What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-11-05 compared with 2025-08-06 · 132 added, 85 removed, 402 unchanged (35% of the section changed)

2 unchanged sentences

Amounts in millions, except per share amounts

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

22 unchanged sentences

Amounts in millions

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

6 unchanged sentences

Amounts in millions, except per share amounts

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Cash and cash equivalents $ 316 $ 340

Receivables, net of allowance for doubtful accounts of $ 1 as of June 30, 2025 and December 31, 2024

Receivables, net of allowance for doubtful accounts of $ 1 as of September 30, 2025 and December 31, 2024

Inventories 357 357

21 unchanged sentences

Common stock, $ 1 par value per share, 200 shares authorized;

85 shares issued and 70 shares issued and outstanding, respectively, as of June 30, 2025;

85 shares issued and 70 shares issued and outstanding, respectively, as of September 30, 2025;

and 86 shares issued and 70 shares issued and outstanding, respectively, as of December 31, 2024

1 unchanged sentence

Retained earnings 1,649 1,615

Treasury stock, 15 shares and 16 shares at cost as of June 30, 2025 and December 31, 2024, respectively

Treasury stock, 15 shares and 16 shares at cost as of September 30, 2025 and December 31, 2024, respectively

( 386 ) ( 386 )

5 unchanged sentences

Amounts in millions

Six Months Ended June 30,

Nine Months Ended September 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

16 unchanged sentences

Property, plant, and equipment additions ( 216 ) ( 121 )

Investment in affiliates — ( 17 )

Other investing activities, net — 16

26 unchanged sentences

Compensation expense associated with stock-based compensation — — — — 5 — — 5

Other comprehensive income — — — — — — 12 12

Other comprehensive income (loss) — — — — — — 12 12

Balance, March 31, 2025 85 $ 85 15 $ ( 388 ) $ 480 $ 1,625 $ ( 110 ) $ 1,692

6 unchanged sentences

Compensation expense associated with stock-based compensation — — — — 7 — — 7

Other comprehensive income — — — — — — 6 6

Other comprehensive income (loss) — — — — — — 6 6

Balance, June 30, 2025 85 $ 85 15 $ ( 386 ) $ 488 $ 1,659 $ ( 104 ) $ 1,742

Net Income — — — — — 9 — 9

Dividends paid ($ 0.28 per share)

— — — — — ( 19 ) — ( 19 )

Issuance of shares under stock plans — — — — — — — —

Taxes paid related to net settlement of stock-based awards — — — — — — — —

Purchase of stock — — — — — — — —

Compensation expense associated with stock-based compensation — — — — 12 — — 12

Other comprehensive income (loss) — — — — — — ( 4 ) ( 4 )

Balance, September 30, 2025 85 $ 85 15 $ ( 386 ) $ 500 $ 1,649 $ ( 108 ) $ 1,739

Common Stock Treasury Stock Additional Paid-in Capital Retained Earnings Accumulated Comprehensive (Loss) Income Total Stockholders’ Equity

8 unchanged sentences

Compensation expense associated with stock-based compensation — — — — 6 — — 6

Other comprehensive loss — — — — — — ( 15 ) ( 15 )

Other comprehensive income (loss) — — — — — — ( 15 ) ( 15 )

Balance, March 31, 2024 88 $ 88 16 $ ( 386 ) $ 465 $ 1,555 $ ( 104 ) $ 1,617

6 unchanged sentences

Compensation expense associated with stock-based compensation — — — — 4 — — 4

Other comprehensive loss — — — — — — ( 4 ) ( 4 )

Other comprehensive income (loss) — — — — — — ( 4 ) ( 4 )

Balance, June 30, 2024 87 $ 87 16 $ ( 385 ) $ 471 $ 1,595 $ ( 109 ) $ 1,658

Net Income — — — — — 90 — 90

Dividends paid ($ 0.26 per share)

— — — — — ( 18 ) — ( 18 )

Issuance of shares under stock plans — — — 3 ( 3 ) — — —

Taxes paid related to net settlement of stock-based awards — — — ( 4 ) — — — ( 4 )

Purchase of stock ( 1 ) ( 1 ) — — — ( 73 ) — ( 74 )

Compensation expense associated with stock-based compensation — — — — 4 — — 4

Other comprehensive income (loss) — — — — — — 9 9

Balance, September 30, 2024 86 $ 86 16 $ ( 386 ) $ 472 $ 1,594 $ ( 100 ) $ 1,666

The accompanying Notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

5 unchanged sentences

The principal customers for our building solutions are retailers, wholesalers, and home building and industrial businesses in North America and South America, and we make limited sales to customers in Asia, Australia, and Europe.

