What changed in this filing

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Item 1. Business

2026-02-20 compared with 2025-02-21 · 63 added, 87 removed, 157 unchanged (49% of the section changed)

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The Company follows a 4-4-5 or 5-4-4 fiscal calendar, whereby each fiscal quarter consists of thirteen weeks grouped into two four-week months and one five-week month, and its fiscal year ends on the Sunday closest to December 31.

Fiscal years 2024, 2023 and 2022 ended on December 29, 2024, December 31, 2023, and January 1, 2023, respectively.

Fiscal years 2025, 2024 and 2023 ended on December 28, 2025, December 29, 2024, and December 31, 2023, respectively.

All fiscal years presented include 52 weeks of operations.

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Our mission is to solve the world’s challenges through materials science.

Our largest markets of aerospace & defense represent approximately 62% of total sales, led by products for jet engines and airframes.

Additionally, we have a strong presence in our other core markets consisting of specialty energy, medical and electronics markets.

In aggregate, these core markets represent almost 80% of our revenue.

Aerospace & defense, our largest end markets, represent approximately 68% of total sales, led by products for jet engines and airframes in addition to a wide range of defense applications.

Additionally, we have a strong presence the specialty energy market and also serve customers in several other markets including conventional energy, medical, electronics and other industrial markets.

We operate in two business segments:

High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions (AA&S).

The HPMC segment’s primary focus is on maximizing jet engine materials and components growth, with approximately 86% of its revenue derived from the aerospace & defense markets, including nearly 60% of its revenue from products for commercial jet engines.

Commercial aerospace products have been the main source of sales and EBITDA growth for HPMC over the last several years and are expected to continue to drive HPMC and overall ATI results in the future.

HPMC has also experienced growth in defense products, which comprise almost 10% of total sales.

Other core markets include medical and specialty energy.

HPMC produces a wide range of high performance materials, components, and advanced metallic powder alloys.

These products are made from nickel-based alloys and superalloys, titanium and titanium-based alloys, and a variety of other specialty materials.

HPMC’s capabilities range from cast/wrought and powder alloy development to final production of highly engineered finished components, and 3D-printed aerospace products.

The AA&S segment is focused on delivering high-value flat products, with a focus in aerospace & defense and other core markets, which comprise approximately 60% of its revenue.

Industrial markets comprise the remaining 40% of AA&S sales, which includes the conventional energy and automotive end-markets.

AA&S produces nickel-based alloys, titanium and titanium-based alloys, and specialty alloys in a variety of forms including plate, sheet, and strip products.

Strategic end-use markets for our products include:

HPMC’s capabilities range from cast/wrought and powder alloy development to production of highly engineered finished components, and 3D-printed aerospace products.

The HPMC segment’s primary focus is on maximizing jet engine materials and components growth, with approximately 92% of its revenue derived from the aerospace & defense markets, including nearly 68% from products for commercial jet engines.

HPMC has also experienced strong growth in defense products, with fiscal year 2025 sales growth of 24%.

Sales of defense products comprise almost 11% of HPMC's total sales.

The AA&S segment produces nickel-based alloys, titanium and titanium-based alloys, and specialty alloys, including zirconium, hafnium, and niobium, in a variety of forms including plate, sheet, and strip products.

AA&S focuses on high-value materials that are utilized in technically challenging and extreme environments, which require materials that can withstand extreme heat, radiation and corrosion.

AA&S continued its focus of growing sales to the aerospace & defense end markets, with fiscal year 2025 sales to those markets increasing 15%.

Aerospace & defense now comprises approximately 41% of AA&S total revenue.

AA&S also serves customers across several other markets, notably specialty energy and conventional energy, as well as electronics and certain industrial markets.

End-use markets for our products include:

Aerospace & Defense .

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We believe that through alloy development, internal growth efforts, and long-term supply agreements on current and next-generation jet engines and airframes, we are well-positioned with a fully qualified asset base to meet the expected multi-year demand growth from the commercial aerospace market.

Typical aerospace applications for nickel-based alloys and superalloys and advanced metallic powders include jet engine disks, blades, vanes, rings, casings and shafts.

Nickel-based alloys and superalloys remain extremely strong at high temperatures and resist degradation under extreme conditions.

