What changed in this filing

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Item 1. Financial Statements

2023-07-31 compared with 2023-05-04 · 79 added, 64 removed, 526 unchanged (21% of the section changed)

3 unchanged sentences

Three Months Ended

June 30 Six Months Ended

2023 2022 2023 2022

(thousands, except per-share data)

28 unchanged sentences

Three Months Ended

June 30 Six Months Ended

2023 2022 2023 2022

Net income $ 146,320 $ 218,111 $ 243,053 $ 520,711

63 unchanged sentences

Consolidated Statements of Cash Flows

Three Months Ended

Six Months Ended

Cash provided by (used for) operations

45 unchanged sentences

Balance at March 31, 2023 44,983 $ 450 5,392 $ ( 140,391 ) $ 548,611 $ ( 514 ) $ 1,736,364 $ 2,144,520

Net income 146,320 146,320

Other comprehensive income 7 7

Treasury stock purchased 1 ( 57 ) ( 57 )

Stock-based compensation 4,194 4,194

Common stock dividends ($ 3.15 per share)

( 126,460 ) ( 126,460 )

Balance at June 30, 2023 44,983 $ 450 5,393 $ ( 140,448 ) $ 552,805 $ ( 507 ) $ 1,756,224 $ 2,168,524

See accompanying condensed notes to unaudited quarterly consolidated financial statements.

14 unchanged sentences

Balance at March 31, 2022 44,815 $ 448 5,367 $ ( 138,909 ) $ 541,737 $ ( 933 ) $ 1,246,346 $ 1,648,689

Net income 218,111 218,111

Other comprehensive income 16 16

Stock-based compensation 3,011 3,011

Common stock dividends ($ 2.62 per share)

( 104,842 ) ( 104,842 )

Balance at June 30, 2022 44,815 $ 448 5,367 $ ( 138,909 ) $ 544,748 $ ( 917 ) $ 1,359,615 $ 1,764,985

See accompanying condensed notes to unaudited quarterly consolidated financial statements.

44 unchanged sentences

In our Wood Products segment, we view our shipping and handling costs as a cost of the manufacturing process and the movement of product to our end customers.

For our BMD segment, costs related to shipping and handling of $ 53.5 million and $ 56.3 million for the three months ended March 31, 2023 and 2022, respectively, are included in "Selling and distribution expenses" in our Consolidated Statements of Operations.

For our BMD segment, costs related to shipping and handling of $ 60.3 million and $ 56.0 million for the three months ended June 30, 2023 and 2022, respectively, and $ 113.8 million and $ 112.3 million for the six months ended June 30, 2023 and 2022, respectively, are included in "Selling and distribution expenses" in our Consolidated Statements of Operations.

In our BMD segment, our activities relate to the purchase and resale of finished products, and excluding shipping and handling costs from "Materials, labor, and other operating expenses (excluding depreciation)" provides us a clearer view of our operating performance and the effectiveness of our sales and purchasing functions.

2 unchanged sentences

We provide the rebates to increase the sell-through of our products.

Rebates are generally estimated based on the expected amount to be paid and recorded as a decrease in "Sales." At March 31, 2023 and December 31, 2022, we had $ 58.7 million and $ 92.9 million, respectively, of rebates payable to our customers recorded in "Accrued liabilities, Other" on our Consolidated Balance Sheets.

Rebates are generally estimated based on the expected amount to be paid and recorded as a decrease in "Sales." At June 30, 2023 and December 31, 2022, we had $ 97.0 million and $ 92.9 million, respectively, of rebates payable to our customers recorded in "Accrued liabilities, Other" on our Consolidated Balance Sheets.

We adjust our estimate of revenue at the earlier of when the probability of rebates paid changes or when the amounts become fixed.

There have not been significant changes to our estimates of rebates, although it is reasonably possible that a change in the estimate may occur.

There have not been material changes to our estimates of rebates, although it is reasonably possible that a change in the estimate may occur.

Vendor Rebates and Allowances

We receive rebates and allowances from our vendors under a number of different programs, including vendor marketing programs.

At March 31, 2023 and December 31, 2022, we had $ 9.0 million and $ 17.8 million, respectively, of vendor rebates and allowances recorded in "Receivables, Other" on our Consolidated Balance Sheets.

