23 unchanged sentences
December 29, 2023 52
−Removed: First Quarter April 1, 2022 13
−Removed: Second Quarter July 1, 2022 13
+Added: First Quarter March 31, 2023 13
+Added: Second Quarter June 30, 2023 13
Third Quarter September 29, 2023 13
1 unchanged sentence
Company Overview
−Removed: We are a leader in the design, engineering, and manufacturing of critical fluid delivery subsystems and components for semiconductor capital equipment.
−Removed: Our primary product offerings include gas and chemical delivery systems and subsystems, collectively known as fluid delivery systems and subsystems, which are key elements of the process tools used in the manufacturing of semiconductor devices.
+Added: We are a leader in the design, engineering and manufacturing of critical fluid delivery subsystems and components primarily for semiconductor capital equipment, as well as other industries such as defense/aerospace and medical.
+Added: Our primary product offerings include gas and chemical delivery subsystems, collectively known as fluid delivery subsystems, which are key elements of the process tools used in the manufacturing of semiconductor devices.
Our gas delivery subsystems deliver, monitor and control precise quantities of the specialized gases used in semiconductor manufacturing processes such as etch and deposition.
−Removed: Our chemical delivery systems and subsystems precisely blend and dispense the reactive liquid chemistries used in semiconductor manufacturing processes such as chemical-mechanical planarization, electroplating, and cleaning.
−Removed: We also provide precision-machined components, weldments, electron beam (“e‑beam”) and laser-welded components, precision vacuum and hydrogen brazing and surface treatment technologies, and other proprietary products for the commercial space, aerospace, defense, medical device, and general-industrial industries.
−Removed: This vertically integrated portion of our business is primarily focused on metal and plastic parts that are used in gas and chemical systems, respectively.
+Added: Our chemical delivery subsystems precisely blend and dispense the reactive liquid chemistries used in semiconductor manufacturing processes such as chemical-mechanical planarization, electroplating, and cleaning.
+Added: We also provide precision-machined components, weldments, e-beam and laser welded components, precision vacuum and hydrogen brazing, surface treatment technologies, and other proprietary products.
Fluid delivery subsystems ensure accurate measurement and uniform delivery of specialty gases and chemicals at critical steps in the semiconductor manufacturing processes.
Any malfunction or material degradation in fluid delivery reduces yields and increases the likelihood of manufacturing defects in these processes.
−Removed: Most original equipment manufacturers (“OEMs”) outsource all or a portion of the design, engineering, and manufacturing of their gas delivery subsystems to a few specialized suppliers, including us.
+Added: Most OEMs outsource all or a portion of the design, engineering, and manufacturing of their gas delivery subsystems to a few specialized suppliers, including us.
Additionally, many OEMs are outsourcing the design, engineering, and manufacturing of their chemical delivery subsystems due to the increased fluid expertise required to manufacture these subsystems.
−Removed: Outsourcing these subsystems allows OEMs to leverage suppliers’ highly specialized engineering, design, and production skills while focusing their internal resources on their own value-added processes.
−Removed: Outsourcing enables OEMs to reduce their costs and development time, providing growth opportunities for specialized subsystems suppliers like us.
+Added: Outsourcing these subsystems allows OEMs to leverage their suppliers’ highly specialized engineering, design, and production skills while focusing their internal resources on their own value-added processes.
+Added: Outsourcing enables OEMs to reduce their costs and development time, as well as provide growth opportunities for specialized subsystems suppliers like us.
Our goal is to be a leading supplier of fluid delivery subsystems and components to OEMs engaged in manufacturing capital equipment to produce semiconductors and to leverage our technology and products to expand the share of our addressable markets.
−Removed: To achieve this goal, we engage with our customers early in their design and development processes and utilize our deep engineering resources and operating expertise, as well as our expanded product portfolio, to jointly create innovative and advanced solutions that are designed to meet the current and future needs of our customers.
+Added: To achieve this goal, we engage with our customers early in their design and development processes and utilize our deep engineering resources and operating expertise, as well as our expanded product portfolio, to jointly create, innovate, and advance solutions that are designed to meet the current and future needs of our customers.
We believe this approach enables us to design products that meet the precise specifications our customers demand, allows us to be the sole supplier of these subsystems during the initial production ramp, and positions us to be the preferred supplier for the full lifespan of the process tool.