The Company operates over 20 manufacturing facilities across the U.S., Canada, Chile, and Brazil, in certain cases through foreign subsidiaries .

We operate more than 20 manufacturing facilities across the U.S., Canada, Chile, and Brazil, in certain cases through foreign subsidiaries .

References to “ LP,” the “ Company,” “ we,” “ our,” and “ us” refer to Louisiana-Pacific Corporation and its consolidated subsidiaries as a whole.

9 unchanged sentences

The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full fiscal year.

The Condensed Consolidated Financial Statements include the accounts of LP and our controlled subsidiaries.

The Condensed Consolidated Financial Statements include the accounts of LP and our consolidated subsidiaries.

All intercompany transactions, profits, and balances have been eliminated.

4 unchanged sentences

The following tables present our reportable segment revenues, disaggregated by revenue source (dollar amounts in millions):

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

By product type and family:

6 unchanged sentences

$ 443 $ 179 $ 39 $ 2 $ 663

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

By product type and family:

6 unchanged sentences

$ 420 $ 253 $ 47 $ 2 $ 722

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

By product type and family:

6 unchanged sentences

$ 1,305 $ 696 $ 134 $ 6 $ 2,141

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

By product type and family:

30 unchanged sentences

The following table sets forth the computation of basic and diluted earnings per share (dollar and share amounts in millions, except per share amounts):

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

6 unchanged sentences

Diluted $ 0.13 $ 1.28 $ 2.20 $ 5.00

SUPPLEMENTAL BALANCE SHEET INFORMATION

Trade receivables are primarily generated by sales of our products to our wholesale and retail customers.

Receivables consisted of the following (dollar amounts in millions):

September 30, 2025 December 31, 2024

Trade receivables $ 131 $ 100

Income tax receivable 9 12

Other receivables 19 21

Allowance for doubtful accounts ( 1 ) ( 1 )

Total Receivables $ 158 $ 131

Other receivables as of September 30, 2025, and December 31, 2024, primarily consisted of sales tax receivables, vendor rebates, and other miscellaneous receivables.

Inventories are valued at the lower of cost or net realizable value.

Inventory cost includes materials, labor, and operating overhead.

The first-in, first-out or average cost methods are used to value our inventories as of September 30, 2025.

Inventory consisted of the following (dollar amounts in millions):

September 30, 2025 December 31, 2024

Logs $ 58 $ 64

Other raw materials 43 41

Semi-finished inventories 37 33

Finished products 220 220

Total Inventories $ 357 $ 357

Property, Plant, and Equipment

Property, plant, and equipment, including capitalized interest, are recorded at cost and consisted of the following (dollars in millions):

September 30, 2025 December 31, 2024

Land, land improvements, and logging roads, net of road amortization $ 221 $ 217

Buildings 511 504

Machinery and equipment 2,545 2,472

Construction in progress 318 248

Property, plant, and equipment

Accumulated depreciation ( 1,926 ) ( 1,849 )

Property, plant, and equipment, net $ 1,669 $ 1,592

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities were as follows (dollars amounts in millions):

September 30, 2025 December 31, 2024

Trade accounts payable $ 126 $ 139

Salaries and wages payable 80 80

Accrued customer incentives 52 48

Taxes other than income taxes 8 4

Current portion of operating lease liabilities 8 8

Other accrued liabilities 6 9

Total accounts payable and accrued liabilities

Other accrued liabilities at September 30, 2025, and December 31, 2024, primarily consisted of accrued interest, workers' compensation liabilities, and warranty reserves.

Additionally, trade accounts payable included $ 22 million and $ 32 million related to capital expenditures that had not yet been paid as of September 30, 2025, and December 31, 2024, respectively.

Other Long-Term Liabilities

September 30, 2025 December 31, 2024

Post-retirement obligations $ 6 $ 7

Asset retirement obligations 9 9

Uncertain tax positions 13 13

Warranty reserves 5 5

Pension benefit obligation 1 2

Total other long-term liabilities

Other long-term liabilities at September 30, 2025 and December 31, 2024, consisted primarily of workers’ compensation liabilities and investment tax incentives associated with property, plant, and equipment.

See “Note 11.

Product Warranties” below for further information regarding our product warranty claims.

FAIR VALUE MEASUREMENTS

12 unchanged sentences

Carrying amounts reported on the balance sheet for cash and cash equivalents, receivables, and accounts payable approximate fair value due to the short-term maturity of these instruments.

The net carrying value of the 3.625 % Senior Notes due in 2029 (2029 Senior Notes) was $ 348 million as of June 30, 2025 and December 31, 2024.

