, 2025 which was recorded in Other current assets within the condensed consolidated balance sheet.
The combined fair value of the foreign currency forward contracts was a liability balance of $ 1.4 million as of December 31, 2024 which was recorded in Accrued liabilities within the condensed consolidated balance sheet.
1 unchanged sentence
The following table summarizes, by currency, the contractual amounts of the Company’s foreign currency forward contracts as of the dates indicated that were designated as cash flow hedges:
−Removed: (dollars in millions) June 30, 2025 December 31, 2024
+Added: (dollars in millions) September 30, 2025 December 31, 2024
Buy Sell Buy Sell
6 unchanged sentences
The Company entered into a forward interest rate swap agreement with an independent counterparty to hedge the variability in cash flows due to changes in the Secured Overnight Financing Rate (SOFR) benchmark interest rate associated with variable rate borrowings.
−Removed: The interest rate swap at June 30, 2025 has a maturity date of September 30, 2029 and effectively converts the Company’s variable interest rate obligation to a fixed interest rate obligation.
−Removed: The interest rate swap had an aggregate notional amount of 4.2 billion rupees as of June 30, 2025 and December 31, 2024.
−Removed: The aggregate effective interest rate of the swap as of June 30, 2025 was 8.25 %.
−Removed: The fair value of the interest rate swap contract was a liability balance of $ 1.3 million and $ 0.5 million as of June 30, 2025 and December 31, 2024, respectively, which was recorded in Accrued liabilities within the condensed consolidated balance sheet.
+Added: The interest rate swap at September 30, 2025 has a maturity date of September 30, 2029 and effectively converts the Company’s variable interest rate obligation to a fixed interest rate obligation.
+Added: The interest rate swap had an aggregate notional amount of 4.2 billion rupees as of September 30, 2025 and December 31, 2024.
+Added: The aggregate effective interest rate of the swap as of September 30, 2025 was 8.25 %.
+Added: The fair value of the interest rate swap contract was a liability balance of $ 1.1 million and $ 0.5 million as of September 30, 2025 and December 31, 2024, respectively, which was recorded in Accrued liabilities within the condensed consolidated balance sheet.
The effect of cash flow hedges on the condensed consolidated statement of earnings:
−Removed: Three Months Ended June 30 (dollars in millions):
+Added: Three Months Ended September 30 (dollars in millions):
Derivatives in ASC 815 cash flow hedging relationships Amount of gain (loss) recognized in other
comprehensive
−Removed: loss on derivatives Location of (loss) gain
+Added: loss on derivatives Location of gain (loss)
reclassified from
1 unchanged sentence
comprehensive loss
−Removed: into earnings Amount of (loss) gain
+Added: into earnings Amount of gain (loss)
reclassified from
6 unchanged sentences
$ 2.2 $ ( 0.8 ) $ 0.5 $ 0.5
−Removed: Six Months Ended June 30 (dollars in millions):
+Added: Nine Months Ended September 30 (dollars in millions):
Derivatives in ASC 815 cash flow hedging relationships Amount of gain (loss) recognized in other
comprehensive
−Removed: loss on derivatives Location of (loss) gain
+Added: loss on derivatives Location of gain (loss)
reclassified from
1 unchanged sentence
comprehensive loss
−Removed: into earnings Amount of (loss) gain
+Added: into earnings Amount of gain (loss)
reclassified from
13 unchanged sentences
These hedges are determined to be effective.
−Removed: The Company recognized $( 2.6 ) million of after-tax losses and $ 1.4 million of after-tax gains associated with hedges of net investments in non-U.S.
−Removed: subsidiaries in currency translation adjustment in other comprehensive loss in the three months ended June 30, 2025 and June 30, 2024, respectively.
+Added: The Company recognized $ 1.3 million and $ 4.0 million of after-tax losses associated with hedges of net investments in non-U.S.
+Added: subsidiaries in currency translation adjustment in other comprehensive loss in the three months ended September 30, 2025 and September 30, 2024, respectively.
The Company recognized $( 5.1 ) million of after-tax losses and $ 1.4 million of after-tax gains associated with hedges of net investments in non-U.S.
−Removed: subsidiaries in currency translation adjustment in other comprehensive loss in the six months ended June 30, 2025 and June 30, 2024, respectively.
−Removed: The contractual amount of the Company’s foreign currency denominated intercompany debt that is designated as a net investment hedge was ¥ 1.5 billion RMB as of June 30, 2025 and December 31, 2024.
−Removed: The fair value of the net investment hedge was zero as of June 30, 2025 and December 31, 2024.
+Added: subsidiaries in currency translation adjustment in other comprehensive loss in the nine months ended September 30, 2025 and September 30, 2024, respectively.
+Added: The contractual amount of the Company’s foreign currency denominated intercompany debt that is designated as a net investment hedge was ¥ 1.5 billion RMB as of September 30, 2025 and December 31, 2024.
+Added: The fair value of the net investment hedge was zero as of September 30, 2025 and December 31, 2024.
Balance Sheet Hedges
2 unchanged sentences
These foreign exchange contracts did not qualify for hedge accounting in accordance with ASC 815 and as such were marked to market through earnings.
−Removed: The fair value of the foreign exchange contracts was zero as of June 30, 2025 and December 31, 2024.
+Added: The fair value of the foreign exchange contracts was zero as of September 30, 2025 and December 31, 2024.