25 unchanged sentences
We have strategically located our manufacturing facilities near our customers’ locations in order to provide fast and efficient responses to new product introductions and accommodate configuration or design changes late in the manufacturing process.
−Removed: We will continue to add capacity as needed to support future growth.
−Removed: In addition to providing high quality and reliable fluid delivery subsystems and components, one of our principal strategies is delivering the lead-times that provide our customers with the required flexibility needed in their production processes.
−Removed: We have accomplished this by investing in manufacturing systems and processes and an efficient supply chain.
+Added: We will continue adding capacity as needed to support future growth.
+Added: In addition to providing high quality and reliable fluid delivery subsystems and components, one of our principal strategies is delivering lead-times that provide our customers with the required flexibility needed in their production processes.
+Added: We have accomplished this by investing in scalable manufacturing systems and processes and an efficient supply chain.
Our focus on operational efficiency and flexibility allows us to reduce manufacturing cycle times in order to respond quickly to customer requests.
6 unchanged sentences
Our Growth Strategy
−Removed: Our objective is to enhance our position as a leader in providing fluid delivery solutions, including subsystems, components, and legacy tool refurbishment, to our customers by leveraging our core strengths.
+Added: Our objective is to leverage our position as a leader in high-precision engineering and manufacturing in the semiconductor, aerospace, and defense industries to grow revenue at rates faster than the industries we serve.
+Added: We provide fluid delivery solutions, subsystems, and complex machined components to our customers, supporting their most advanced products.
The key elements of our growth strategy are:
−Removed: Grow Our Market Share within Existing Customer Base
−Removed: We intend to grow our position within our existing customers by continuing to leverage our specialized engineering talent, early collaboration approach with OEMs to foster long-term relationships, and expanded product offerings.
−Removed: Each of our customers produces many different process tools for various process steps.
−Removed: At each customer, we are an outsourced supplier of fluid delivery subsystems and components for a subset of their entire process tool offerings.
+Added: Grow Our Market Share within Existing Semiconductor Customer Base
+Added: We intend to grow our position within our existing semiconductor customers by continuing to leverage our specialized engineering talent, early collaboration approach with OEMs to foster long-term relationships, and expanded product offerings.
+Added: Each of our customers produces many different process tools for various semiconductor processing steps.
+Added: At each semiconductor customer, we are an outsourced supplier of fluid delivery subsystems and components for a subset of their entire process tool offerings.
We are constantly looking to expand our market share at our existing customers.
We believe that our early collaborative approach with customers positions us to deliver innovative and dynamic solutions, offer timely deployment, and meet competitive cost targets, further increasing our market share.
−Removed: Grow Our Total Available Market and Share of the Market with Expanded Product Offerings
−Removed: We continue to work with our existing customer base on additional opportunities, including machined products, proprietary components, and chemical delivery systems and components as a few of our important potential growth areas.
−Removed: Our internally developed proprietary components can be integrated into our existing fluid delivery systems as well as our next generation gas panel.
−Removed: We believe that the industries we serve have a growing need for the unique expertise we offer in precision machining, fluid mechanics, controls, and the component needed for next generation processes.
−Removed: For example, as semiconductor devices become more complex, atomic layer deposition (“ALD”), etch, and chemical vapor deposition (“CVD”) require more precise gas control, with faster response times, tighter repeatability, and cleaner, more corrosion-resistant systems.
−Removed: By leveraging our existing customer relationships and strong history of solving these challenges, we believe this will grow market share.
−Removed: We have expanded our served customer base with expanded product offerings through both internal development and opportunistic acquisitions.
−Removed: This has enabled us to manufacture and assemble the complex products and precision machined components for the semiconductor equipment market, including at our existing customer base, as well as for the commercial space, aerospace, defense, medical device, and general-industrial industries.
−Removed: Expand Our Total Customer Base within Fluid Delivery Market
−Removed: We have expanded our customer base to include a leading lithography system manufacturer and a leading ALD system manufacturer.
−Removed: We continue to actively engage with new customers that are considering outsourcing their gas and chemical delivery needs and we continue to expand our components business.
−Removed: Our acquisition of IMG Companies, LLC and its subsidiaries (“IMG”) in November 2021 further expanded our total customer base with new customers in the medical, aerospace, and defense sectors.
