What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2026-02-24 compared with 2025-02-21 · 89 added, 88 removed, 751 unchanged (19% of the section changed)

78 unchanged sentences

First Supplemental Indenture, dated as of March 1, 2019 (incorporated by reference from Exhibit 4.2 of the Company’s current report on Form 8-K, filed March 1, 2019)

Second Supplemental Indenture, dated as of March 13, 2025 (incorporated by reference from Exhibit 4.2 of the Company’s current report on Form 8-K, filed March 13, 2025)

Third Amended and Restated Management Incentive Plan (incorporated by reference from Appendix A of the Company’s definitive proxy statement on Schedule 14A, filed March 9, 2017)

3 unchanged sentences

Amended and Restated Credit Agreement and related documents (incorporated by reference from Exhibit 10.1 of the Company’s current report on Form 8-K, filed October 3, 2022)

Second Amended and Restated Credit Agreement and related documents (incorporated by reference from Exhibit 10.1 of the Company’s current report on Form 8-K, filed December 2, 2025)

Insider Trading Policy of J.B.

12 unchanged sentences

Policy relating to recovery of erroneously awarded compensation, as required by applicable listing standards adopted pursuant to 17 C.F.R.

240.10D-1 (incorporated by reference from Exhibit 97.1 of the Company’s annual report on Form 10-K for the year ended December 31, 2024, filed February 21, 2025)

Inline XBRL Instance Document

5 unchanged sentences

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

Pursuant to the requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized, in the City of Lowell, Arkansas, on the 21st day of February 2025.

HUNT TRANSPORT SERVICES, INC.

2 unchanged sentences

President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on the 21st day of February 2025, on behalf of the registrant and in the capacities indicated.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on the 24th day of February 2026, on behalf of the registrant and in the capacities indicated.

/s/ Shelley Simpson

President and Chief Executive Officer

President and Chief Executive Officer, Member

Shelley Simpson

of the Board of Directors

(Principal Executive Officer)

/s/ John Kuhlow

Chief Financial Officer,

Executive Vice President

(Principal Financial and Accounting Officer)

Chairman of the Board of Directors

(Principal Financial Officer)

/s/ John Kuhlow

Chief Accounting Officer,

Senior Vice President

(Principal Accounting Officer)

Executive Chairman of the Board of Directors

Member of the Board of Directors

4 unchanged sentences

Member of the Board of Directors

Bryan Hunt, Jr.

23 unchanged sentences

/s/ Shelley Simpson

/s/ John Kuhlow

Shelley Simpson

3 unchanged sentences

Executive Vice President

(Principal Financial and Accounting Officer)

(Principal Financial Officer)

Report of Independent Registered Public Accounting Firm

1 unchanged sentence

Hunt Transport Services, Inc.

and its subsidiaries

Opinions on the Financial Statements and Internal Control over Financial Reporting

29 unchanged sentences

Personal injury and property damage claims accruals

As described in Note 2 to the consolidated financial statements, the Company maintains insurance coverage for a portion of expenses related to employee injuries, vehicular collisions, accidents and cargo damage which include a level of self-insurance coverage applicable to each claim.

As of December 31, 2024, the Company’s current claims accrual balance was $232 million and long-term claims accrual balance was $369 million, of which a significant portion of claims related to personal injury and property damage.

As described in Note 2 to the consolidated financial statements, the Company purchases insurance coverage for a portion of expenses related to employee injuries, vehicular collisions, accidents and cargo damage which include a level of self-insurance coverage applicable to each claim.

As of December 31, 2025, the Company’s current claims accrual balance was $283 million and long-term claims accrual balance was $444 million, of which a significant portion of current and long-term claims accruals related to personal injury and property damage.

The Company recognizes a liability at the time of the incident based on an analysis of the nature and severity of the claims and analyses provided by third-party claims administrators, as well as legal, economic, and regulatory factors.

Management uses an actuarial method to develop current claim information to derive an estimate of the ultimate personal injury and property damage claim liability, which involves the use of expected loss rates, loss-development factors based on historical claims experience, and claim frequencies and severity.

