What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2022-02-22 compared with 2021-02-18 · 77 added, 80 removed, 178 unchanged (47% of the section changed)

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We believe that we are the largest producer of engineered wood siding.

Our Siding segment serves diverse end markets with a broad product offering, including LP ® SmartSide ® Trim & Siding, LP ® SmartSide ® ExpertFinish ® prefinished siding, and LP Outdoor Building Solutions ® products for premium outdoor buildings.

Our SmartSide products consist of a full line of engineered wood siding, trim, soffit, and fascia.

Our Siding segment serves diverse end markets with a broad product offering, 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).

Our Siding Solutions products consist of a full line of engineered wood siding, trim, soffit, and fascia.

These products offer superior protection against hail, wind, moisture, fungal decay, and termites compared to solid wood.

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We intend to continue growing Siding sales and increase the breadth of our Siding product offerings.

To do so, we plan to increase production capacity of these higher-margin, value-added products through the addition of new plants, additional conversion of existing OSB plants to SmartSide manufacturing plants, and the expansion of our pre-finished offerings.

To do so, we plan to increase the production capacity of these higher-margin, value-added products through the addition of new plants, additional conversion of existing OSB plants to Siding manufacturing plants, expansion of our capacity at existing Siding facilities, and expansion of our pre-finished (primed and painted) offerings.

We will also continue to drive product innovation by utilizing our technological expertise in wood composites, overlays, chemical treatments, and durable and beautiful paints to better address the needs of our customers.

Oriented Strand Board (OSB)

OSB is an innovative, affordable and sustainable product made from wood strands, arranged in layers, and bonded with resin and wax.

OSB serves many of the same uses as plywood, including roof decking, sidewall sheathing and floor underlayment, but can be produced at a significantly lower cost.

Our OSB segment manufactures and

distributes OSB structural panel products including our value-added OSB portfolio known as LP Structural Solutions (LP ® TechShield ® Radiant Barrier, LP WeatherLogic ® Air & Water Barrier, LP Legacy ® Premium Sub-Flooring, and LP ® FlameBlock ® Fire-Rated Sheathing) and LP ® TopNotch ® Sub-Flooring.

OSB is a structural building product made from wood strands, arranged in layers, and bonded with resin and wax.

OSB serves many of the same uses as plywood, including roof decking, sidewall sheathing and floor underlayment,

but less expensive and more sustainable.

Our OSB segment manufactures and distributes OSB structural panel products, including our innovative value-added OSB portfolio known as LP Structural Solutions (which includes LP ® TechShield ® Radiant Barrier, LP WeatherLogic ® Air & Water Barrier, LP Legacy ® Premium Sub-Flooring, LP ® FlameBlock ® Fire-Rated Sheathing, and LP ® TopNotch ® Sub-Flooring).

We intend to continue to grow sales of our Structural Solutions portfolio as a percentage of our total production and to aggressively manage cost through (i) the efficiency with which we operate our manufacturing facilities (measured in Overall Equipment Effectiveness, or OEE), (ii) the efficiency with which we convert sustainably harvested wood fiber into our products, and (iii) our ongoing work to optimize logistics and reduce other costs.

Engineered Wood Products (EWP)

Our EWP segment is comprised of LP ® SolidStart ® I-Joist (I-Joist), Laminated Veneer Lumber (LVL), and Laminated Strand Lumber (LSL) and other related products.

This segment also includes the sale of I-Joists produced by our joint venture with Resolute Forest Products, Inc.

In North America, we are one of the top three producers (including our joint venture production) of I-Joists, LVL, and LSL.

Plywood manufactured by our LVL operations in British Columbia is also included in this segment.

Our EWP segment is comprised of LP ® SolidStart ® I-Joist (I-Joist), Laminated Veneer Lumber (LVL), and other related products.

This segment also includes the sale of I-Joists produced by our joint venture with Resolute Forest Products, Inc., as well as plywood manufactured by our LVL operations in Golden, British Columbia.

During 2021, we ceased Laminated Strand Lumber (LSL) production at our Houlton, Maine facility to begin the conversion of that facility to Siding Solutions production.

In North America, we are one of the top three producers (including our joint venture production) of I-Joists and LVL.