At June 30, 2023 and December 31, 2022, we had $ 8.5 million and $ 17.8 million, respectively, of vendor rebates and allowances recorded in "Receivables, Other" on our Consolidated Balance Sheets.

Rebates and allowances received from our vendors are recognized as a reduction of "Materials, labor, and other operating expenses (excluding depreciation)" when the product is sold, unless the rebates and allowances are linked to a specific incremental cost to sell a vendor's product.

47 unchanged sentences

Our cash is recorded at cost, which approximates fair value, and our cash equivalents are money market funds.

As of March 31, 2023 and December 31, 2022, we held $ 981.1 million and $ 954.4 million, respectively, in money market funds that are measured at fair value on a recurring basis using Level 1 inputs.

As of June 30, 2023 and December 31, 2022, we held $ 1,053.8 million and $ 954.4 million, respectively, in money market funds that are measured at fair value on a recurring basis using Level 1 inputs.

The recorded values of accounts receivable and accounts payable approximate fair values based on their short-term nature.

At March 31, 2023 and December 31, 2022, the book value of our fixed-rate debt for each period was $ 400.0 million, and the fair value was estimated to be $ 348.0 million and $ 348.5 million, respectively.

At June 30, 2023 and December 31, 2022, the book value of our fixed-rate debt for each period was $ 400.0 million, and the fair value was estimated to be $ 360.0 million and $ 348.5 million, respectively.

The difference between the book value and the fair value is derived from the difference between the period-end market interest rate and the stated rate of our fixed-rate, long-term debt.

5 unchanged sentences

We are exposed to interest rate risk arising from fluctuations in variable-rate SOFR on our term loan and when we have loan amounts outstanding on our Revolving Credit Facility.

At March 31, 2023, we had $ 50.0 million of variable-rate debt outstanding based on one-month term SOFR .

At June 30, 2023, we had $ 50.0 million of variable-rate debt outstanding based on one-month term SOFR .

Our objective is to limit the variability of interest payments on our debt.

2 unchanged sentences

We do not speculate using derivative instruments.

At March 31, 2023, we had one interest rate swap agreement, which we entered into in 2020 and commenced in February 2022.

At June 30, 2023, we had one interest rate swap agreement, which we entered into in 2020 and commenced in February 2022.

Under the interest rate swap, we receive one-month SOFR plus a spread adjustment of 0.10 % variable interest rate payments and make fixed interest rate payments, thereby fixing the interest rate on $ 50.0 million of variable rate debt exposure.

1 unchanged sentence

The interest rate swap agreement was not designated as a cash flow hedge, and as a result, all changes in the fair value are recognized in "Change in fair value of interest rate swaps" in our Consolidated Statements of Operations rather than through other comprehensive income.

At March 31, 2023 and December 31, 2022, we recorded long-term assets of $ 4.0 million and $ 4.8 million, respectively, in "Other assets" on our Consolidated Balance Sheets, representing the fair value of the interest rate swap agreement.

At June 30, 2023 and December 31, 2022, we recorded long-term assets of $ 4.3 million and $ 4.8 million, respectively, in "Other assets" on our Consolidated Balance Sheets, representing the fair value of the interest rate swap agreement.

The swap was valued based on observable inputs for similar assets and liabilities and other observable inputs for interest rates and yield curves (Level 2 inputs).

2 unchanged sentences

In order to manage credit risk, we consider customer concentrations and current economic trends and monitor the creditworthiness of significant customers based on ongoing credit evaluations.

At March 31, 2023, receivables from two customers accounted for approximately 19 % and 12 % of total receivables.

At June 30, 2023, receivables from two customers accounted for approximately 19 % and 13 % of total receivables.

At December 31, 2022, receivables from these two customers accounted for approximately 17 % and 14 % of total receivables.

2 unchanged sentences

There were no accounting standards recently issued that had or are expected to have a material impact on our consolidated financial statements and associated disclosures.

For the three months ended March 31, 2023 and 2022, we recorded $ 33.3 million and $ 98.9 million, respectively, of income tax expense and had an effective rate of 25.6 % and 24.6 %, respectively.

For both periods, the primary reason for the difference between the federal statutory income tax rate of 21 % and the effective tax rate was the effect of state taxes.

