What changed in this filing

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Item 1. Financial Statements

2024-10-30 compared with 2024-07-31 · 148 added, 110 removed, 337 unchanged (43% of the section changed)

3 unchanged sentences

of Regulation S-X

ot include all the information and footnotes required by generally accepted accounting principles for complete financial statements.

Operating results for the twenty-six

weeks ended June 29, 2024 are not necessarily indicative of the results that may be expected for the entire fiscal year ending December 28, 2024.

and do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements.

Operating results for the thirty-nine weeks ended September 28, 2024 are not necessarily indicative of the results that may be expected for the entire fiscal year ending December 28, 2024.

These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2023 Annual Report on Form 10-K.

3 unchanged sentences

(Dollars in thousands, except per share amounts)

September 28,

Current Assets

2 unchanged sentences

Trade accounts receivable, less allowance of $ 12,134 and $ 11,738

Other receivables, including advances to independent contractors, less a

llowance of $ 15,974 and $ 14,010

Other receivables, including advances to independent contractors, less allowance of $ 16,759 and $ 14,010

Other current assets

8 unchanged sentences

Dividends payable

Contractor escrow

Other current liabilities

4 unchanged sentences

Shareholders’ Equity

Common stock, $ 0.01 par value, authorized 160,000,000 shares, issued 68,553,927 and 68,497,324 shares

Common stock, $ 0.01 par value, authorized 160,000,000 shares, issued 68,559,269

and 68,497,324

Additional paid-in

8 unchanged sentences

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, exc e

pt per share amounts)

(Dollars in thousands, except per share amounts)

Thirty-Nine Weeks Ended

Thirteen Weeks Ended

September 28,

September 30,

September 28,

September 30,

Investment income

17 unchanged sentences

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thou s

Twenty-Six Weeks Ended

(Dollars in thousands)

Thirty-Nine Weeks Ended

Thirteen Weeks Ended

September 28,

September 30,

September 28,

September 30,

Other comprehensive (loss) income:

Unrealized holding gains (losses) on available-for-sale

investments, net of tax expense (benefit) of $ 204 , $ 214 , $ 112 and ($ 92 )

Unrealized holding gains on available-for-sale

investments, net of tax expense of $ 828 ,

$ 263 , $ 624 and $ 49

Foreign currency translation (losses) gains

6 unchanged sentences

(Dollars in thousands)

Thirty-Nine Weeks Ended

September 28,

September 30,

OPERATING ACTIVITIES

2 unchanged sentences

interest charges

Provisions for losses on trade and other accounts receiv a

Provisions for losses on trade and other accounts receivable

Gains on sales/disposals of operating property

13 unchanged sentences

Proceeds from sales of operating property

NET CASH (USED) PROVIDED BY INVESTING ACTIVITIES

NET CASH USED BY INVESTING ACTIVITIES

FINANCING ACTIVITIES

13 unchanged sentences

AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOL D

and Thirteen Weeks Ended June 29, 2024 and July 1, 2023

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Thirty-Nine and Thirteen Weeks Ended September 28, 2024 and September 30, 2023

(Dollars in thousands)

14 unchanged sentences

Balance June 29, 2024

Dividends ($ 0.36 per share)

Purchases of common stock

Issuance of stock related to stock-based compensation plans

Stock-based compensation

Other comprehensive income

Balance September 28, 2024

Treasury Stock at Cost

13 unchanged sentences

Balance July 1, 2023

Dividends ($ 0.33 per share)

Issuance of stock related to stock-based compensation plans

Stock-based compensation

Other comprehensive loss

Balance September 30, 2023

See accompanying notes to consolidated financial statements.

10 unchanged sentences

Revenue from Contracts with Customers – Disaggregation of Revenue

The following table summarizes (i) the percentage of consolidated revenue generated by mode of transportation and (ii) the total amount of truck transportation revenue hauled by BCO Independent C o

ntractors and Truck Brokerage Carriers generated by equipmen t t

ype during the twenty-six-week

and thirteen-week periods ended June 29, 2024 and July 1, 2023 (dollars in thousands):

Twenty-Six Weeks Ended

The following table summarizes (i) the percentage of consolidated revenue generated by mode of transportation and (ii) the total amount of truck transportation revenue hauled by BCO Independent Contractors and Truck Brokerage Carriers generated by equipment type during the thirty-nine-week and thirteen-week periods ended September 28, 2024 and September 30, 2023 (dollars in thousands):

Thirty-Nine Weeks Ended

Thirteen Weeks Ended

September 28,

September 30,

September 28,

September 30,

Truck – BCO Independent Contractors

10 unchanged sentences

(2) Share-based Payment Arrangements

of June 29, 2024, the Company has an employee equity incentive plan, the 2011 equity incentive plan (the “2011 EIP”).

of September 28, 2024, the Company has an employee equity incentive plan, the 2011 equity incentive plan (the “2011 EIP”).