Based on market quotations, the fair value of the 2029 Senior Notes was estimated to be $ 333 million and $ 323 million as of June 30, 2025 and December 31, 2024, respectively.

The net carrying value of the 3.625 % Senior Notes due in 2029 (2029 Senior Notes) was $ 348 million as of September 30, 2025 and December 31, 2024.

Based on market quotations, the fair value of the 2029 Senior Notes was estimated to be $ 335 million and $ 323 million as of September 30, 2025 and December 31, 2024, respectively.

The 2029 Senior Notes and other long-term debt are categorized as Level 1 in the U.S.

2 unchanged sentences

In March 2025, LP entered into the First Amendment to Second Amended and Restated Credit Agreement (the First Amendment) with American AgCredit, PCA, as administrative agent, CoBank, ACB, as letter of credit issuer, and the lenders and voting participants party thereto, which amends that certain Second Amended and Restated Credit Agreement (the Credit Agreement) that was entered into in November 2022.

The First Amendment amended the Credit Agreement to (1) increase the aggregate principal amount for the credit facility (the Amended Credit Facility) from $ 550 million to $ 750 million, (2) increase the sub-limit for letters of credit from $ 60 million to $ 75 million, (3) change the interest rate for revolving borrowing, (4) change the capitalization ratio limit, and (5) extend the maturity date to March 26, 2032.

As of June 30, 2025, there were no outstanding borrowings pursuant to the Amended Credit Facility.

Receivables consisted of the following (dollar amounts in millions):

June 30, 2025 December 31, 2024

Trade receivables $ 146 $ 100

Income tax receivable 5 12

Other receivables 18 21

Allowance for doubtful accounts ( 1 ) ( 1 )

Total Receivables $ 168 $ 131

Trade receivables are primarily generated by sales of our products to our wholesale and retail customers.

Other receivables as of June 30, 2025, and December 31, 2024, primarily consisted of sales tax receivables, vendor rebates, and other miscellaneous receivables.

Inventories are valued at the lower of cost or net realizable value.

Inventory cost includes materials, labor, and operating overhead.

The first-in, first-out or average cost methods are used to value our inventories as of June 30, 2025.

Inventory consisted of the following (dollar amounts in millions):

June 30, 2025 December 31, 2024

Logs $ 56 $ 64

Other raw materials 45 41

Semi-finished inventories 31 33

Finished products 238 220

Total Inventories $ 370 $ 357

date to March 26, 2032.

As of September 30, 2025, there were no outstanding borrowings pursuant to the Amended Credit Facility.

GOODWILL AND OTHER INTANGIBLE ASSETS

1 unchanged sentence

The Company’s annual assessment date is October 1.

Changes in goodwill and other intangible assets for the six months ended June 30, 2025 are provided in the following table (dollar amounts in millions):

Changes in goodwill and other intangible assets for the nine months ended September 30, 2025 are provided in the following table (dollar amounts in millions):

Timber Licenses 1

3 unchanged sentences

Amortization ( 2 ) — ( 2 )

Ending balance June 30, 2025

Ending balance September 30, 2025

$ 21 $ 19 $ 4

4 unchanged sentences

This revision in estimate resulted in a quarterly increase of $ 2 million in amortization expense.

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Accounts payable and accrued liabilities were as follows (dollars amounts in millions):

June 30, 2025 December 31, 2024

Trade accounts payable $ 156 $ 139

Salaries and wages payable 57 80

Accrued customer incentives 51 48

Taxes other than income taxes 9 4

Current portion of operating lease liabilities 8 8

Other accrued liabilities 9 9

Total Accounts payable and accrued liabilities $ 290 $ 287

Other accrued liabilities at June 30, 2025, and December 31, 2024, primarily consisted of accrued interest, worker compensation liabilities, and warranty reserves.

Additionally, trade accounts payable included $ 26 million and $ 32 million related to capital expenditures that had not yet been paid as of June 30, 2025, and December 31, 2024, respectively.

For interim periods, income tax expense is recognized by applying the estimated annual effective tax rate to year-to-date results, unless doing so does not yield a reliable estimate.

1 unchanged sentence

Changes in profitability estimates across jurisdictions may affect quarterly effective tax rates.

The provision for income taxes for the six months ended June 30, 2025, and 2024, reflected estimated annual effective tax rates of 26 % and 25 %, respectively, excluding discrete items discussed below.

The total tax provision for the three and six months ended June 30, 2025, was $ 19 million and $ 45 million, respectively, compared to $ 53 million and $ 94 million for the corresponding periods in 2024, respectively.