+Added: Additionally, as semiconductor devices become more complex, atomic layer deposition (“ALD”), etch, and chemical vapor deposition (“CVD”), and extreme ultraviolet (“EUV”) lithography require more precise gas control, with faster response times, tighter repeatability, and cleaner, more corrosion-resistant systems.
+Added: By leveraging our existing customer relationships and strong history of solving these challenges, we believe this will enable us to achieve more design wins on our customers’ products and grow our market share.
+Added: Grow Our Total Available Market and Share of the Semiconductor Market with Expanded Product Offerings
+Added: We continue to work with our existing semiconductor customer base on additional opportunities, including machined products, proprietary components, chemical delivery systems, and fluid control products.
+Added: Our internally developed proprietary components can be integrated into our existing fluid delivery systems as well as our next generation gas panels.
+Added: We believe that the semiconductor industry has a growing need for the unique expertise we offer in precision machining, fluid mechanics, controls, and the components needed for next generation processes.
+Added: Utilizing our internally developed components allows us to grow our total available market while offering our customers improved performance at competitive price points.
+Added: We have expanded our product offerings through both internal development and opportunistic acquisitions.
+Added: Expand Our Total Customer Base Beyond the Semiconductor Industry
+Added: We support a number of aerospace and defense related customers with advanced, high-precision manufacturing services.
+Added: We are strengthening our support for these customers to increase our new design win rate.
+Added: The aerospace and defense sector represents a high-growth opportunity where our current market share is low.
+Added: We believe that additional focus on this industry segment will be a strong contributor to our future growth and profitability.
Continue to Improve Our Manufacturing Process Efficiency
6 unchanged sentences
Our gas delivery systems consist of a number of gas lines, each controlled by a series of mass flow controllers, regulators, pressure transducers, valves, and an integrated electronic control system.
−Removed: Our gas delivery subsystems are primarily used in equipment for “dry” manufacturing processes, such as etch, chemical vapor deposition, physical vapor deposition, epitaxy, and strip.
+Added: Our gas delivery subsystems are primarily used in “dry” manufacturing process tools, such as etch, chemical vapor deposition, physical vapor deposition, epitaxy, strip, and lithography.
Chemical Delivery Products and Subsystems
−Removed: Our chemical delivery products and subsystems are used to precisely blend and dispense reactive chemistries and colloidal slurries critical to the specific “wet” front-end process, such as wet clean, electro chemical deposition, and chemical-mechanical planarization (“CMP”).
−Removed: In addition to the chemical delivery subsystem, we also manufacture the process modules that apply the various chemicals directly to the wafer in a process-and application-unique manner to create the desired chemical reaction.
+Added: Our chemical delivery products and subsystems are used to precisely blend and dispense reactive chemistries and colloidal slurries critical to “wet” front-end process, such as wet clean, electro chemical deposition, and chemical-mechanical planarization (“CMP”).
+Added: In addition to the chemical delivery subsystems, we also manufacture the process modules that apply chemicals directly to the wafer in a process- and application-unique manner to create the desired chemical reaction.
The image below shows a typical wet-process front end semiconductor tool, with a chemical delivery subsystem and corresponding application process module highlighted:
4 unchanged sentences
We offer a wide range of specialty joining technologies including orbital, tungsten inert gas, e‑beam, and laser welding, as well as hydrogen and vacuum brazing.
+Added: Ichor manufactures a full line of diaphragm valves, including conventional and modular diaphragm valves, modular metering valves, and check valves that are engineered to meet or exceed all industry standards in performance and purity.
+Added: We offer high reliability conventional diaphragm valves ("CDV") for conventional mounting systems, as well as modular diaphragm valves ("MDV") for surface mount systems.
+Added: All of our valves are engineered to meet SEMI specifications, provide outstanding reliability and performance, and are compatible with all current competitive systems in the marketplace.
+Added: Advanced Flow Control
+Added: Our advanced flow controller ("AFC") is our patented state-of-the-art mass flow technology manufactured to replace the mass flow controllers ("MFC") in traditional fluid delivery subsystems.
+Added: The AFC product line is the first to incorporate the flow restrictor in the downstream positive shut-off valve, allowing for gas box size and component reduction while also improving performance specifications.