The Company also has a stock compensation plan for members of its Board of Directors, the 2022 Directors Stock Compensation Plan (the “2022 DSCP”).

1 unchanged sentence

The 2011 EIP and 2022 DSCP are each referred to herein as a “Plan,” and, collectively, as the “Plans.” Amounts recognized in the financial statements with respect to these Plans are as follows (in thousands):

Twenty-Six Weeks Ended

Thirty-Nine Weeks Ended

Thirteen Weeks Ended

September 28,

September 30,

September 28,

September 30,

Total cost of the Plans during the period

1 unchanged sentence

Net cost of the Plans during the period

in income tax benefits recognized in the twenty-six-week

periods ended June 29, 2024 and July 1, 2023 were excess tax benefits from stock-based awards of $ 799,000 and $ 2,825,000 , respectively.

As of June 29, 2024, there were 181,450 shares of the Company’s common stock reserved for issuance under the 2022 DSCP and 2,753,140 shares of the Company’s common stock reserved for issuance under the 2011 EIP.

Included in income tax benefits recognized in the thirty-nine-week periods ended September 28, 2024 and September 30, 2023 were excess tax benefits from stock-based awards of $ 1,122,000 and $ 2,830,000 , respectively.

As of September 28, 2024, there were 181,450 shares of the Company’s common stock reserved for issuance under the 2022 DSCP and 2,800,060 shares of the Company’s common stock reserved for issuance under the 2011 EIP.

Restricted Stock Units

2 unchanged sentences

Outstanding at December 30, 2023

Shares earned in excess of target (1)

Vested shares

Outstanding at June 29, 2024

During the twenty-six-week

period ended June 29, 2024, the Company granted RSUs with a performance condition and RSUs with a market condition, as further described below.

Outstanding RSUs at both December 30, 2023 and June 29, 2024 include RSUs with a performance condition and RSUs with a market condition, as further described below and in the Company’s 2023 Annual Report on Form 10-K.

Outstanding at September 28, 2024

Represents additional shares earned under the April 24, 2018 and July 1, 2019 RSU awards as total shareholder return during the applicable performance period exceeded target performance level under each of those awards.

During the thirty-nine-week period ended September 28, 2024, the Company granted RSUs with a performance condition and RSUs with a market condition, as further described below.

Outstanding RSUs at both December 30, 2023 and September 28, 2024 include RSUs with a performance condition and RSUs with a market condition, as further described below and in the Company’s 2023 Annual Report on Form 10-K.

RSUs with a performance condition granted on February 2, 2024 may vest on January 31 of 2027, 2028 and 2029 based on growth in operating income and pre-tax

income per diluted share from continuing operations as compared to the results from the 2023 fiscal year.

February 2, 2024, the Company granted 58,268 RSUs that vest based on a market condition.

On February 2, 2024, the Company granted 58,268 RSUs that vest based on a market condition.

These RSUs may vest based on the achievement of the target Company’s total shareholder return (“TSR”) compound annual growth rate, adjusted to reflect dividends (if any) paid during such periods and capital adjustments as may be necessary, and are eligible to vest annually starting after the sixth anniversary of the grant date and concluding after the tenth anniversary of the grant date.

2 unchanged sentences

Previously recognized compensation cost would be reversed only if the employee did not complete the requisite service period due to termination of employment.

Company recognized approximately $ 1,315,000 and $ 1,294,000 of share-based compensation expense related to RSU awards in the twenty-six-week

periods ended June 29, 2024 and July 1, 2023, respectively.

As of June 29, 2024, there was a maximum of $ 47.8 million of total unrecognized compensation cost related to RSU awards granted under the Plans with an expected average remaining life of approximately 3.8 years.

The Company recognized approximately $ 408,000 and $ 1,503,000 of share-based compensation expense related to RSU awards in the thirty-nine-week periods ended September 28, 2024 and September 30, 2023, respectively.

As of September 28, 2024, there was a maximum of $ 40.7 million of total unrecognized compensation cost related to RSU awards granted under the Plans with an expected average remaining life of approximately 3.6 years.

With respect to RSU awards with a performance condition, the amount of future compensation expense to be recognized will be determined based on future operating results.

3 unchanged sentences

Number of Shares

and Deferred Stock

Weighted Average

at December 30, 2023

at June 29, 2024

at September 28, 2024

The fair value of each share of non-vested

6 unchanged sentences

However, Deferred Stock Units do contain the right to receive dividend equivalent payments prior to settlement into shares.