The effective tax rate, including discrete items, for the three and six months ended June 30, 2025, was 26 % and 24 %, respectively, compared to 25 % and 26 % for the comparable periods in 2024.

During the six months ended June 30, 2025, a net discrete tax benefit of $ 4 million was recognized, compared to a net discrete tax expense of $ 4 million for the same period in 2024.

The benefit in the current year was primarily attributable to inflationary and foreign currency exchange-related effects, as well as stock-based compensation.

The prior year's expense was mainly driven by similar inflationary and foreign currency exchange-related impacts.

The provision for income taxes for the nine months ended September 30, 2025, and 2024, reflected estimated annual effective tax rates of 27 % and 25 %, respectively, excluding discrete items discussed below.

The total tax provision for the three and nine months ended September 30, 2025, was $ 9 million and $ 54 million, respectively, compared to $ 23 million and $ 117 million for the corresponding periods in 2024, respectively.

The effective tax rate, including discrete items, for the three and nine months ended September 30, 2025, was 52 % and 26 %, respectively, compared to 20 % and 25 % for the comparable periods in 2024, respective.

During the nine months ended September 30, 2025, and 2024, we recognized net discrete tax benefits of $ 2 million and $ 1 million, respectively.

The current year net tax benefit is primarily related to inflationary and foreign currency exchange-related effects, as well as stock-based compensation.

The prior year net tax benefit related primarily to stock-based compensation.

In 2021, the Organization for Economic Cooperation and Development (OECD) announced an Inclusive Framework on Base Erosion and Profit Shifting, including the Pillar Two Model Rules (Pillar Two), applicable to large multinational corporations.

These rules establish a global per-country minimum tax of 15%.

Although, the United States has not enacted legislation to adopt the Pillar Two framework, and future adoption remains uncertain, certain countries where operations are conducted have enacted such legislation.

Although, the United States has not enacted legislation to adopt the Pillar Two framework, and future adoption remains uncertain, certain countries where our operations are conducted have enacted such legislation.

Specifically, the Canadian government enacted legislation in 2024 implementing aspects of the OECD’s minimum tax rules under the Pillar Two framework, effective for the 2024 fiscal year, and proposed additional legislation to implement further aspects effective in the 2025 fiscal year.

1 unchanged sentence

To date, no other jurisdictions in which LP operates have enacted Pillar Two legislation.

At this time, Pillar Two legislation is not expected to have a material impact on the Company's effective tax rate, consolidated results of operations, financial position, or cash flows.

At this time, Pillar Two legislation is not expected to have a material impact on the Company’s effective tax rate,

consolidated results of operations, financial position, or cash flows.

The Company will continue to monitor future developments related to Pillar Two legislation to assess any potential impact in the relevant jurisdictions.

1 unchanged sentence

1, a bill to provide for reconciliation pursuant to title II of H.

14, informally known as the “One Big Beautiful Bill Act” (OBBBA) was enacted in the U.S.

The OBBBA includes significant provisions, such as permanent extension of certain expiring elements of the Tax Cuts and Jobs Act of 2017, modifications to the international tax framework, and the restoration of favorable tax treatment for specific business provisions.

Certain provisions are effective in 2025, while others will be implemented through 2027.

Given that the legislation was signed into law after the close of the second quarter, its impacts are not included in the operating results for the six months ended June 30, 2025.

The potential effects on the consolidated financial statements are currently under evaluation.

14, informally known as the One Big Beautiful Bill Act (“The Tax Act”) was enacted in the U.S., introducing a series of corporate tax changes in the U.S., including significant provisions such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions.

The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented thereafter through 2027.

The provisions of The Tax Act effective in 2025 include 100% bonus depreciation on qualified property and full expensing for research and development expenditures.

The impacts of The Tax Act are reflected in our results for the nine months ended September 30, 2025, and have no material impact on our income tax expense or effective tax rate.

We expect certain provisions of The Tax Act will decrease cash taxes paid in the current fiscal year and may change the timing of cash tax payments in future periods.

OTHER OPERATING AND NON-OPERATING ITEMS

1 unchanged sentence

Other operating credits and charges, net, is comprised of the following components (dollar amounts in millions):

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

1 unchanged sentence

Legal settlement — — — 3

Loss on asset disposal — — ( 1 ) —

Product-line discontinuance charges ( 1 ) — ( 1 ) —

Other ( 1 ) — 1 —

2 unchanged sentences

Other non-operating items is comprised of the following components (dollar amounts in millions):

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

7 unchanged sentences

As a result, impairment charges may be necessary in connection with such dispositions.

During the second quarter of 2025, $ 17 million in non-cash, pre-tax impairment charges were recorded.