+Added: Our AFC has the fastest on/off response, at less than 100ms, with no bursting and is insensitive to inlet/outlet pressure.
+Added: It also provides the lowest flow, down to 0.01 sccm, for high-precision applications.
Precision Machining
−Removed: Precision machining provides us the ability to supply our customers with components used in our gas delivery systems and weldments, while also providing custom machined solutions throughout customers’ equipment.
−Removed: Many of these items are used downstream of the gas system and in process-critical applications.
+Added: For our semiconductor customers, precision machining enables us to serve as our own supplier for the components used in our gas delivery systems and weldments, while also providing custom machined solutions throughout our customers’ equipment.
+Added: Many of these items are used downstream of the gas system in process-critical applications.
Our precision machined products can be used in both wet and dry applications and include both small- and large‑format machining applications.
−Removed: Machined components are also provided to other critical non‑semiconductor markets, including aerospace and medical device.
+Added: For our aerospace and defense customers, we offer a variety of machined components to meet critical design requirements that typically incorporate complex features and tight dimensional tolerances.
Customers, Sales, and Marketing
−Removed: We primarily market and sell our products directly to equipment OEMs in the semiconductor equipment market.
−Removed: We are dependent upon a small number of customers, as the semiconductor equipment manufacturer market is highly concentrated with five companies accounting for over 70% of all process tool revenues.
+Added: For the semiconductor industry, we primarily market and sell our products directly to equipment OEMs in the semiconductor equipment market.
+Added: We are dependent upon a small number of customers, as the semiconductor equipment manufacturer market is highly concentrated with five companies accounting for over 70% of all semiconductor wafer fabrication equipment revenues.
For 2025, two customers with individual sales over 10%, Lam Research and Applied Materials, accounted for a combined 76% of total sales.
We do not have long-term contracts that require customers to place orders with us in fixed or minimum volumes, and we generally operate on a purchase order basis with customers.
+Added: We have established relationships with a number of aerospace and defense customers that have led to recurring work and collaboration on new design activities.
+Added: Currently, revenue from the aerospace and defense industry represent less than 10% of our total sales.
+Added: Additional focus is being placed on expanding our engagement in this industry as a source for future revenue growth.
Our sales and marketing efforts focus on fostering close business relationships with our customers.
−Removed: As a result, we locate many of our account managers near the customer they support.
−Removed: Our sales process involves close collaboration between our account managers and engineering and operations teams.
+Added: As a result, we locate many of our account managers near the customers they support.
+Added: Our sales process involves close collaboration between our account managers, engineering, and operations teams.
Account managers and engineers work together with customers, and in certain cases provide on-site support, including attending customers’ internal meetings related to production and engineering design.
−Removed: Each customer project is supported by our account managers and customer support team who ensure we are aligned with all of the customer’s quality, cost, and delivery expectations.
+Added: Each customer project is supported by our account managers and customer support team who ensure alignment with all of the customer’s quality, cost, and delivery expectations.
Operations, Manufacturing, and Supply Chain Management
We have developed a highly flexible manufacturing model with cost-effective locations situated nearby the manufacturing facilities of our largest customers.
−Removed: We have facilities in the United States, Singapore, Malaysia, the United Kingdom, Korea, and Mexico.
+Added: We have facilities in the United States, Singapore, Malaysia, and Mexico.
Our product cycle engagements begin by working closely with our customers to outline the solution specifications before design and prototyping even begin.
3 unchanged sentences
Manufacturing
−Removed: We are ISO 9001 certified or compliant at our manufacturing locations, and our manufactured subsystems and modules strive to adhere to strict design tolerances and specifications.
−Removed: We operate clean rooms at our facilities in Singapore, Oregon, Texas, and Korea that meet Class 100 and Class 10,000 standards for customer-specified testing, assembly, and integration of high-purity gas and chemical delivery systems at our locations.
+Added: We are ISO 9001 certified at our manufacturing locations, and our manufactured subsystems and modules adhere to strict design tolerances and specifications.
+Added: We operate clean rooms at our facilities in Singapore, Oregon, and Texas that meet Class 100 and Class 10,000 standards for customer-specified testing, assembly, and integration of high-purity gas and chemical delivery systems.
We operate additional facilities in Malaysia, Oregon, Texas, and California for weldments and related components used in our gas delivery subsystems, and we operate facilities in Oregon and Malaysia for critical components used in our chemical delivery subsystems.