Next-generation jet engines use advanced nickel-based superalloys and metallic powder alloys to enable increased fuel efficiency requirements that require hotter-burning engines.

Typical aerospace applications for the nickel-based alloys and superalloys and advanced metallic powders we produce include jet engine disks, blades, vanes, rings, casings and shafts.

Our specialty materials are also used in the manufacture of aircraft landing gear and structural components.

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We produce highly sophisticated components that have differing mechanical properties across a single product unit and are highly resistant to fatigue and temperature effects.

Our precision forgings are used for jet engine components, structural components for aircraft, helicopters, space propulsion, and other demanding applications.

Our precision forgings are used for jet engine components, structural components

for aircraft, helicopters, space propulsion, and other demanding applications.

ATI provides a full range of post-production inspection and machining with the certified quality needed to meet demanding application requirements.

Products and components made from titanium and titanium-based alloys, such as jet engine components including disks, blades and vanes, and airframe components such as structural members, landing gears, and hydraulic systems, are critical in aerospace applications.

Additionally, the products and components made from the titanium and titanium-based alloys we produce, such as jet engine components including disks, blades and vanes, and airframe components such as structural members, landing gears, and hydraulic systems, are also critical in aerospace applications.

These materials and components possess an extraordinary combination of properties that help to increase jet engine fuel efficiency and product longevity, including superior strength-to-weight ratios, elevated temperature resistance, low coefficient of thermal expansion, and extreme corrosion resistance.

Availability of titanium supply continues to be a critical issue across the aerospace & defense supply chain.

As such, in fiscal year 2023, we restarted a significant amount of titanium melt capacity in Albany, Oregon with a modest investment and have continued to invest in additional capacity at this facility, bringing online a fourth furnace in the first half of fiscal year 2024.

In addition, we have further invested in additional titanium melt capacity to meet growing demand at our Richland, Washington facility, which is expected to begin qualifications in the second quarter of 2025.

When our Richland, Washington expansion is at full production in late fiscal year 2025, our total titanium melt capacity is expected to be 80% greater than our fiscal year 2022 titanium melt capacity.

Our specialty materials and components for defense applications include naval nuclear products, military jet engines, fixed wing and rotorcraft products, armor applications and munitions materials.

We expect to continue to increase our sales in government defense applications in future years.

We produce a wide-range of military-grade materials including titanium, nickel-based alloys, zirconium, tungsten, and hafnium, as well as components for our defense customers.

Our materials and components are used for many applications, including naval nuclear products, military jet engines, fixed wing and rotorcraft products, armor applications and munitions materials.

In fiscal year 2025, sales to our defense end market increased by 14% and we expect continued growth in this important end market in the coming years.

We continuously seek to develop and manufacture innovative new alloys to better serve the needs of the aerospace & defense markets, and several of the alloys we produce have won significant share in current and next-generation jet engines.

ATI’s metallic powder technology delivers alloy compositions and refined microstructures that offer increased performance and longer useful lives in high-temperature aerospace environments, as well as improved efficiency of jet engines.

We continue to increase our production capacity for advanced metallic powders for use in next-generation aerospace products, including additive manufacturing applications.

In fiscal year 2023, ATI established a dedicated additive manufacturing and post-processing facility near Fort Lauderdale, Florida which achieved its first print in fiscal year 2024.

This facility will allow ATI to tap into significant aerospace and defense demand for additively manufactured laser powered bed fusion parts, serving both commercial and defense customers.

We also serve energy markets, with a focus on specialty energy, which includes nuclear power generation and gas turbines.

Our specialty materials are widely used in the global electrical power generation and distribution industries.

We believe clean energy needs, expanding global environmental policies and the electrification of developing countries will continue to drive demand for our specialty materials and products for use in these industries over the long term.

Our specialty materials, including corrosion-resistant alloys (CRAs), are used in nuclear, natural gas and other electrical power generation fuel source applications, including for pipe, tube, and heat exchanger applications in water systems and in pollution control scrubbers.

We are an industry pioneer in producing nuclear reactor fuel cladding and structural components utilizing zirconium and hafnium alloys for use in nuclear power generation.

We also are a technology leader for large diameter components used in natural gas land-based turbines for power generation, and our alloys are used for alternative energy generation, including solar, fuel cell and geothermal applications.