During the three months ended March 31, 2023 and 2022, cash paid for taxes, net of refunds received, were $ 1.2 million and $ 4.2 million, respectively.

For the three and six months ended June 30, 2023, we recorded $ 49.4 million and $ 82.7 million, respectively, of income tax expense and had an effective rate of 25.3 % and 25.4 %, respectively.

For the three and six months ended June 30, 2022, we recorded $ 73.9 million and $ 172.8 million respectively, of income tax expense and had an effective rate of 25.3 % and 24.9 %, respectively.

For all periods, the primary reason for the difference between the federal and statutory income tax rate of 21 % and the effective tax rate was the effect of state taxes.

During the six months ended June 30, 2023 and 2022, cash paid for taxes, net of refunds received, were $ 46.6 million and $ 149.1 million, respectively.

Net Income Per Common Share

6 unchanged sentences

Three Months Ended

June 30 Six Months Ended

2023 2022 2023 2022

(thousands, except per-share data)

5 unchanged sentences

Net income per common share - Diluted $ 3.67 $ 5.49 $ 6.10 $ 13.10

The computation of the dilutive effect of other potential common shares excludes stock awards representing an insignificant number of shares of common stock in both the three months ended March 31, 2023 and 2022.

The computation of the dilutive effect of other potential common shares excludes stock awards representing an insignificant number of shares of common stock and 0.1 million shares of common stock, respectively, in the three months ended June 30, 2023 and 2022, and 0.1 million shares of common stock in both the six months ended June 30, 2023 and 2022.

Under the treasury stock method, the inclusion of these stock awards would have been antidilutive.

4 unchanged sentences

During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed with the corresponding adjustment to goodwill.

On July 25, 2022, our wholly-owned subsidiary, Boise Cascade Wood Products, L.L.C., completed the acquisition of 100 % of the equity interest in Coastal Plywood, and its plywood manufacturing operations located in Havana, Florida, and Chapman, Alabama, for a purchase price of $ 515.2 million, including a post-closing adjustment of $ 1.6 million based upon a working capital target (the Acquisition).

The following table summarizes the final allocations of the purchase price to the assets acquired and liabilities assumed, based on our estimates of the fair value at the date of the Acquisition:

Acquisition Date Fair Value

Accounts receivable $ 16,123

Inventories 22,977

Property and equipment 251,329

Other assets 1,809

Intangible assets:

Trade name 700

Customer relationships 153,600

Goodwill 77,576

Assets acquired 524,114

Accounts payable and accrued liabilities 6,299

Other long-term liabilities 2,578

Liabilities assumed 8,877

Net assets acquired $ 515,237

We finalized the purchase price accounting as of March 31, 2023.

Goodwill and Intangible Assets

1 unchanged sentence

The carrying amount of our goodwill by segment is as follows:

Balance at December 31, 2022 and March 31, 2023 $ 11,792 $ 126,166 $ 137,958

At March 31, 2023 and December 31, 2022, intangible assets represented the values assigned to trade names and trademarks and customer relationships.

Balance at December 31, 2022 and June 30, 2023 $ 11,792 $ 126,166 $ 137,958

At June 30, 2023 and December 31, 2022, intangible assets represented the values assigned to trade names and trademarks and customer relationships.

We maintain trademarks for our manufactured wood products, particularly EWP.

1 unchanged sentence

These trade names and trademarks have indefinite lives, are not amortized, and have a carrying amount of $ 8.9 million.

In 2022, we acquired a trade name and customer relationships as discussed in Note 5, Acquisition.

In 2022, we acquired a trade name and customer relationships.

The acquired trade name has a useful life of one year .

The weighted-average useful life for customer relationships from the date of purchase is approximately 10 years.

For the three months ended March 31, 2023 and 2022 we recognized $ 4.3 million and $ 0.3 million, respectively, of amortization expense for intangible assets.

For the three months ended June 30, 2023 and 2022 we recognized $ 4.3 million and $ 0.3 million, respectively, of amortization expense for intangible assets.

For the six months ended June 30, 2023 and 2022 we recognized $ 8.6 million and $ 0.6 million, respectively, of amortization expense for intangible assets.