As of June 29, 2024, there was $ 7,368,000 of total unrecognized compensation cost related to non-vested

As of September 28, 2024, there was $ 5,754,000 of total unrecognized compensation cost related to non-vested

shares of restricted stock and Deferred Stock Units granted under the Plans.

3 unchanged sentences

The Company had no issued and outstanding vested or unvested stock options or unrecognized compensation costs related to non-vested

stock options granted under the Plans as of December 30, 2023

June 29, 2024.

The total intrinsic value of stock options exercised during the twenty-six-week

period ended July 1, 2023 was $ 218,000 .

stock options granted under the Plans as of December 30, 2023 or September 28, 2024.

The total intrinsic value of stock options exercised during the thirty-nine-week period ended September 30, 2023 was $ 218,000 .

(3) Income Taxes

The provisions for income taxes for the 2024 and 2023 twenty-six-week

periods were based on estimated annual effective income tax rates of 24.5 % and 24.4 %, respectively, adjusted for discrete events, such as benefits resulting from stock-based awards.

The effective income tax rate for the 2024 twenty-six-week

period was 24.1 %.

The effective income tax rate was higher than the statutory federal income tax rate of 21 % in the 2024 period primarily attributable to state taxes.

The effective income tax rate for the 2023 twenty-six-week

period was 23.9 %.

provisions for income taxes for the 2024 and 2023 thirty-nine-week periods were based on estimated annual effective income tax rates of 24.3 % and 24.4 %, respectively, adjusted for discrete events, such as benefits resulting from stock-based awards.

The effective income tax rate for the 2024 thirty-nine-week period was 23.4 %.

The effective income tax rate was higher than the statutory federal income tax rate of 21 % in the 2024 period primarily attributable to state taxes, partially offset by federal tax credits.

The effective income tax rate for the 2023 thirty-nine-week period was 24.0 %.

The effective income tax rate was higher than the statutory federal income tax rate of 21 % in the 2023 period primarily attributable to state taxes.

(4) Earnings Per Share

Basic earnings per common share are based on the weighted average number of shares outstanding, which includes outstanding non-vested

earnings per common share are based on the weighted average number of shares outstanding, which includes outstanding non-vested

restricted stock and outstanding Deferred Stock Units.

Diluted earnings per share are based on the weighted average number of common shares outstanding plus the incremental shares that would have been outstanding upon the assumed exercise of all dilutive stock options.

For each of the twenty-six-week

and thirteen-week periods ended June 29, 2024 and July 1, 2023, the weighted-average number of common shares outstanding is the same for purposes of the calculations of both basic and diluted earnings per share.

During and as of

the twenty-six-week

period ended June 29, 2024, there were no

outstanding stock options issued by the Company.

For the twenty-six-week

period ended July 1, 2023, the impact on earnings per share of future compensation expense related to outstanding, unvested time-based awards was greater than the incremental impact of outstanding dilutive stock options, and would therefore have an anti-dilutive effect on earnings per share if included in the calculation of earnings per share.

Accordingly, the Company had no reconciling items between the average number of common shares outstanding used to calculate basic earnings per common share and the average number of common shares and common share equivalents outstanding used to calculate diluted earnings per share during each of the 2024 and 2023 twenty-six-week

and thirteen-week periods.

Outstanding RSUs were excluded from the calculation of diluted earnings per share for all periods because the performance metric requirements or market condition for vesting had not been satisfied.

For each of the thirty-nine-week and thirteen-week periods ended September 28, 2024 and September 30, 2023, the weighted-average number of common shares outstanding is the same for purposes of the calculations of both basic and diluted earnings per share.

During and as of the thirty-nine-week period ended September 28, 2024, there were no outstanding stock options issued by the Company.

For the thirty-nine-week period ended September 30, 2023, the impact on earnings per share of future compensation expense related to outstanding, unvested time-based awards was greater than the incremental impact of outstanding dilutive stock options, and would therefore have an anti-dilutive effect on earnings per share if included in the calculation of earnings per share.

Outstanding RSUs were excluded from the calculation of diluted earnings per share for all periods because the performance metric requirements or market condition for vesting had not been

(5) Additional Cash Flow Information

the 2024 twenty-six-week

period, Landstar paid income taxes and interest of $ 28,096,000 and $ 1,628,000 , respectively.

During the 2023 twenty-six-week

period, Landstar paid income taxes and interest of $ 47,818,000 and $ 1,957,000 , respectively.