The principal considerations for our determination that performing procedures relating to the personal injury and property damage claims accrual is a critical audit matter are (i) the significant judgment by management when developing the claims accrual estimate;

(ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating management's significant assumptions related to the expected loss rates, loss-development factors based on historical claims experience, and claim frequencies and severity, and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

The principal considerations for our determination that performing procedures relating to the personal injury and property damage claims accruals is a critical audit matter are (i) the significant judgment by management when developing the claims accrual estimate;

(ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence related to the actuarial method and management's significant assumptions related to the expected loss rates, loss-development factors based on historical claims experience, and claim frequencies and severity;

and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.

These procedures included testing the effectiveness of controls relating to management’s personal injury and property damage claims accrual process, including controls over the development of expected loss rates, loss-development factors based on historical claims experience, and claim frequencies and severity.

These procedures also included, among others, (i) testing management’s process for developing the claims accrual estimate;

(ii) evaluating the appropriateness of the actuarial method;

(iii) testing the completeness and accuracy of underlying data used in the personal injury and property damage claims accrual estimate;

and (iv) evaluating the reasonableness of management’s significant assumptions related to the expected loss rates, loss-development factors based on historical claims experience, and claim frequencies and severity used in the calculation of the estimate.

Professionals with specialized skill and knowledge were used to assist in evaluating (i) the appropriateness of the Company’s claims accrual process, (ii) the appropriateness of the actuarial method, and (iii) the reasonableness of the expected loss rate, loss-development factors, and claim frequencies and severity used in developing the estimate.

These procedures included testing the effectiveness of controls relating to management’s valuation of personal injury and property damage claims accruals, including controls over the actuarial method and significant assumptions related to expected loss rates, loss-development factors based on historical claims experience, and claim frequencies and severity.

These procedures also included, among others, (i) testing the completeness and accuracy of underlying data used in the actuarial method and (ii) the involvement of professionals with specialized skill and knowledge to assist in evaluating the actuarial method and the reasonableness of management’s estimate by (a) developing an independent estimate of expected losses and (b) comparing the independent estimate of expected losses to management’s estimate.

Developing the independent estimate of expected losses involved independently developing assumptions related to the expected loss rate, loss-development factors, and claim frequencies and severity.

/s/ PricewaterhouseCoopers LLP

38 unchanged sentences

none outstanding

Common stock, $ .01 par value.

Common stock, $.

01 par value.

1 billion shares authorized;

20 unchanged sentences

Insurance and claims

General and administrative expenses, net of asset dispositions

General and administrative expenses, including asset dispositions

Operating taxes and licenses

44 unchanged sentences

Share-based compensation

(Gain)/loss on sale of revenue equipment and other

Loss on sale of revenue equipment and other

Deferred income taxes

14 unchanged sentences

Cash flows from financing activities:

Proceeds from long-term debt

Payments on long-term debt

42 unchanged sentences

To the extent that actual, final outcomes are different from our estimates, or that additional facts and circumstances cause us to revise our estimates, our earnings during that accounting period will be affected.

Revision to Previously Issued Financial Statements

We revised our Consolidated Balance Sheet at December 31, 2023 to correct an error in the classification of our claims accruals and corresponding insurance receivables for claims in excess of self-insurance levels, which are included in other receivables.

This revision resulted in $ 326.9 million of claims accruals previously reported as current liabilities and $ 173.6 million of insurance receivables previously reported in current assets, being classified in long-term claims accruals and other assets, respectively, based on our expectations of the timing of payments and receipt of insurance recoveries.

We also revised our Consolidated Balance Sheet at December 31, 2023 to correct an error in the calculation of our insurance accruals deferred tax asset and correct the associated impacts of this adjustment in the Consolidated Statement of Cash Flows.

This revision resulted in a $ 49.9 million increase in deferred income taxes and other receivables on the Consolidated Balance Sheet at December 31, 2023 as well as corresponding revisions to deferred income taxes and income taxes receivable or payable in our Consolidated Statement of Cash Flows for the year ended December 31, 2023, with no effect on previously reported net cash provided by operating activities.

We evaluated the impact of these items under the guidance of the SEC Staff Accounting Bulletin No.

99, "Materiality," and determined that these errors are not material to our previously issued financial statements.