Intangible assets consisted of the following:

March 31, 2023

June 30, 2023

Gross Carrying

27 unchanged sentences

The Amended Agreement also contains a requirement that we meet a 1 :1 fixed-charge coverage ratio (FCCR), applicable only if Availability falls below the greater of (a) 10 % of the Line Cap (as defined in the Amended Agreement) and (b) $ 35 million.

Availability exceeded the minimum threshold amounts required for testing of the FCCR at all times since entering into the Amended Agreement, and Availability at March 31, 2023 was $ 395.9 million.

Availability exceeded the minimum threshold amounts required for testing of the FCCR at all times since entering into the Amended Agreement, and Availability at June 30, 2023 was $ 395.9 million.

The Amended Agreement permits us to pay dividends only if at the time of payment (a) no default has occurred or is continuing (or would result from such payment) under the Amended Agreement, and (b) either (i) pro forma Excess Availability (as defined in the Amended Agreement) is equal to or exceeds the greater of (x) 20 % of the Line Cap and (y) $ 75 million or (ii) (x) pro forma Excess Availability is equal to or exceeds the greater of (1) 15 % of Line Cap and (2) $ 55 million and (y) our fixed-charge coverage ratio is greater than or equal to 1 :1 on a pro forma basis.

5 unchanged sentences

In addition, we are required to pay an unused commitment fee at a rate of 0.20 % per annum of the average unused portion of the lending commitments.

At both March 31, 2023 and December 31, 2022, we had no borrowings outstanding under the Revolving Credit Facility and $ 4.1 million and $ 3.8 million, respectively, of letters of credit outstanding.

At both June 30, 2023 and December 31, 2022, we had no borrowings outstanding under the Revolving Credit Facility and $ 4.1 million and $ 3.8 million, respectively, of letters of credit outstanding.

These letters of credit and borrowings, if any, reduce availability under the Revolving Credit Facility by an equivalent amount.

5 unchanged sentences

Both SOFR options include an additional credit spread adjustment of 0.10 %.

During the three months ended March 31, 2023, the average interest rate on the ABL Term Loan was approximately 6.36 %.

During the six months ended June 30, 2023, the average interest rate on the ABL Term Loan was approximately 6.58 %.

We have received and expect to continue receiving patronage credits under the ABL Term Loan.

Patronage credits are distributions of profits from banks in the Farm Credit system, which are cooperatives that are required to distribute profits to

their members.

Patronage credits are distributions of profits from banks in the Farm Credit system, which are cooperatives that are required to distribute profits to their members.

Patronage distributions, which are generally made in cash, are received in the year after they are earned.

Patronage credits are recorded as a reduction to interest expense in the year earned.

After giving effect to expected patronage distributions, the effective average net interest rate on the ABL Term Loan was approximately 5.4 % during the three months ended March 31, 2023.

After giving effect to expected patronage distributions, the effective average net interest rate on the ABL Term Loan was approximately 5.6 % during the six months ended June 30, 2023.

On July 27, 2020, we issued $ 400 million of 4.875 % senior notes due July 1, 2030 (2030 Notes) through a private placement that was exempt from the registration requirements of the Securities Act.

17 unchanged sentences

Cash Paid for Interest

For the three months ended March 31, 2023 and 2022, cash payments for interest were $ 10.4 million and $ 10.6 million, respectively.

For the six months ended June 30, 2023 and 2022, cash payments for interest were $ 11.1 million and $ 11.3 million, respectively.

The components of lease expense were as follows:

Three Months Ended

June 30 Six Months Ended

2023 2022 2023 2022

Operating lease cost $ 3,264 $ 3,585 $ 6,581 $ 7,146

8 unchanged sentences

Supplemental cash flow information related to leases was as follows:

Three Months Ended

Six Months Ended

Cash paid for amounts included in the measurement of lease liabilities

6 unchanged sentences

Other information related to leases was as follows:

March 31, 2023 December 31, 2022

June 30, 2023 December 31, 2022

Weighted-average remaining lease term (years)

4 unchanged sentences

Finance leases 7.6 % 7.6 %

As of March 31, 2023, our minimum lease payment requirements for noncancelable operating and finance leases are as follows:

As of June 30, 2023, our minimum lease payment requirements for noncancelable operating and finance leases are as follows:

Operating Leases Finance Leases

14 unchanged sentences

PSU and RSU Awards

During the three months ended March 31, 2023, we granted 93,282 PSUs to our officers and other employees, subject to performance and service conditions.