Landstar acquired operating property by entering into finance leases in the amount of $ 17,144,000 in the 2024 twenty-six-week

Landstar did not acquire any operating property by entering into finance leases in the 2023 twenty-six-week

During the 2024 twenty-six-week

period, the Company purchased its common stock at a total cost of $ 56,995 ,000, including $ 56,515 ,000 in cash purchases and accrued excise tax of $ 480,000 , which is included in other current liabilities in the consolidated balance sheet at June 29, 2024.

nine -week period, Landstar paid income taxes and interest of $

45,638,000 and $

2,641,000 , respectively.

nine -week period, Landstar paid income taxes and interest of $

68,136,000 and $

2,814,000 , respectively.

Landstar acquired operating property by entering into finance leases in the amount of $

24,238,000 in the

nine -week period.

Landstar acquired $

6,690,000 of operating property for which the Company accrued a corresponding liability in accounts payable of $

1,201,000 and in other noncurrent liabilities of $

5,489,000 as of September

Landstar did not acquire any operating property by entering into finance leases in the

nine -week period.

nine -week period, the Company purchased its common stock at a total cost of $

79,388 ,000 , including $

78,697 ,000 in cash purchases and accrued excise tax of $

691,000 , which is included in other current liabilities in the consolidated balance sheet at September

(6) Segment Information

The following table summarizes information about the Company’s reportable business segments as of and for the twenty-six-week

and thirteen-week periods ended June 29, 2024 and July 1, 2023 (in thousands):

June 29, 2024

The following

table summarizes information about the Company’s reportable business segments

as of and for the thirty-

nine -week and

thirteen -week periods ended September

2024 and September

2023 (in thousands):

Thirty-Nine Weeks Ended

September 28, 2024

September 30, 2023

Transportation

6 unchanged sentences

Thirteen Weeks Ended

June 29, 2024

September 28, 2024

September 30, 2023

Transportation

5 unchanged sentences

Expenditures on long-lived assets

In the twenty-six-week

periods ended June 29, 2024 and July 1, 2023, no single customer accounted for more than 10 % of the Company’s consolidated revenue.

In the thirty-nine-week periods ended September 28, 2024 and September 30, 2023, no single customer accounted for more than 10 % of the Company’s consolidated revenue.

(7) Other Comprehensive Income

The following table presents the components of and changes in accumulated other comprehensive (loss) income, net of related income taxes, as of and for the twenty-six-week

period ended June 29, 2024 (in thousands):

following table presents the components

of and changes in accumulated other comprehensive (loss) income, net of related income taxes, as of and for the thirty-nine-week period ended September 28, 2024 (in thousands):

Holding (Losses)

3 unchanged sentences

Other comprehensive income (loss)

Balance as of June 29, 2024

Amounts reclassified from accumulated other comprehensive income to investment income due to the realization of previously unrealized gains and losses in the accompanying consolidated statements of income were not significant for the twenty-six-week

period ended June 29, 2024.

Balance as of September 28, 2024

(8) Investments

Investments include primarily investment-grade corporate bonds, asset-backed securities, commercial paper and U.S.

treasury obligations having maturities of up to five years (the “bond portfolio”) and money market investments.

include primarily investment-grade corporate bonds, asset-backed securities and commercial paper having maturities of up to five years (the “bond portfolio”) and money market investments.

Investments in the bond portfolio are reported as available-for-sale

3 unchanged sentences

investments to determine whether an allowance for credit loss is necessary.

Unrealized losses, representing the excess of the purchase price of an investment over its fair value as of the end of a period, considered to be a result of credit-related factors, are to be included as a charge in the statement of income, while unrealized losses considered to be a result of non-credit-related

Unrealized losses, representing the excess of the purchase price of an investment over its fair value as of the end of a period, considered to be a result of credit-related factors, are to be included as a charge in the statements of income, while unrealized losses considered to be a result of non-credit-related

factors are to be included as a component of shareholders’ equity.

4 unchanged sentences

Any transfers between levels are recognized as of the beginning of any reporting period.

Fair value of the bond portfolio was determined using Level 1 inputs related to U.S.

Treasury obligations and money market investments and Level 2 inputs related to investment-grade corporate bonds, asset-backed securities, commercial paper and direct obligations of government agencies.

Unrealized losses, net of unrealized gains, on the investments in the bond portfolio were $ 5,432,000 and $ 6,382,000 at June 29, 2024 and December 30, 2023, respectively.

Fair value of the bond portfolio was determined using Level 1 inputs related to money market investments and Level 2 inputs related to investment-grade corporate bonds, asset-backed securities, commercial paper and direct obligations of government agencies.