Accordingly, we have revised the Consolidated Balance Sheet and Consolidated Statement of Cash Flows for the year ended December 31, 2023 included in the accompanying financial statements.

Cash and Cash Equivalents

16 unchanged sentences

Our investments consist of marketable equity securities stated at fair value and are designated as either trading securities or available-for-sale securities at the time of purchase based upon the intended holding period.

Changes in the fair value of our trading securities are recognized currently in “general and administrative expenses, net of asset dispositions” in our Consolidated Statements of Earnings.

Changes in the fair value of our trading securities are recognized currently in general and administrative expenses, including asset dispositions in our Consolidated Statements of Earnings.

Changes in the fair value of our available-for-sale securities are recognized in accumulated other comprehensive income on our Consolidated Balance Sheets, unless we determine that an unrealized loss is other-than-temporary.

9 unchanged sentences

Replacement tires and costs for recapping tires are expensed at the time the tires are placed in service.

Gains and losses on the sale or other disposition of equipment are recognized at the time of the disposition and are classified in general and administrative expenses, net of asset dispositions in the Consolidated Statements of Earnings.

Gains and losses on the sale or other disposition of equipment are recognized at the time of the disposition and are classified in general and administrative expenses, including asset dispositions in the Consolidated Statements of Earnings.

We continually evaluate the carrying value of our assets for events or changes in circumstances that indicate the carrying value may not be recoverable.

60 unchanged sentences

Financial instruments, which potentially subject us to concentrations of credit risk, include trade receivables.

For each of the years ended December 31, 2024, 2023, and 2022, our top 10 customers, based on revenue, accounted for approximately 35 %, 36 %, and 38 % of our total revenue.

For each of the years ended December 31, 2025, 2024, and 2023, our top 10 customers, based on revenue, accounted for approximately 33 %, 35 %, and 36 %, respectively, of our total revenue.

Our top 10 customers, based on revenue, accounted for approximately 32 % and 29 % of our total trade accounts receivable at December 31, 2025 and 2024, respectively.

14 unchanged sentences

We have umbrella policies to limit our exposure to catastrophic claim costs which may include certain coverage-layer-specific, aggregated reimbursement limits of covered excess claims.

The amounts of self-insurance change from time to time based on measurement dates, policy expiration dates, and claim type.

The amounts of self-insurance may change from time to time based on measurement dates, policy expiration dates, and claim type.

For 2023 through 2025, we were self-insured for $ 500,000 per occurrence as well as subject to coverage-layer-specific, aggregated reimbursement limits of covered excess claims for personal injury and property damage.

9 unchanged sentences

At December 31, 2025 and 2024, we had current accruals of approximately $ 283 million and $ 232 million, respectively, and long-term accruals of approximately $ 444 million and $ 369 million, respectively, for estimated claims, which are recorded in claims accruals and long-term claims accruals in our Consolidated Balance Sheets.

A significant increase in the volume of claims or amount of settlements exceeding our coverage-layer specific, aggregated reimbursement limits could result in significant increase in our estimated liability for claims in future periods.

A significant increase in the volume of claims or amount of settlements exceeding our coverage-layer specific, aggregated reimbursement limits could result in a significant increase in our estimated liability for claims in future periods.

In addition, we record receivables for amounts expected to be reimbursed for payments made in excess of self-insurance levels on covered claims.

14 unchanged sentences

Accounting Pronouncements Adopted in 2025

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting:

Improvements to Reportable Segment Disclosures, which requires disclosure of significant segment expense categories and amounts for each of our reportable segments.

The new standard was effective retrospectively for us on January 1, 2024, for annual periods, and January 1, 2025, for interim periods, with early adoption permitted.

We adopted ASU 2023-07 retrospectively in the fourth quarter 2024.

See Note 13, Segment Information in our Consolidated Financial Statements.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes:

Improvements to Income Tax Disclosures, which enhances income tax disclosures to provide more transparency about income tax information, primarily related to the rate reconciliation and income taxes paid by jurisdiction information.

These disclosures will include consistent categories and greater disaggregation of information in the rate reconciliation and require income taxes paid to be disaggregated by jurisdiction as well as additional amendments to improve the effectiveness of income tax disclosures.