During the six months ended June 30, 2023, we granted 93,282 PSUs to our officers and other employees, subject to performance and service conditions.

For the officers, the number of shares actually awarded will range from 0 % to 200 % of the target amount, depending upon Boise Cascade's 2023 return on invested capital (ROIC), as approved by our compensation committee in accordance with the related grant agreement.

4 unchanged sentences

Because the PSUs contain a performance condition, we record compensation expense over the requisite service period based on the most probable number of shares expected to vest.

During the three months ended March 31, 2022, we granted 66,180 PSUs to our officers and other employees, subject to performance and service conditions.

During the six months ended June 30, 2022, we granted 66,180 PSUs to our officers and other employees, subject to performance and service conditions.

During the 2022 performance period, officers and other employees earned 152 % and 200 %, respectively, of the target based on Boise Cascade's 2022 ROIC and EBITDA, as applicable, determined by our compensation committee and executive management, as applicable, in accordance with the related grant agreements.

The PSUs granted to officers generally vest in a single installment three years from the date of grant, while the PSUs granted to other employees vest in three equal tranches each year after the grant date.

During the three months ended March 31, 2023 and 2022, we granted an aggregate of 115,060 and 81,523 RSUs, respectively, to our officers, other employees, and nonemployee directors with only service conditions.

During the six months ended June 30, 2023 and 2022, we granted an aggregate of 115,252 and 86,164 RSUs, respectively, to our officers, other employees, and nonemployee directors with only service conditions.

The RSUs granted to officers and other employees vest in three equal tranches each year after the grant date.

1 unchanged sentence

We based the fair value of PSU and RSU awards on the closing market price of our common stock on the grant date.

During the three months ended March 31, 2023 and 2022, the total fair value of PSUs and RSUs vested was $ 16.8 million and $ 12.0 million, respectively.

The following summarizes the activity of our PSUs and RSUs awarded under our incentive plan for the three months ended March 31, 2023:

During the six months ended June 30, 2023 and 2022, the total fair value of PSUs and RSUs vested was $ 16.8 million and $ 12.0 million, respectively.

The following summarizes the activity of our PSUs and RSUs awarded under our incentive plan for the six months ended June 30, 2023:

Number of shares Weighted Average Grant-Date Fair Value Number of shares Weighted Average Grant-Date Fair Value

4 unchanged sentences

Forfeited ( 5,399 ) 68.55 ( 3,200 ) 70.32

Outstanding, March 31, 2023 290,816 $ 66.54 179,567 $ 69.96

Outstanding, June 30, 2023 290,816 $ 66.54 179,759 $ 69.96

_______________________________

(a) Represents additional PSUs granted during the three months ended March 31, 2023, related to above-target achievement of the 2022 performance condition described above.

(a) Represents additional PSUs granted during the six months ended June 30, 2023, related to above-target achievement of the 2022 performance condition described above.

Compensation Expense

5 unchanged sentences

Three Months Ended

June 30 Six Months Ended

2023 2022 2023 2022

PSUs $ 2,577 $ 1,695 $ 4,391 $ 3,001

1 unchanged sentence

Total $ 4,194 $ 3,012 $ 7,518 $ 5,403

The related tax benefit for the three months ended March 31, 2023 and 2022, was $ 0.9 million and $ 0.6 million respectively.

As of March 31, 2023, total unrecognized compensation expense related to nonvested share-based compensation arrangements was $ 23.7 million.

The related tax benefit for the six months ended June 30, 2023 and 2022, was $ 1.9 million and $ 1.3 million respectively.

As of June 30, 2023, total unrecognized compensation expense related to nonvested share-based compensation arrangements was $ 25.8 million.

This expense is expected to be recognized over a weighted-average period of 2.1 years.

1 unchanged sentence

On November 14, 2017, we announced that our board of directors approved a dividend policy to pay quarterly cash dividends to holders of our common stock.

For more information regarding our dividend declarations and payments made during each of the three months ended March 31, 2023 and 2022, see "Common stock dividends" on our Consolidated Statements of Stockholders' Equity.

On May 4, 2023 , our board of directors declared a quarterly dividend of $ 0.15 per share on our common stock, as well as a special dividend of $ 3.00 per share on our common stock, both payable on June 15, 2023 , to stockholders of record on June 1, 2023 .