During the third quarter ended September 30, 2025, $ 13 million in non-cash, pre-tax impairment charges were recorded related to equipment that will not be utilized in future operations.

During the second quarter ended June 30.

2025, $17 million in non-cash, pre-tax impairment charges were recorded.

These included $ 11 million related to acquired equipment that will not be utilized in future operations, $ 4 million related to property, plant, and equipment associated with a facility closure, and $ 2 million primarily related to an operating lease asset associated with a previously closed facility.

1 unchanged sentence

Reserves for various contingent liabilities were as follows (dollar amounts in millions):

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Environmental reserves $ 27 $ 28

21 unchanged sentences

These accruals are based upon historical experience and management’s estimate of future claim levels.

The activity in the warranty reserves for the three and six months ended June 30, 2025, and 2024, is summarized in the following table (dollar amounts in millions):

Three Months Ended June 30, Six Months Ended June 30,

The activity in the warranty reserves is summarized in the following table for the three and nine months ended September 30, 2025, and 2024, (dollar amounts in millions):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

5 unchanged sentences

Long-term portion of warranty reserves (included in other long-term liabilities) $ 5 $ 5 $ 5 $ 5

Warranty and other product-related claims continue to be monitored by management, and as of June 30, 2025, the warranty reserve balances associated with these matters are considered adequate to cover future warranty payments.

Warranty and other product-related claims continue to be monitored by management, and as of September 30, 2025, the warranty reserve balances associated with these matters are considered adequate to cover future warranty payments.

However, additional adjustments may be required in the future.

ACCUMULATED COMPREHENSIVE LOSS

Accumulated comprehensive loss is provided in the following table for the three and six months ended June 30, 2025 and 2024 (dollar amounts in millions):

Three Months Ended June 30, Six Months Ended June 30,

Accumulated comprehensive loss is provided in the following table for the three and nine months ended September 30, 2025 and 2024 (dollar amounts in millions):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

8 unchanged sentences

• The Siding segment serves diverse end markets with a broad product portfolio of engineered wood siding, trim, soffit, and fascia, including LP ® SmartSide ® Trim & Siding, LP ® SmartSide ® ExpertFinish ® Trim & Siding, LP BuilderSeries ® Lap Siding, and LP ® Outdoor Building Solutions ® (collectively referred to as Siding Solutions).

• The OSB segment manufactures and distributes OSB structural panel products, including the innovative value-added OSB product portfolio known as LP ® Structural Solutions (which includes LP ® TechShield ® Radiant Barrier, LP WeatherLogic ® Air & Water Barrier, LP Legacy ® Premium Sub-Flooring, LP NovaCore ® Thermal Insulated Sheathing, LP ® FlameBlock ® Fire-Rated Sheathing, LP ® TopNotch ® 350 Durable Sub-Flooring) and LP ® Oriented Strand Board.

• The OSB segment manufactures and distributes OSB structural panel products, including the innovative value-added OSB product portfolio known as LP ® Structural Solutions (which includes LP ® TechShield ® Radiant Barrier Sheathing, LP WeatherLogic ® Air & Water Barrier, LP Legacy ® Premium Sub-Flooring, LP ® FlameBlock ® Fire-Rated Sheathing, and LP ® TopNotch ® 350 Durable Sub-Flooring) and LP ® Oriented Strand Board.

• The LPSA segment manufactures and distributes OSB structural panel and Siding Solutions products in South America and certain export markets.

5 unchanged sentences

Information regarding the Company’s business segments is presented below (dollar amounts in millions):

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Siding OSB LPSA Segment Total Other Consolidated

7 unchanged sentences

Adjusted EBITDA $ 117 $ ( 27 ) $ 5 $ 95 $ ( 13 ) $ 82

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Siding OSB LPSA Segment Total Other Consolidated

7 unchanged sentences

Adjusted EBITDA $ 123 $ 33 $ 9 $ 165 $ ( 12 ) $ 153

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Siding OSB LPSA Segment Total Other Consolidated

6 unchanged sentences

Other charges 1

6 4 2 12 13 25

Adjusted EBITDA $ 348 $ 46 $ 25 $ 419 $ ( 33 ) $ 386

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Siding OSB LPSA Segment Total Other Consolidated

6 unchanged sentences

Other charges 1

4 2 — 6 10 17

Adjusted EBITDA $ 318 $ 249 $ 29 $ 594 $ ( 32 ) $ 564

1 Other charges includes stock compensation and income from equity in unconsolidated affiliates.

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

13 unchanged sentences

Information concerning identifiable assets by segment is as follows (dollar amounts in millions):

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Identifiable Assets

4 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-Q

Item 1. Financial Statements