Both of our business segments also produce specialty materials that are critical to the conventional energy market, which includes oil & gas and chemical and hydrocarbon processing industries.

The environments in which oil & gas can be found in commercial quantities have become more challenging, involving deep offshore wells, high pressure and high temperature conditions in sour wells and unconventional sources.

ATI also has a dedicated additive manufacturing and post-processing facility to tap into significant aerospace & defense demand for additively manufactured laser powered bed fusion parts, serving both commercial and defense customers.

Our products are sold to a variety of end customers in the end-use energy market, with a focus on specialty energy, which includes nuclear power generation and gas turbines.

Our high-performance products meet a wide range of needs for protection, conductivity, thermal performance and corrosion resistance.

ATI's solutions for the energy industry include specialty materials for solar, geothermal and wind applications, reactor-grade zirconium and hafnium alloys, pioneered by ATI, for nuclear plants;

and corrosion-resistant alloys for water systems and scrubbers in coal plants.

We believe clean energy needs, the electrification of developing countries, and energy requirements to support data center growth will continue to drive demand for our specialty materials and products for use in these industries over the long term.

Further, we are an industry pioneer in producing nuclear reactor fuel cladding and structural components utilizing zirconium and hafnium alloys for use in nuclear power generation.

Both of our business segments also produce specialty materials that are critical to the conventional energy market, which includes the oil and gas and chemical and hydrocarbon processing industries.

The environments in which oil and gas can be found in commercial quantities have become more challenging, involving deep offshore wells, high pressure and high temperature conditions in sour wells, and other unconventional sources.

These challenging offshore environments are located further off the continental shelf, including locations in arctic and tropical waters where drilling is more difficult than previously-sourced locations.

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We enable our customers’ success in these applications by developing and producing specialty materials for equipment that can operate for up to 30 years in these harsh environments.

ATI’s advanced specialty materials are used in medical device products that enhance the quality of lives around the world.

Other Markets.

We also serve several other customer end markets, including electronics, medical, and industrial.

Customers in the medical end market use ATI’s advanced specialty materials in medical device products that enhance the quality of lives around the world.

Manufacturers of magnetic resonance imaging (MRI) devices rely on our niobium superconducting wire to help produce electromagnetic fields that allow physicians to safely scan the body’s soft tissue.

We have a joint technology development agreement with Bruker Energy & Supercon Technologies to advance state-of-the-art niobium-based superconductors, including those used in MRI magnets for the medical industry, and preclinical MRI magnets used in the life-science tools industry.

Our specialty alloys also are used for replacement knees, hips and other prosthetic devices.

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Our biocompatible nickel-titanium (nitinol) shape memory alloy is used for stents to support collapsed or clogged blood vessels.

Reduced in diameter for insertion, these stents expand post-implant to their original tube-like shape due to the metal’s superelasticity.

In addition, our ultra fine diameter (0.002 inch/0.051 mm) titanium wire is used for screens to prevent blood

clots from entering critical areas of the body.

We have a strategic partnership with Confluent Medical Technologies (Confluent) whereby Confluent has begun to provide a $50 million investment in our capacity expansion to produce nitinol.

As a result of this expansion, we expect to more than triple our production of this life saving alloy by fiscal year 2027.

Electronics .

ATI’s materials perform a variety of important roles in the growing consumer electronics market.

Nickel alloys and Precision Rolled Strip ® (PRS) from Specialty Rolled Products (SRP) and our Asian PRS joint venture are used in computers and smart phones.

The magnetic properties of nickel alloys are used in relay cores, magnets and magnetic shielding, while their thermal expansion is useful in glass-to-metal sealing applications such as monitors.

In the electronics market, nickel alloys and Precision Rolled Strip ® (PRS) from Specialty Rolled Products (SRP) and our Asian PRS joint venture are used in computers and smart phones.

PRS is selected for electronics and communications applications based on corrosion resistance, strength, wear resistance, electrical resistivity or thermal expansion.

In addition, metal precursors – which use chemicals produced by ATI, such as hafnium – have a variety of important applications in consumer and industrial electronics.

Finally, ATI's materials and products are used across a wide range of industrial markets, including automotive and construction and mining.

Business Segments

Our two business segments accounted for the following percentages of total revenues of $4.4 billion, $4.2 billion, and $3.8 billion for the fiscal years ended December 29, 2024, December 31, 2023, and January 1, 2023, respectively.