For more information regarding our dividend declarations and payments made during each of the six months ended June 30, 2023 and 2022, see "Common stock dividends" on our Consolidated Statements of Stockholders' Equity.

On July 27, 2023 , our board of directors declared a quarterly dividend of $ 0.20 per share on our common stock, payable on September 15, 2023 , to stockholders of record on September 1, 2023 .

For a description of the restrictions in our asset-based credit facility and the indenture governing our senior notes on our ability to pay dividends, see Note 7, Debt.

6 unchanged sentences

Our board of directors may increase or decrease the number of shares under the Program or terminate the Program in its discretion at any time.

During the three months ended March 31, 2023, we repurchased 24,727 shares under the Program at a cost of $ 1.5 million, or an average of $ 59.91 per share.

During the six months ended June 30, 2023, we repurchased 25,678 shares under the Program at a cost of $ 1.5 million, or an average of $ 59.91 per share.

The shares were purchased with cash on hand and are recorded as "Treasury stock" on our Consolidated Balance Sheet.

As of March 31, 2023, there were 1,972,262 shares of common stock that may yet be purchased under the Program.

As of June 30, 2023, there were 1,971,311 shares of common stock that may yet be purchased under the Program.

Transactions With Related Party

4 unchanged sentences

Accordingly, we do not consolidate LTP's results in our financial statements.

Related-party sales to LTP from our Wood Products segment in our Consolidated Statements of Operations were $ 3.0 million and $ 3.7 million, respectively, during the three months ended March 31, 2023 and 2022.

Related-party sales to LTP from our Wood Products segment in our Consolidated Statements of Operations were $ 3.1 million and $ 3.5 million, respectively, during the three months ended June 30, 2023 and 2022, and $ 6.1 million and $ 7.2 million, respectively, during the six months ended June 30, 2023 and 2022.

These sales are recorded in "Sales" in our Consolidated Statements of Operations.

Costs and Expenses

Related-party wood fiber purchases from LTP were $ 20.1 million and $ 20.8 million, respectively, during the three months ended March 31, 2023 and 2022.

Related-party wood fiber purchases from LTP were $ 21.1 million and $ 23.5 million, respectively, during the three months ended June 30, 2023 and 2022, and $ 41.2 million and $ 44.3 million, respectively, during the six months ended June 30, 2023 and 2022.

These costs are recorded in "Materials, labor, and other operating expenses (excluding depreciation)" in our Consolidated Statements of Operations.

9 unchanged sentences

Three Months Ended

June 30 Six Months Ended

2023 2022 2023 2022

Wood Products (a)

6 unchanged sentences

Other 4.8 3.5 11.3 8.7

178.7 146.9 343.9 361.3

Building Materials Distribution

8 unchanged sentences

(b) Sales of EWP to external customers are net of the cost of all EWP rebates and sales allowances provided at various stages of the supply chain (including distributors, dealers, and homebuilders).

For both the three months ended March 31, 2023 and 2022, approximately 79 % of Wood Products' EWP sales volumes were to our BMD segment.

For both the six months ended June 30, 2023 and 2022, approximately 78 % of Wood Products' EWP sales volumes were to our BMD segment.

An analysis of our operations by segment is as follows:

Three Months Ended

June 30 Six Months Ended

2023 2022 2023 2022

Net sales by segment

15 unchanged sentences

In addition, we have purchase obligations for goods and services, capital expenditures, and raw materials entered into in the normal course of business.

As of March 31, 2023, there have been no material changes to the above commitments disclosed in the 2022 Form 10-K.

As of June 30, 2023, there have been no material changes to the above commitments disclosed in the 2022 Form 10-K.

Legal Proceedings and Contingencies

4 unchanged sentences

Financial Statements and Supplementary Data" in our 2022 Form 10-K describes the nature of our guarantees, including the approximate terms of the guarantees, how the guarantees arose, the events or circumstances that would require us to perform under the guarantees, and the maximum potential undiscounted amounts of future payments we could be required to make.

As of March 31, 2023, there have been no material changes to the guarantees disclosed in the 2022 Form 10-K.

As of June 30, 2023, there have been no material changes to the guarantees disclosed in the 2022 Form 10-K.

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-Q

Item 1. Financial Statements