We believe that our engineered I-Joists, which are used primarily in residential and commercial flooring and roofing systems and other structural applications, are stronger, lighter, straighter, and more sustainable than conventional lumber joists of similar dimensions.

Our LVL and LSL are high-grade, value-added structural products used in applications where extra strength and quality are required, such as headers and beams.

On February 16, 2021, we announced (i) that LSL production will cease during 2021 in connection with the conversion of the Houlton, Maine facility to SmartSide production and (ii) our decision to explore strategic alternatives with respect to the remaining EWP segment, including a possible sale in whole or in part.

Our LVL is a high-grade, value-added structural product used in applications where extra strength and quality are required, such as headers and beams.

We continue to explore strategic alternatives with respect to the remaining EWP segment, including a possible sale in whole or in part, as previously announced.

South America

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This segment also distributes and sells related products to encourage the region’s transition to wood frame construction.

This segment has manufacturing operations in two countries, Chile and Brazil, and operates sales offices in Chile, Brazil, Peru, Colombia, Argentina, and Paraguay.

We believe that we are the leading producer of OSB and siding in South America, and we are positioned to capitalize on the growing demand for wood-based residential construction in South America.

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Grow Our Siding Business.

We believe that our leadership position in treated engineered wood siding positions us to benefit from demand growth, particularly as sustainable engineered wood continues to displace alternative siding materials such as vinyl, fiber cement, and other materials.

We have consistently grown our Siding segment above the underlying market growth rates, and this segment is less sensitive to new housing market cyclicality as over 50% of SmartSide demand comes from other markets, including sheds and repair and remodeling.

We believe that our leadership position in treated engineered wood siding allows us to benefit from demand growth, particularly as sustainable engineered wood continues to displace alternative siding materials such as vinyl, fiber cement, and other materials.

We have consistently grown our Siding segment above the underlying market growth rates, and this segment is less sensitive to new housing market cyclicality as over 50% of Siding Solutions demand comes from other markets, including sheds and repair and remodeling.

We believe that long-term market trends and demographics suggest continued growth in demand for sustainable engineered wood siding in these markets, which we are well-positioned to meet.

On February 16, 2021, we announced a phased capacity expansion strategy for SmartSide.

In 2021, we will start the conversion of our Houlton, Maine mill from the production of LSL and OSB to SmartSide.

This expansion strategy will also include the conversion of our OSB mill in Sagola, Michigan, to SmartSide production sometime after siding production begins at the Houlton mill.

The conversion of these two facilities will add approximately 520 million square feet of SmartSide capacity and remove 670 million square feet of OSB capacity (on a 3/8" basis).

During 2021, we announced a phased capacity expansion strategy for Siding Solutions.

This expansion strategy includes the conversion of our OSB mill in Sagola, Michigan, to Siding Solutions production sometime after siding production begins at our Houlton, Maine mill.

The conversion of these two facilities will add approximately 520 million square feet of Siding Solutions capacity and remove 670 million square feet of OSB capacity (on a 3/8” basis).

Generate Value-Added Sales Growth Through Customer Focus and Innovation.

We believe that our products help customers address labor shortages because they are easier to work with and often combine multiple steps into a single product system.

We believe that our products help customers address labor shortages because they are easy to work with and often combine multiple steps into a

single product system.

Our marketing efforts drive awareness and a greater understanding of our products’ potential with builders, repair and remodel contractors, industrial manufacturers, and major home improvement retailers.

Through our sales efforts, we target customers by channel and focus on providing them with a broad array of

traditional and specialty building products coupled with quality service.

Through our sales efforts we target customers by distribution channel and focus on providing them with a broad array of traditional and specialty building products coupled with quality service.

Our strategically located facilities in the U.S., Canada, Chile, and Brazil allow us to be closer to our customers and more responsive to their changing needs.

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Our OEE programs have produced excellent returns and generated many best practices that have been applied across our manufacturing system.

Given these initiatives and the strategic locations of many of our facilities, we believe that we are very competitive with regard to average delivered cost.

Given these initiatives and the strategic locations of many of our facilities, we believe that we are very competitive regarding average delivered cost.

As market conditions change, we will continue to adapt our product mix, selectively invest in new technologies that modernize our manufacturing facilities, and manage our capacity to best match customer demand.