We operate facilities in California, Minnesota, and Mexico for precision machining of components for sale to our customers and internal use, as well as specialty joining and plating technologies.
+Added: Our quality management system is AS9100 certified and we operate International Traffic in Arms Regulations ("ITAR") compliant facilities in Minnesota and California.
Many of our facilities are located in close proximity to our largest customers to allow us to collaborate with them on a regular basis and to aid us in delivering our products on a just-in-time basis, regardless of order size or the degree of changes in the applicable configuration or specifications.
2 unchanged sentences
In addition, our senior management conducts quarterly reviews of our quality control system to evaluate effectiveness.
−Removed: Our customers also complete quarterly surveys which allow us to measure satisfaction.
+Added: We actively solicit customer satisfaction through periodic business reviews with our strategic customer base.
Supply Chain Management
6 unchanged sentences
We have a long history of engineering innovation and development.
−Removed: We continue to transition from being an integration engineering and components company into a gas and chemical delivery system and subsystem leader with product development and systems engineering, as well as integration expertise.
+Added: We continue to transition from being an integration engineering and components company into a gas and chemical delivery subsystem leader with product development and systems engineering.
Our industry continues to experience rapid technological change, requiring us to continuously invest in technology and product development and regularly introduce new products and features that meet our customers’ evolving requirements.
1 unchanged sentence
Our engineering team consists of engineers and designers with chemical, mechanical, electrical, software, systems, and manufacturing-engineering expertise.
−Removed: Our engineers are closely connected with our customers and typically work at our customers’ sites and operate as an extension of our customers’ design team.
+Added: Our engineers are closely connected with our customers and often work at our customers’ sites and operate as an extension of our customers’ design team.
We engineer within our customers’ processes, design vaults, drawing standards, and part numbering systems.
4 unchanged sentences
Our analytical and testing capabilities enable us to evaluate multiple supplier component technologies and provide customers with a wide range of appropriate component and design choices for their gas and chemical delivery systems and other critical subsystems.
−Removed: These capabilities also help us anticipate technological changes and the requirements in component features for next-generation gas delivery systems and other critical subsystems.
+Added: These capabilities also help us anticipate technological changes and the requirements in component features for future gas delivery systems and other critical subsystems.
The market for our products is very competitive.
2 unchanged sentences
The fluid delivery subsystem market is concentrated, and we face competition from Ultra Clean Technology, with additional competition from other suppliers.
−Removed: The chemical delivery subsystem, weldments, and precision machining industries are fragmented, and we face competition from numerous smaller suppliers.
−Removed: In addition, the market for tool refurbishment is fragmented, and we compete with many regional competitors.
+Added: The chemical delivery subsystem, weldment, and precision machining industries are fragmented, and we face competition from numerous smaller suppliers.
The primary competitive factors we emphasize include:
21 unchanged sentences
Human Capital Resources
−Removed: As a global industry leader, we recognize that our success is driven by the talent, dedication, and well-being of our employees.
−Removed: We are committed to being responsible corporate citizens, fostering a workplace that is safe, inclusive, and rewarding.
−Removed: Our employees are the foundation of our company, and our core values of innovation , collaboration , honesty , operational excellence , and reliability define our culture, shape our decisions, and guide our actions.
−Removed: We embrace diverse backgrounds and perspectives, fostering an environment that supports continuous personal and professional growth.
−Removed: Below, we outline key initiatives that reflect our dedication to sound human capital management practices.
−Removed: As of December 27, 2024, we employed approximately 1,820 full‑time employees and 560 contingent/temporary workers.
−Removed: Our workforce strategy is designed to balance flexibility with stability, allowing us to adapt to evolving business needs and geographic demand.
+Added: Our ability to execute our strategy and deliver value to our customers and shareholders depends on attracting, developing, and retaining a highly skilled global workforce.
+Added: We are committed to responsible human management practices that support operational excellence, innovation, and long-term business performance.
+Added: We operate with a global workforce strategically balanced between Singapore, Malaysia, and North America.
+Added: This footprint aligns our talent base with our customer demand, precision manufacturing capabilities, and cost-efficient operations.
+Added: Our culture is grounded in our core values of innovation, collaboration, honesty, operational excellence, and reliability, which guide how we operate, make decisions, and engage with one another.