Our two business segments accounted for the following percentages of total revenues of $4.6 billion, $4.4 billion, and $4.2 billion for the fiscal years ended December 28, 2025, December 29, 2024, and December 31, 2023, respectively.

Fiscal Year Ended

December 29, 2024 December 31, 2023 January 1, 2023

December 28, 2025 December 29, 2024 December 31, 2023

High Performance Materials & Components 53 % 52 % 51 %

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High Performance Materials & Components Segment

Our HPMC segment produces a wide range of high performance specialty materials, parts and components for several of our core markets, including aerospace & defense, medical, and specialty energy, with approximately 86% of fiscal year 2024 revenues derived from the aerospace & defense markets.

Our HPMC segment produces a wide range of high performance specialty materials, parts and components for our aerospace & defense, specialty energy, and medical markets, with approximately 92% of fiscal year 2025 revenues derived from the aerospace & defense markets.

Most of the products in this segment are sold directly to end-use customers, and a substantial portion of our HPMC segment products are sold under multi-year agreements.

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(Embraer) for airframes.

GE Aerospace, Rolls-Royce plc, Pratt & Whitney (a division of Raytheon Technologies Corporation), Safran Aircraft Engines, formerly known as Snecma (a division of Safran Group), and various joint ventures manufacture jet engines.

GE Aerospace, Rolls-Royce plc, Pratt & Whitney (a division of Raytheon Technologies Corporation), and Safran Aircraft Engines.

These companies and their suppliers form a substantial part of our customer base in this business segment.

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Carpenter Technology Corporation for legacy nickel-based alloys and superalloys and specialty steel alloys;

VSMPO-AVISMA for titanium and titanium-based alloys;

and Aubert & Duval for precision forgings.

Advanced Alloys & Solutions Segment

Our AA&S segment produces nickel-based alloys, titanium and titanium-based alloys, and specialty alloys in a variety of forms including plate, sheet, and PRS products.

The major end markets for our flat rolled products are specialty and conventional energy, aerospace & defense, automotive, medical and electronics markets.

The operations in this segment include our SRP and Specialty Alloys & Components businesses in addition to our Shanghai STAL Precision Stainless Steel Company Limited (STAL) PRS joint venture in China, in which we hold a 60% interest.

Our AA&S segment produces nickel-based alloys, titanium and titanium-based alloys, and specialty alloys in a variety of forms, including plate and sheet products.

The major end markets for our flat rolled products are aerospace & defense, specialty and conventional energy, automotive, medical and electronics markets.

The operations in this segment include our Specialty Rolled Products and Specialty Alloys & Components businesses in addition to our Shanghai STAL Precision Stainless Steel Company Limited (STAL) PRS joint venture in China, in which we hold a 60% interest.

Nickel-based alloys, titanium, and stainless sheet products are used in a wide variety of industrial and consumer applications.

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In fiscal year 2025, approximately 40% of our plate products by volume were sold to independent service centers, with the remainder sold directly to end-use customers.

PRS products, which are under 0.015 inches thick, are used by customers to fabricate a variety of products primarily in the automotive and electronics markets.

In fiscal year 2024, approximately 90% of these products by volume were sold directly to end-use customers or through our own distribution network, with the remainder sold to independent service centers.

With the sale of our New Bedford, MA PRS business in 2024, PRS sales in this segment will be significantly reduced going forward.

Competitors for nickel-based alloys and superalloys and specialty alloys include Haynes International and VDM Metals GmbH, a subsidiary of Acerinox S.A.

Principal competitors for nickel-based alloys, superalloys, and specialty alloys produced by AA&S include Haynes International and VDM Metals GmbH, a subsidiary of Acerinox S.A.

Raw Materials and Supplies

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The principal raw materials we use in the production of our specialty materials are scrap (including iron-, nickel-, chromium-, titanium-, and molybdenum-bearing scrap), nickel, titanium sponge, zirconium sand and sponge, ferrochromium, ferrosilicon, molybdenum and molybdenum alloys, manganese and manganese alloys, cobalt, niobium, vanadium, hafnium and other alloying materials.