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We believe that our pursuit of these opportunities, if successful, could enable us to increase the size and scope of our businesses or joint ventures.

On February 16, 2021, we announced our decision to explore strategic alternatives with respect to the EWP segment, including a possible sale in whole or in part.

We continue to explore strategic alternatives with respect to the EWP segment, including a possible sale in whole or in part, as previously announced.

We can give no assurance as to whether we will be able to identify any strategic alternatives that are likely to increase value to our stockholders.

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• Building materials professional dealers that specialize in sales to professional builders, remodeling firms, and trade contractors that are involved in residential home construction and light commercial building;

• Retail home centers that provide access to consumer markets with a broad selection of home improvement materials and increasingly serve professional builders, DIY remodelers, and trade contractors;

• Shed producers that design, construct, and distribute prefabricated residential and light commercial structures, including fully manufactured, modular, and panelized structures, for consumer and professional

• Retail home centers that provide access to consumer markets with a broad selection of home improvement

materials and increasingly serve professional builders, DIY remodelers, and trade contractors;

Our Competitors / Competition

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We also compete less directly with firms that manufacture substitutes for wood building products.

Our specialty products, including Siding, Structural Solutions OSB products, and EWP, generally compete based upon product features, benefits, quality, and availability.

Our commodity OSB generally competes based upon price, quality, and availability of products.

Our specialty products, including Siding Solutions, Structural Solutions, and EWP I-Joist and LVL, generally compete based on product features, benefits, quality, and availability.

Our commodity OSB generally competes based on price, quality, and availability of products.

Our Manufacturing

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The goal of the strategic sourcing group is to develop global strategies for a given component group, identify suppliers that meet our business requirements, and develop long-term relationships with these vendors.

By developing these strategies and relationships, we seek to leverage our material needs to implement leading practices, reduce costs, improve process efficiency, and improve operating performance.

By developing these strategies and relationships, we seek to leverage our material needs to implement leading practices, reduce costs, improve process efficiency, improve operating performance.

and ensure continuity of supply.

Raw Materials

Wood fiber is the primary raw material used in most of our operations, and the primary source of wood fiber is timber.

The primary end-markets for timber harvested in the North America are manufacturers who supply:

The primary end-markets for timber harvested in North America are manufacturers who supply:

(1) the housing market where it is used in the construction of new housing and the repair and remodeling of existing housing;

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and (5) emerging biomass energy production markets.

The supply of timber is limited by the availability of timberlands and access to the wood fiber.

The supply of timber is limited by the availability of and access to timberlands.

The availability of timberlands, in turn, is limited by several factors, including policies governing forest management, alternate uses of land, and loss to urban or suburban real estate development.

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However, our mills are generally located near large and diverse supplies of timber.

We source all our wood fiber sustainably, as certified by Sustainable Forestry Initiative Inc.

(SFI) and Programme for the Endorsement of Forest Certification (PEFC).

We source all our wood fiber sustainably, as certified against Sustainable Forestry Initiative ® (SFI ® ) and Programme for the Endorsement of Forest Certification (PEFC ® ) standards.

In addition to wood fiber, we use significant quantities of various resins in our manufacturing processes.

Resin product costs are influenced by changes in the prices of raw materials used to produce resin, primarily petroleum products and energy, as well as competing demand for resin products.

Currently, we purchase most of our resin from three major suppliers.

However, there can be no assurance that pricing or availability of resins will not be impacted by competing demand or supply chain disruptions due to significant weather events.

While a significant portion of our energy requirements is met at our plants by the energy produced from the conversion of wood waste, we also purchase electricity and natural gas.

Energy prices have experienced significant

volatility in recent years, particularly in deregulated markets.

Currently, we purchase most of our resin from four major suppliers.

However, there can be no assurance that pricing or availability of resins will not be impacted by competing demand or supply chain disruptions due to significant weather or other uncontrollable events.

While a significant portion of our energy requirements are met at our plants by the energy produced from the conversion of wood waste, we also purchase electricity and natural gas.

Energy prices have experienced significant volatility in recent years, particularly in deregulated markets.

We attempt to mitigate our exposure to energy price changes through the selective use of long-term supply agreements.