+Added: As of December 26, 2025, we employed approximately 1,891 full‑time employees and 557 contingent/temporary employees worldwide.
+Added: A significant portion of our workforce supports manufacturing, engineering, and technical operations.
+Added: Our workforce model is designed to support a dynamic, demand-driven business, enabling us to scale capabilities while maintaining operational continuity, quality, and customer responsiveness across geographies.
Total Rewards
−Removed: We are committed to attracting, engaging, and retaining top talent by offering competitive and equitable compensation and benefits.
−Removed: Our pay-for-performance philosophy aims to ensure that employees are recognized and rewarded based on their contributions, while also upholding our commitment to pay equity across gender, race, and ethnicity.
−Removed: Our compensation structure includes a mix of fixed and variable pay, tailored to business and functional needs.
−Removed: For key leaders and high-potential employees, we provide equity-based long-term incentives aligned with our strategic objectives.
−Removed: Our benefits portfolio includes locally competitive health and wellness programs, retirement savings plans with company contributions, and a discounted employee stock purchase plan.
−Removed: We also invest in holistic well-being initiatives that support employees’ physical, emotional, and financial health.
−Removed: In 2024, we continued our employee cash spot bonus and continuous improvement programs to recognize and reward outstanding contributions.
+Added: We offer competitive total rewards programs designed to attract, motivate, and retain talent in the markets in which we operate.
+Added: Our compensation philosophy emphasizes market-aligned and pay-for-performance practices, with rewards differentiated based on individual performance and business impact.
+Added: Our compensation programs include fixed and variable pay components tailored to functional and business needs.
+Added: For select leaders and high-potential employees, we provide equity-based long-term incentives aligned with our strategic objectives and long-term value creation.
+Added: Our benefits offerings are locally competitive and include health and wellness programs, retirement savings plans with company contributions, and an employee stock purchase plan.
+Added: We also provide recognition programs, including cash spot bonus and continuous improvement awards to reinforce performance and operational excellence.
Learning and Development
−Removed: We believe in empowering our employees through continuous learning and career development.
−Removed: Our multi-faceted approach includes tuition reimbursement, digital learning platforms, on-the-job training, and leadership development programs.
−Removed: We invest in preparing the next generation of leaders.
−Removed: Our structured performance management framework, which is comprised of goal-setting, quarterly check-ins, and annual evaluations, ensures ongoing growth and alignment with business objectives.
−Removed: In addition, we support employee resource groups that foster connection, inclusion, and a sense of belonging.
+Added: We invest in developing the skills and capabilities needed to support our business today and into the future.
+Added: Our learning and development approach includes on-the-job training, digital learning platforms, tuition reimbursement, and targeted leadership development programs.
+Added: Our performance management framework emphasizes clear goal-setting, regular feedback through quarterly check-ins, and annual evaluations, enabling alignment with business priorities and supporting employee development and accountability.
+Added: These processes help managers identify growth opportunities, build leadership capability, and strengthen succession readiness.
Health and Safety
−Removed: Providing a safe and engaging work environment is a top priority.
−Removed: Our manufacturing sites implement a “Caught You Safe” program to reinforce a culture of safety.
−Removed: We actively seek employee feedback through annual engagement surveys, skip-level meetings, and open communication forums.
−Removed: Our professional human resources team ensures employees have access to guidance and support, including a confidential whistleblower hotline for reporting concerns.
−Removed: In alignment with global regulatory standards, we implement best practices to safeguard the health and well-being of our workforce and communities.
−Removed: Through these initiatives, we remain committed to fostering a high-performing, inclusive, and resilient workforce that drives our company’s long-term success.
+Added: The safety and well-being of our employees is a core priority.
+Added: We maintain health and safety programs across our global manufacturing operations and promote a strong safety culture, including site-based initiatives.
+Added: We maintain formal mechanisms for employee feedback and ethical reporting, including an annual core value survey, skip-level discussions, and a confidential whistleblower hotline.
+Added: Our human resources and compliance functions support adherence to applicable labor, employment, and workplace safety regulations across the regions in which we operate.
+Added: Through these practices, we seek to maintain a skilled, engaged, and resilient workforce capable of supporting our strategic objectives and long-term success.
Environmental, Health, and Safety Regulations
14 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.