While we enter into raw materials futures contracts from time to time to hedge exposure to price fluctuations, such as for nickel, we cannot be certain that our hedge position adequately reduces exposure.

While we enter into raw materials futures contracts from time to time to hedge exposure to price fluctuations, such as for nickel,

we cannot be certain that our hedge position adequately reduces exposure.

We believe that we have adequate controls to monitor these contracts, but we may not be able to accurately assess exposure to price volatility in the markets for critical raw materials.

Some raw materials, such as nickel, titanium sponge, cobalt, and ferrochromium, are available to us and our specialty materials industry competitors primarily from foreign sources.

Some of these foreign sources are in countries that may be subject to unstable political and economic conditions, which could disrupt supplies or affect the price of these materials.

Further changes in global trade policies could materially impact the total cost of imported materials.

We source our raw materials through a variety of producers located throughout the world, including the United States (U.S.).

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Japan, Kazakhstan, Saudi Arabia, and China

Some raw materials, such as nickel, titanium sponge, cobalt, and ferrochromium, are mostly available from foreign sources in countries that may be subject to unstable political and economic conditions, which could disrupt supplies or affect the price of these materials.

Further, changes in global trade policies could materially impact the total cost of imported materials.

Certain key supplies used in melting and other processing operations, such as graphite electrodes and industrial gases including helium and argon, are from time-to-time limited in availability and may be subject to significant price inflation.

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Our HPMC segment has manufacturing capabilities for precision forging and machining in Poland, primarily serving the aerospace, construction & mining, and transportation markets.

In fiscal year 2024, the Company completed the sale of its precision rolled strip operations in Remscheid, Germany, which was part of the HPMC segment.

In fiscal year 2022, the Company completed the sale of its Sheffield, U.K.

operations, which included facilities for melting and re-melting, machining

and bar mill operations, and was part of the HPMC segment.

Within our AA&S segment, our Asian joint venture makes PRS products, which enables us to offer these products more effectively to markets in China and other Asian countries.

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We expect that approximately 70% of the confirmed orders on hand at December 28, 2025 for this segment will be filled during fiscal year 2026.

Our AA&S segment’s backlog of confirmed orders was approximately $0.6 billion at December 29, 2024 and $0.8 billion at December 31, 2023.

Our AA&S segment’s backlog of confirmed orders was approximately $0.6 billion at December 28, 2025 and December 29, 2024.

We expect that approximately 90% the confirmed orders on hand at December 28, 2025 for this segment will be filled during fiscal year 2026.

Demand for our products is cyclical over longer periods because specialty materials customers generally operate in cyclical industries and are subject to changes in general economic conditions and other factors both external and internal to those industries.

Historically, the HPMC segment typically has experienced modest seasonal weakness in the third quarter of each fiscal year due to many European customers, particularly in the aerospace supply chain, taking plant outages during this summer period.

ATI also typically performs corresponding annual preventative maintenance outages at several facilities during this same period.

Historically, we have experienced modest seasonal weakness in the third quarter of each fiscal year.

This is mostly due to planned outages by certain European customers, particularly those in the aerospace supply chain, that are typically scheduled for the late summer months each year.

Research, Development and Technical Services

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We conduct research and development at our various operating locations both for ourselves and, on a limited basis, for customers on a contract basis.

Research and development expenditures for the fiscal years ended December 29, 2024, December 31, 2023, and January 1, 2023 included the following:

Research and development expenditures for the fiscal years ended December 28, 2025, December 29, 2024, and December 31, 2023 included the following:

Fiscal Year Ended

(In millions) December 29, 2024 December 31, 2023 January 1, 2023

(In millions) December 28, 2025 December 29, 2024 December 31, 2023

Company-Funded:

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Our research, development and technical service activities are closely interrelated and directed toward development of new products, improvement of existing products, quality assurance, development of new manufacturing methods, improvement of existing manufacturing methods, and reducing our manufacturing costs.

The increase in our research and development expenditures in fiscal years 2024 and 2023 was largely related to efforts to develop and/or refine materials and manufacturing methods for products supporting the aerospace & defense markets.

We own hundreds of U.S.

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We consider environmental compliance to be an integral part of our operations.

We have a comprehensive environmental management and reporting program that focuses on compliance with applicable federal, state, regional and local environmental

laws and regulations.