Our business is subject to seasonal variances, with demand for many of our products tending to be higher during the building season, which generally occurs in the second and third quarters in North America and the fourth and first quarters in South America, although demand was lower than usual in the second quarter of 2020 due to the COVID-19 pandemic.

Occasionally, we engage in promotional activities designed to stimulate demand for our products, such as reducing our selling prices and providing extended payment terms, particularly at times when demand is otherwise reduced.

We do this in an effort to better balance our inventory levels with demand, manage the logistics of our product shipments, and allow our production facilities to run efficiently.

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We are subject to income taxes in the United States and foreign jurisdictions.

Our provision for income taxes and the effective tax rate could be affected by numerous factors, including changes in applicable tax laws, interpretations of applicable tax laws, amount and composition of pre-tax income in jurisdictions with differing tax rates, and valuation of deferred tax assets.

Additional information concerning tax matters is set forth under “Risk Factors – Regulatory and statutory changes applicable to us or our customers, including changes in effective tax rates or tax law, could adversely affect our financial condition and results of operations .

” in Item 1A of this annual report on Form 10-K, and in Note 10 of the Notes to the Consolidated Financial Statements included in Item 8 of this annual report on Form 10-K.

Our provision for income taxes and the effective tax rate could be affected by numerous factors, including changes in applicable tax laws, interpretations of applicable tax laws, the amount and composition of pre-tax income in jurisdictions with differing tax rates, and the valuation of deferred tax assets.

Additional information concerning tax matters is set forth under “Risk Factors – Legal and Regulatory Risk Factors - Regulatory and statutory changes applicable to us or our customers, including changes in effective tax rates or tax law, could adversely affect our financial condition and results of operations ” in Item 1A of this annual report on Form 10-K, and in Note 9 of the Notes to the Consolidated Financial Statements included in Item 8 of this annual report on Form 10-K.

Our operations are also subject to many environmental laws and regulations governing, among other things, the discharge of pollutants and other emissions on or into the land, water, and air, the disposal of hazardous substances or other contaminants, the remediation of contamination, and the restoration and reforestation of timberlands.

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Workforce and Employee Relations

Our employees are our most important assets and they are integral to our ability to achieve our strategic objectives.

The continued success and growth of LP’s business depends, in large part, on our ability to attract, retain and develop a diverse population of talented and high-performing employees at all levels.

Our employees are our most important asset, and they are integral to our ability to achieve our strategic objectives.

The continued success and growth of our business depends, in large part, on our ability to attract, retain, and develop a diverse population of talented and high-performing employees at all levels.

We have developed key recruitment and retention strategies, objectives, and measures that we focus on as part of the overall management of LP, which will continue to support our efforts to succeed in a competitive labor market.

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We are committed to the health, safety, and wellness of our employees.

Safety is a core principle and key value at LP, and we safeguard our people, projects, and reputation by maintaining a safety culture which strives to eliminate workplace incidents, risks, and hazards.

Safety is a core principle and key-value at LP, and we safeguard our people, projects, and reputation by maintaining a safety culture that strives to eliminate workplace incidents, risks, and hazards.

Our innovative safety and health processes are at the forefront of everything we do.

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We have established a targeted TIR of <1.0, which we believe represents industry-leading performance.

We use this data to prioritize, manage and carefully track safety performance at all of our facilities and integrate sound safety practices to make a meaningful difference in every facet of our operations.

To further enhance LP’s commitment to safety, we are also establishing a Serious Injury/Fatality (SIF) program.

The SIF program is a proactive approach to address the most significant exposures our employees face on the job.

We anticipate that the SIF program will enhance hazard recognition and employee engagement and drives our teams to evaluate controls to ensure we are incorporating improved levels of protection whenever possible.

In response to the COVID-19 pandemic, we formed a Pandemic Response Team, which is responsible for implementing COVID-19 safety protocols and procedures to protect our employees and the communities in which we operate.

We manufacture products deemed essential to critical infrastructure industries, and as a result, all of our manufacturing facilities have continued to operate during the COVID-19 pandemic.

Thus, since March 2020, we have continuously adopted safety protocols and procedures at all of our facilities and have utilized our best commercial efforts to comply with local, state and federal government regulations and health and safety standards, as well as Centers for Disease Control and Prevention (CDC) guidance.