The following table summarizes the contractual amounts of the Company's foreign exchange contracts that are designated as balance sheet hedges:
−Removed: (dollars in millions) June 30, 2025 December 31, 2024
+Added: (dollars in millions) September 30, 2025 December 31, 2024
Buy Sell Buy Sell
1 unchanged sentence
The amounts recognized within the condensed consolidated statements of earnings related to the Company's foreign exchange contracts are set forth below.
−Removed: Three Months Ended June 30 (dollars in millions):
+Added: Three Months Ended September 30 (dollars in millions):
Derivatives not designated as hedging instruments:
Location of expense within the condensed consolidated statements of earnings
−Removed: Foreign exchange contracts Other expense, net $ — $ 1.7
−Removed: Six Months Ended June 30 (dollars in millions):
+Added: Foreign exchange contracts Other income, net $ — $ ( 3.6 )
+Added: Nine Months Ended September 30 (dollars in millions):
Derivatives not designated as hedging instruments:
1 unchanged sentence
Foreign exchange contracts Other expense, net $ — $ 2.1
−Removed: The Company’s effective income tax rate for the three and six months ended June 30, 2025 was 24.5 percent.
+Added: The Company’s effective income tax rate for the three and nine months ended September 30, 2025 was 23.2 percent and 24.1 percent respectively.
The Company estimates that its annual effective income tax rate for the full year 2025 will be approximately between 23.5 and 24.0 percent.
−Removed: The effective income tax rate for the three and six months ended June 30, 2024 was 24.4 percent and 23.9 percent, respectively.
−Removed: The change in the effective income tax rate for the three and six months ended June 30, 2025 compared to the effective income tax rate for the three and six months ended June 30, 2024 was primarily due to the geographical earnings mix.
−Removed: As of June 30, 2025, the Company had $ 16.2 million of unrecognized tax benefits of which $ 4.3 million would affect its effective income tax rate if recognized.
+Added: The effective income tax rate for the three and nine months ended September 30, 2024 was 23.3 percent and 23.7 percent, respectively.
+Added: The change in the effective income tax rate for the three and nine months ended September 30, 2025 compared to the effective income tax rate for the three and nine months ended September 30, 2024 was primarily due to the geographical earnings mix.
+Added: As of September 30, 2025, the Company had $ 16.2 million of unrecognized tax benefits of which $ 4.3 million would affect its effective income tax rate if recognized.
The Company recognizes potential interest and penalties related to unrecognized tax benefits as a component of income tax expense.
10 unchanged sentences
Potential losses under the repurchase arrangements represent the difference between the repurchase price and net proceeds from the resale of the product plus costs incurred in the process, less related distributor rebates.
−Removed: The Company’s reserves for estimated losses under these repurchase arrangements were immaterial as of June 30, 2025 and December 31, 2024.
+Added: The Company’s reserves for estimated losses under these repurchase arrangements were immaterial as of September 30, 2025 and December 31, 2024.
Changes in Accumulated Other Comprehensive Loss by Component
1 unchanged sentence
(dollars in millions) Three Months Ended
+Added: September 30,
Cumulative foreign currency translation
Balance at beginning of period $ ( 89.1 ) $ ( 87.5 )
−Removed: Other comprehensive gain (loss) before reclassifications 14.5 ( 2.4 )
+Added: Other comprehensive (loss) gain before reclassifications ( 5.8 ) 7.6
Balance at end of period ( 94.9 ) ( 79.9 )
−Removed: Unrealized net (loss) gain on cash flow derivatives
+Added: Unrealized net gain (loss) on cash flow derivatives
Balance at beginning of period ( 0.9 ) —
−Removed: Other comprehensive losses before reclassifications ( 0.3 ) ( 1.0 )
−Removed: Realized losses (gains) on derivatives (net of income tax provision of $ 0.1 and $ 0.2 in 2025 and 2024, respectively)
+Added: Other comprehensive gains (losses) before reclassifications 1.7 ( 0.6 )
+Added: Realized gains on derivatives (net of income tax provision of $ 0.1 and $ 0.1 in 2025 and 2024, respectively)
+Added: ( 0.3 ) ( 0.3 )
Balance at end of period 0.5 ( 0.9 )
6 unchanged sentences
Changes to accumulated other comprehensive loss by component are as follows:
−Removed: (dollars in millions) Six Months Ended
+Added: (dollars in millions) Nine Months Ended
+Added: September 30,
Cumulative foreign currency translation
Balance at beginning of period $ ( 104.3 ) $ ( 80.3 )
−Removed: Other comprehensive gain (loss) before reclassifications 15.2 ( 7.2 )
+Added: Other comprehensive gain before reclassifications 9.4 0.4
Balance at end of period ( 94.9 ) ( 79.9 )
−Removed: Unrealized net (loss) gain on cash flow derivatives
+Added: Unrealized net gain (loss) on cash flow derivatives
Balance at beginning of period ( 1.5 ) 0.7
−Removed: Other comprehensive gain before reclassifications 0.4 0.4
−Removed: Realized losses (gains) on derivatives (net of income tax provision of $ 0.0 and $ 0.3 in 2025 and 2024, respectively)
+Added: Other comprehensive gain (loss) before reclassifications 2.1 ( 0.2 )
+Added: Realized gains on derivatives (net of income tax provision of $ 0.1 and $ 0.5 in 2025 and 2024, respectively)
+Added: ( 0.1 ) ( 1.4 )
Balance at end of period 0.5 ( 0.9 )
5 unchanged sentences
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.