The new standard is effective prospectively for us on January 1, 2025, with retrospective adoption permitted.

We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Financial Statements.

These disclosures include consistent categories and greater disaggregation of information in the rate reconciliation and require income taxes paid to be disaggregated by jurisdiction as well as additional amendments to improve the effectiveness of income tax disclosures.

The new standard was effective prospectively for us on January 1, 2025, with retrospective adoption permitted.

We adopted ASU 2023-09 retrospectively in the fourth quarter 2025.

See Note 6, Income Taxes in our Consolidated Financial Statements.

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures, which requires public business entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items in the notes to the financial statements.

1 unchanged sentence

We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Financial Statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software:

Targeted Improvements to the Accounting for Internal-Use Software, which clarified and modernizes the accounting for costs related to internal-use software.

The amendments in the standard remove all previous references to project stages and clarify the threshold entities apply to begin capitalizing costs.

The standard becomes effective for us on January 1, 2028, for annual and interim periods and may be adopted on a prospective basis, a modified basis for in-process projects, or a retrospective basis.

We are currently evaluating the impact of the adoption of this accounting pronouncement on our financial statements.

Financing Arrangements

4 unchanged sentences

Aggregate maturities of long-term debt subsequent to December 31, 2025, are as follows:

$ 500.0 million in 2025, $ 699.0 million in 2026, and $ 278.7 million in 2027.

$ 699.9 million in 2026 and $ 766.9 million in 2030.

Senior Credit Facility

At December 31, 2024, we were authorized to borrow up to $ 1.5 billion through a revolving line of credit and committed term loans, which is supported by a credit agreement with a group of banks.

The revolving line of credit authorizes us to borrow up to $ 1.0 billion under a five -year term expiring September 2027, and allows us to request an increase in the revolving line of credit total commitment by up to $ 300 million and to request two one -year extensions of the maturity date.

The committed term loans authorized us to borrow up to an additional $ 500 million during the nine-month period beginning September 27, 2022, due September 2025, which we exercised in June 2023.

At December 31, 2025, we were authorized to borrow up to $ 1.7 billion through a revolving line of credit and committed term loans, pursuant to a credit agreement with a group of banks.

The revolving line of credit authorizes us to borrow up to $ 1.0 billion under a five-year term expiring November 2030, and allows us to request an increase in the revolving line of credit total commitment by up to $ 400 million and to request two one-year extensions of the maturity date.

The committed term loans authorize us to borrow up to an additional $ 700 million during the six-month period beginning November 25, 2025, and if funded, will mature in November 2028.

The applicable interest rates under this agreement are based on either the Secured Overnight Financing Rate (SOFR), or a Base Rate, depending upon the specific type of borrowing, plus an applicable margin and other fees.

At December 31, 2024, we had $ 280.0 million outstanding on the revolving line of credit and a $ 500.0 million outstanding balance of term loans, at an average interest rate of 5.48 %, under this agreement.

Our senior notes consist of $ 700 million of 3.875 % senior notes due March 2026, issued in March 2019.

At December 31, 2025, we had $ 26.8 million outstanding on the revolving line of credit, at an average interest rate of 4.62 %, under this agreement.

Our senior notes consist of two separate issuances.

The first is $ 700 million of 3.875 % senior notes due March 2026, issued in March 2019.

Interest payments under these notes are due semiannually in March and September of each year, beginning September 2019.

These senior notes were issued by J.B.

The second is $ 750 million of 4.90 % senior notes due March 2030, issued in March 2025.

Interest payments under these notes are due semiannually in March and September of each year beginning September 2025.

Both senior notes were issued by J.B.

Hunt Transport Services, Inc., a parent-level holding company with no significant assets or operations.

1 unchanged sentence

All other subsidiaries of the parent are minor.

We registered these offerings and the sale of the notes under the Securities Act of 1933, pursuant to a shelf registration statement filed in January 2019.

These notes are unsecured obligations and rank equally with our existing and future senior unsecured debt.

We registered these offerings and the sale of the notes under the Securities Act of 1933, pursuant to shelf registration statements filed in January 2019 and February 2023, respectively.