We have a comprehensive environmental management and reporting program that focuses on compliance with applicable federal, state, regional and local environmental laws and regulations.

Each operating company has an environmental management system that includes mechanisms for regularly evaluating environmental compliance and managing changes in business operations while assessing environmental impact.

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We strive for a zero injury culture committed to the safety of our people, our products, and the communities in which we operate.

Our fiscal year 2024 OSHA Total Recordable Incident Rate was 1.39 per 200,000 hours and our Lost Time Case Rate was 0.26 per 200,000 hours.

Nearly all of our domestic employees are working in an ATI facility that has achieved its ISO 45001 certification.

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We actively seek opportunities for listening and communication by our CEO and other senior executive leaders with our employees.

Annually, we conduct a confidential company-wide engagement survey that offers our employees the ability to provide feedback and valuable insight to identify opportunities for improvement and support employee engagement and our overall human capital strategy.

Periodically, we conduct confidential company-wide engagement surveys that offer our employees the ability to provide feedback, which supports employee engagement and our overall human capital strategy.

Our long tradition of innovation and operational excellence demands the contributions of leaders and team members with a wide array of characteristics, backgrounds, experiences, knowledge, and skills.

We believe our business success is intricately tied to cultivating a culture in which all members of our workforce are included and empowered to do their best work.

Governanc e :

The Compensation and Leadership Development Committee of our Board oversees the Company’s human capital management policies and procedures, including its workforce and professional development and diversity and inclusion initiatives, and is responsible for establishing and administering the policies governing annual compensation and long-term compensation to ensure the policies are designed to align compensation with our overall business strategy and performance to link to the interests of our stockholders.

The Compensation and Leadership Development Committee of our Board oversees the Company’s human capital management policies and procedures, including its workforce and professional development programs, and is responsible for establishing and administering the policies governing annual compensation and long-term compensation to ensure the policies are designed to align compensation with our overall business strategy and performance to link to the interests of our stockholders.

Our Code of Conduct establishes the baseline requirements of our integrity and compliance program and promotes an environment where everyone is treated ethically and with respect.

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Our performance and development process is integrated in the ATI business strategy, and is a key component to recruiting, hiring, and developing top-performing talent.

We believe in providing a welcoming, engaging and inclusive assessment and interviewing process that encourages people from all backgrounds to consider ATI.

Our hiring practices include a goal that position candidate slates be composed at least 30% of diverse candidates.

Further, we partner with top academic institutions that have programs relevant to our business, external professional organizations, trade schools and high schools to enhance the diversity of our workforce and identify materials science, STEM and other relevant expertise.

We believe in providing an assessment and interviewing process that encourages people from all backgrounds to consider ATI.

We partner with top academic institutions that have programs relevant to our business, external professional organizations, trade schools and high schools to identify materials science, STEM and other relevant expertise.

Learning and Development :

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We have leadership and management development programs as well as broad learning opportunities for our employees to support their career growth and advance their skills.

By providing a consistent and comprehensive learning experience, we focus on growing top talent across the enterprise and enhancing Front Line Leader development.

We focus on growing top talent across the enterprise and enhancing Front Line Leader development.

Additionally, we maintain a formal talent review process to work in connection with performance management for systematic career development and succession planning at both the individual employee and organizational levels.

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medical plan, virtual mental health options and navigation tools to improve access and speed of care, and preventive/mental health resilience programs.

Inclusion and Diversity :

We believe our business

success is intricately tied to cultivating a culture in which all members of our workforce are included and empowered to do their best work.

We recognize the benefits and importance of diversity amongst our board and management.

As of December 29, 2024, women made up 40% of our Board, and 10% of our Directors were racially diverse.

Labor Relations and Collective Bargaining :

Approximately 35% of our workforce is covered by various collective bargaining agreements (CBAs), predominantly with the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied & Industrial Service Workers International Union (USW).

The Company is currently renegotiating CBAs, which expire on February 28, 2025, that cover approximately 1,100 USW-represented full-time employees within our AA&S operations.

There can be no assurance that the Company will successfully conclude these renegotiations to replace the expiring CBAs.

On April 22, 2025, we reached agreements with the USW for new CBAs that cover approximately 1,100 USW represented full-time employees within our AA&S operations for a six-year term that extends through February 28, 2031.

Available Information

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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