For a detailed discussion of the impact of the COVID-19 pandemic on our business, see “Risk Factors” in Item 1A of this Form 10-K.

Inclusion and Diversity:

We use this data to prioritize, manage, and carefully track safety performance at all our facilities and integrate sound safety practices to make a meaningful difference in every facet of our operations.

To further enhance our commitment to safety, we have also implemented a Serious Injury and Fatality (SIF) prevention program and the tracking of Workplace Incident Reports (WIR).

The SIF prevention program is a proactive approach to address the most significant exposures our employees face on the job.

WIR tracking reflects the severity and frequency of incidents to monitor our safety performance.

The SIF program and WIR tracking enhance hazard recognition and employee engagement and drive our teams to evaluate controls to ensure we are incorporating improved levels of protection whenever possible.

We have a Pandemic Response Team, which is responsible for implementing COVID-19 safety protocols and procedures to protect our employees and the communities in which we operate.

We continue to monitor developments and update our practices in response to changes in the COVID-19 workplace safety and health standards established by OSHA, and any additional national or state standards in jurisdictions in which we operate.

At this time, it is unclear, among other things, how such standards (including any federal or state vaccine mandates) may impact our workforce.

For a detailed discussion of the impact of the COVID-19 pandemic on our business, see Item 1A, Risk Factors, of this annual report on Form 10-K.

Diversity, Equity, and Inclusion:

We embrace the diversity of our team members, customers, stakeholders, and consumers, including their unique backgrounds, experiences, thoughts, and talents, and are committed to continued efforts to increase diversity and foster an inclusive workplace.

Everyone at LP is valued and appreciated for their distinct contributions to the growth and sustainability of our business.

We strive to cultivate a culture and vision that supports and enhances our ability to recruit, develop and retain diverse talent at every level.

Our Human Resources Department and our executive management team provide oversight of our policies, programs and initiatives focusing on workforce diversity and inclusion, talent and development, and compensation and benefits and it is our policy to fully comply with all laws (domestic and foreign) applicable to equal employment opportunity and discrimination in the workplace.

We strive to cultivate a culture and vision that

supports and enhances our ability to recruit, develop, and retain diverse talent at every level.

Our Human Resources Department and our executive management team provide oversight of our policies, programs, and initiatives focusing on workforce diversity, equity, and inclusion, talent and development, and compensation and benefits, and it is our policy to fully comply with all laws (domestic and foreign) applicable to equal employment opportunity and discrimination in the workplace.

Talent and Development:

Our talent strategy is focused on attracting the best talent and recognizing and rewarding their performance while continually developing, engaging, and retaining our employees.

We focus on the team member experience, removing barriers to engagement, further modernizing the human relations process, and continually improving equity and effectiveness of all talent practices.

We focus on the team member experience, removing barriers to engagement, further modernizing the human relations process, and continually improving the equity and effectiveness of all talent practices.

Our talent development programs provide employees with the resources they need to help achieve their career goals, build management skills, and lead the Company.

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We strive to provide competitive compensation and benefits programs to help meet the needs of our employees and to provide the proper incentives to attract, retain, and motivate them.

While subject to change, LP's current benefit programs may include, depending on country/region and employment position, stock awards granted pursuant to our stock award plans, awards granted under LP’s annual cash incentive award plan, a 401(k) Plan, healthcare and insurance benefits, health savings and flexible spending accounts, paid time off, family medical leave, paid parental leave (maternity, paternity, adoption), employee emergency support fund, tuition assistance, and scholarship programs.

While subject to change, our current benefit programs may include, depending on country/region and employment position, stock awards granted pursuant to our stock award plans, awards granted under our annual cash incentive award plan, a 401(k) Plan, healthcare and insurance benefits, health savings and flexible spending accounts, paid time off, family medical leave, paid parental leave (maternity, paternity, adoption), employee emergency support fund, tuition assistance, and scholarship programs.

We also provide our employees and their families with access to a variety of innovative, flexible, and convenient health and wellness programs.

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Available Information

We file annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and other information with the SEC.

We file annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, and from time to time, other documents with the SEC.

Our SEC filings are available to the public over the internet at the SEC’s website at http://www.sec.gov .