Both notes are unsecured obligations and rank equally with our existing and future senior unsecured debt.

We may redeem for cash some or all of the notes based on a redemption price set forth in the note indenture.

Our $ 250 million of 3.85 % senior notes matured in March 2024.

The entire outstanding balance was paid in full at maturity.

Our financing arrangements require us to maintain certain financial covenants and ratios.

47 unchanged sentences

The aggregate intrinsic value of restricted and performance share units vested during the years ended December 31, 2025, 2024, and 2023, was $ 76.5 million, $ 105.4 million, and $ 104.0 million, respectively.

The aggregate intrinsic value of unvested restricted and performance share units was $ 185.9 million at December 31, 2024, with a remaining weighted average vesting period of approximately 2.9 years.

The total fair value of shares vested for restricted share and performance share units during the years ended December 31, 2024, 2023, and 2022, was $ 83.8 million, $ 73.8 million, and $ 63.1 million, respectively.

The aggregate intrinsic value of unvested restricted and performance share units was $ 198.7 million at December 31, 2025.

The total fair value of shares vested for restricted share and performance share plans during the years ended December 31, 2025, 2024, and 2023, was $ 73.3 million, $ 83.8 million, and $ 73.8 million, respectively.

Income before provision for income taxes was as follows:

Years ended December 31,

United States

Income before income taxes

Income tax expense attributable to earnings before income taxes consists of (in thousands):

3 unchanged sentences

Total tax expense/(benefit)

Income tax expense attributable to earnings before income taxes differed from the amounts computed using the statutory federal income tax rate of 21 % as follows (in thousands):

Income tax expense attributable to earnings before income taxes differed from the amounts computed using the statutory federal income tax rate of 21 % for the following reasons (in thousands):

Years ended December 31,

Income tax at federal statutory rate

federal statutory rate

State tax, net of federal effect*

Foreign tax Effects

Nontaxable or nondeductible items:

Federal 1341 claim

Total tax expense

Changes in unrecognized tax benefits:

Effective Tax Rate

* State taxes for California, Illinois, Indiana, New York & Pennsylvania for 2025, and California, Illinois, New York & Pennsylvania for 2024 and 2023 made up the majority (greater than 50%) of the tax effect in this category.

Income taxes receivable was $ 34.9 million and $ 116.7 million at December 31, 2025 and 2024, respectively.

18 unchanged sentences

Net deferred tax liability

The amounts of cash income taxes paid by the Company were as follows:

Years Ended December 31,

State and local:

Total State and local

Income taxes, net of amounts refunded

On July 4, 2025, new U.S.

tax legislation was signed into law which made permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were set to expire at the end of 2025.

In addition, the legislation made changes to certain U.S.

Corporate tax provisions.

This new legislation did not have a material impact on our Consolidated Financial Statements.

Guidance on accounting for uncertainty in income taxes prescribes recognition and measurement criteria and requires that we assess whether the benefits of our tax positions taken are more likely than not of being sustained under tax audits.

43 unchanged sentences

Commitments and Contingencies

At December 31, 2024, we had outstanding commitments of approximately $ 677 million, net of proceeds from sales or trade-ins, during the years 2025 and 2026, as well as an additional $ 89 million thereafter, which is primarily related to the acquisition of tractors, containers, chassis, and other trailing equipment.

At December 31, 2025, we had outstanding commitments of approximately $ 107.3 million, net of proceeds from sales or trade-ins, during the year 2026, which is primarily related to the acquisition of tractors, containers, chassis, and other trailing equipment.

During 2025, we issued financial standby letters of credit as a guaranty of our performance under certain operating agreements and self-insurance arrangements.

27 unchanged sentences

During the years ended December 31, 2025, 2024, and 2023, cash paid for amounts included in the measurement of operating lease liabilities was $ 106.8 million, $ 109.9 million, and $ 106.2 million, while $ 106.7 million, $ 110.8 million, and $ 106.8 million of operating lease expense was recognized on a straight-line basis, respectively.

Operating lease expense is recorded in general and administrative expenses, net of asset dispositions in our Consolidated Statements of Earnings.

Operating lease expense is recorded in general and administrative expenses, including asset dispositions in our Consolidated Statements of Earnings.