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(1) our sales volumes, (2) housing starts, and (3) OEE.

We consider the following items to be key performance indicators because LP’s management uses these metrics to evaluate our business and trends, measure our performance, and make strategic decisions and believes that the key performance indicators presented provide additional perspective and insights when analyzing the core operating performance of LP.

These key performance indicators should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the U.S.

We consider the following items to be key performance indicators because LP’s management uses these metrics to evaluate our business and trends, measure our performance, and make strategic decisions and believe that the key performance indicators presented provide additional perspective and insights when analyzing our core operating performance.

These key performance indicators should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, accounting principles generally accepted in the United States of America (U.S.

GAAP) financial measures presented herein.

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Year Ended December 31, 2021

Sales Volume Siding OSB EWP Total

SmartSide (MMSF) 1,393 — — 1,393 2020

Fiber siding (MMSF) 91 — — 91 Housing starts 1 :

Sales Volume Siding OSB EWP South America Total

Siding Solutions (MMSF) 1,621 — — 46 1,667 2021

OSB - Structural Solutions (MMSF) — 1,664 — 615 2,279 Housing starts 1 :

OSB - Commodity (MMSF) — 2,014 — — 2,014 Single-Family 1,123

OSB - Structural Solutions (MMSF) — 1,565 — 1,565 Multi-Family 389

I-Joist (MMLF) — — 109 109 1,380

I-Joist (MMLF) — — 124 — 124 Multi-Family 472

LVL (MCF) — — 6,985 — 6,985 1,595

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Year Ended December 31, 2020

Sales Volume Siding OSB EWP Total

SmartSide (MMSF) 1,234 — — 1,234 2019

Fiber siding (MMSF) 204 — — 204 Housing starts 1 :

Sales Volume Siding OSB EWP South America Total

Siding Solutions (MMSF) 1,393 — — 36 1,429 2020

OSB - Structural Solutions (MMSF) — 1,565 — 688 2,253 Housing starts 1 :

OSB - Commodity (MMSF) — 1,978 — — 1,978 Single-Family 991

OSB - Structural Solutions (MMSF) 3 1,599 19 1,621 Multi-Family 402

I-Joist (MMLF) — — 98 98 1,290

I-Joist (MMLF) — — 109 — 109 Multi-Family 389

LVL (MCF) — — 6,957 — 6,957 1,380

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Year Ended December 31, 2019

Sales Volume Siding OSB EWP Total

SmartSide (MMSF) 1,139 — — 1,139 2018

Fiber siding (MMSF) 222 — — 222 Housing starts 1 :

Sales Volume Siding OSB EWP South America Total

Siding Solutions (MMSF) 1,234 — — 31 1,265 2019

OSB - Structural Solutions (MMSF) 3 1,599 19 597 2,218 Housing starts 1 :

OSB - Commodity (MMSF) 47 2,144 17 — 2,208 Single-Family 888

OSB - Structural Solutions (MMSF) 61 1,610 36 1,707 Multi-Family 374

I-Joist (MMLF) — — 86 86 1,250

I-Joist (MMLF) — — 98 — 98 Multi-Family 402

LVL (MCF) — — 7,015 — 7,015 1,290

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Other companies may present housing start data differently, and therefore, as presented by us, our housing start data may not be comparable to similarly titled indicators reported by other companies.

We monitor sales volumes for our products in our Siding, OSB and EWP segments, which we define as the number of units of our products sold within the applicable period.

We monitor sales volumes for our products in our Siding, OSB, EWP, and South America segments, which we define as the number of units of our products sold within the applicable period.

Evaluating sales volume by product type helps us identify and address changes in product demand, broad market factors that may affect our performance, and opportunities for future growth.

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OSB 83 % 87 % 86 %

EWP 89 % 81 % N/A

EWP 87 % 89 % 81 %

South America 77 % 73 % 76 %

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It should be noted that other companies may present OEE differently, and therefore, as presented by us, OEE may not be comparable to similarly titled measures reported by other companies.

We believe that when used in conjunction with other metrics, OEE can be a useful measure for evaluating our ability to generate profits, and that providing this measure should allow interested persons to more readily monitor operational improvements.

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

What changed 10-K

Item 1. Business