During the years ended December 31, 2025, 2024, and 2023, a total of $ 39.3 million, $ 78.9 million, and $ 159.7 million of right-of-use assets were obtained in exchange for new operating lease liabilities, of which, $ 9.1 million was obtained through business combinations in 2023.

7 unchanged sentences

Goodwill consists of acquiring and retaining the BNSFL existing brokerage network and expected synergies from the combination of operations.

On September 14, 2022, we entered into purchase agreements to acquire substantially all of the assets and assume certain specified liabilities of Alterri Distribution Center, LLC and to acquire all the real property and other assets of related entities (Alterri), subject to customary closing conditions.

The closing of the transaction was effective on September 14, 2022, with a purchase price and total consideration paid in cash of $ 31.0 million.

Total consideration paid in cash under the Alterri agreement was $ 31.1 million and consisted of the agreed upon purchase price adjusted for estimated working capital adjustments.

Transaction costs incurred were not material.

The Alterri acquisition was accounted for as a business combination and will operate within our JBI business segment.

Assets acquired and liabilities assumed were recorded in our Consolidated Balance Sheet at their estimated fair values, as of the closing date, using cost, market data and valuation techniques that reflect management’s judgment and estimates.

As a result of the acquisition, we recorded approximately $ 0.9 million of definite-lived intangible assets and approximately $ 8.8 million of goodwill in 2022.

Goodwill consists of acquiring and retaining Alterri’s existing operating model and strategic geographic location as well as expected synergies from the combination of operations.

On January 31, 2022, we entered into an asset purchase agreement to acquire substantially all of the assets and assume certain specified liabilities of Zenith Freight Lines, LLC (Zenith), a wholly-owned subsidiary of Bassett Furniture Industries, Inc., subject to customary closing conditions.

The closing of the transaction was effective on February 28, 2022, with a purchase price of $ 86.9 million.

Total consideration paid in cash under the Zenith agreement was $ 87.1 million and consisted of the agreed upon purchase price adjusted for estimated working capital adjustments.

Transaction costs incurred were not material.

The Zenith acquisition was accounted for as a business combination and will operate within our FMS business segment.

As a result of the acquisition, we recorded approximately $ 42.7 million of definite-lived intangible assets and approximately $ 11.1 million of goodwill.

Goodwill consists of acquiring and retaining the Zenith existing network and expected synergies from the combination of operations.

Goodwill and Other Intangible Assets

Total goodwill was $ 134.0 million and $ 134.0 million at December 31, 2024 and 2023, respectively.

Total goodwill was $ 134.0 million at December 31, 2025 and 2024.

At December 31, 2025, $ 111.6 million, $ 13.6 million and $ 8.8 million of our goodwill was assigned to our FMS, ICS, and JBI business segments, respectively.

2 unchanged sentences

Identifiable intangible assets consist of the following (in millions):

Weighted Average

Finite-lived intangibles:

37 unchanged sentences

Net Capital Expenditures (1)

Years ended December 31,

For The Twelve Months Ended

Total segment net capital expenditures

1 unchanged sentence

Revenues and Operating Income/(Loss)

Year ended December 31, 2024

For The Year ended December 31, 2025

Intersegment Eliminations

6 unchanged sentences

Insurance and claims

General and administrative expenses, net of asset dispositions

General and administrative expenses, including asset dispositions

Other segment items (2)

2 unchanged sentences

Revenues and Operating Income/(Loss)

Year ended December 31, 2023

For The Year ended December 31, 2024

Intersegment Eliminations

6 unchanged sentences

Insurance and claims

General and administrative expenses, net of asset dispositions

General and administrative expenses, including asset dispositions

Other segment items (2)

1 unchanged sentence

Operating Income (3)

Revenues and Operating Income

Year ended December 31, 2022

Revenues and Operating Income/(Loss)

For The Year ended December 31, 2023

Intersegment Eliminations

6 unchanged sentences

Insurance and claims

General and administrative expenses, net of asset dispositions

General and administrative expenses, including asset dispositions

Other segment items (2)

5 unchanged sentences

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

What changed 10-K

Item 9A. Controls and Procedures