Unrealized losses, net of unrealized gains, on the investments in the bond portfolio

were $ 2,531,000 and $ 6,382,000 at September 28, 2024 and December 30, 2023, respectively.

The amortized cost and fair values of available-for-sale

investments are as follows at June 29, 2024 and December 30, 2023 (in thousands):

June 29, 2024

investments are as follows at September 28, 2024 and December 30, 2023 (in thousands):

September 28, 2024

Money market investments

Asset-backed securities

Corporate bonds, commercial paper and direct obligations of government agencies

Treasury obligations

Corporate bonds, commercial paper and direct obligations of government

December 30, 2023

1 unchanged sentence

Asset-backed securities

Corporate bonds, commercial paper and direct obligations of government agencies

Corporate bonds, commercial paper and direct obligations of government

Treasury obligations

For those available-for-sale

investments with unrealized losses at June 29, 2024 and December 30, 2023, the following table summarizes the duration of the unrealized loss (in thousands):

investments with unrealized losses at September 28, 2024 and December 30, 2023, the following table summarizes the duration of the unrealized loss (in thousands):

Less than 12 months

12 months or longer

June 29, 2024

September 28, 2024

Asset-backed securities

Corporate bonds, commercial paper, and direct obligations of government agencies

Treasury obligations

December 30, 2023

21 unchanged sentences

therefore, based on the applicable lease terms and the current economic environment, the Company applies a portfolio approach for determining the incremental borrowing rate.

The components of lease cost for finance leases and operating leases for the twenty-six

weeks ended June 29, 2024 were (in thousands):

The components of lease cost for finance leases and operating leases for the thirty-nine weeks ended September 28, 2024 were (in thousands):

Finance leases:

7 unchanged sentences

Total net lease cost

A summary of the lease classification on the Company’s consolidated balance sheet as of June 29, 2024 is as follows (in thousands):

A summary of the lease classification on the Company’s consolidated balance sheet as of September 28, 2024 is as follows (in thousands):

Operating lease right-of-use

3 unchanged sentences

Total lease assets

The following table reconciles the undiscounted cash flows for the finance and operating leases to the finance and operating lease liabilities recorded on the balance sheet at June 29, 2024 (in thousands):

The following table reconciles the undiscounted cash flows for the finance and operating leases to the finance and operating lease liabilities recorded on the balance sheet at September 28, 2024 (in thousands):

2024 Remainder

6 unchanged sentences

Deferred income taxes and other noncurrent liabilities

The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of June 29, 2024 were:

The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of September 28, 2024 were:

Finance Leases

2 unchanged sentences

Weighted average discount rate

than the finance lease obligations as presented on the consolidated balance sheets, the Company had no outstanding debt as of June 29, 2024 and December 30, 2023.

July 1, 2022 , Landstar entered into a second amended and restated credit agreement with a bank syndicate led by JPMorgan Chase Bank, N.A., as administrative agent (

as further amended as of June 21, 2024,

the “Credit Agreement”).

The Credit Agreement, which matures July 1, 2027, provides for borrowing capacity in the form of a revolving credit facility of $

300,000,000 , $

45,000,000 of which may be utilized in the form of letters of credit.

than the finance lease obligations as presented on the consolidated balance sheets, the Company had no outstanding debt as of September 28, 2024 and December 30, 2023.

On July 1, 2022 , Landstar entered into a second amended and restated credit agreement with a bank syndicate led by JPMorgan Chase Bank, N.A., as administrative agent (as further amended as of June 21, 2024, the “Credit Agreement”).

The Credit Agreement, which matures July 1, 2027, provides for borrowing capacity in the form of a revolving credit facility of $ 300,000,000 , $ 45,000,000 of which may be utilized in the form of letters of credit.

The Credit Agreement also includes an “accordion” feature providing for a possible increase of up to an aggregate amount of borrowing capacity of $ 600,000,000 .

600,000,000 .

As of June 29, 2024, the Company had

no borrowings outstanding under the Credit Agreement.

As of September 28, 2024, the Company had no borrowings outstanding under the Credit Agreement.

The revolving credit loans under the Credit Agreement, at the option of Landstar, bear interest at (i) a forward-looking term rate based on the secured overnight financing rate plus 0.10 % and an applicable margin ranging from 1.25 % to 2.00 %, or (ii) an alternate base rate plus an applicable margin ranging from 0.25 % to 1.00 %, in each case with the applicable margin determined based upon the Company’s Leverage Ratio, as defined in the Credit Agreement, at the end of the most recent applicable fiscal quarter for which financial statements have been delivered.

11 unchanged sentences

(11) Commitments and Contingencies

Short-term investments include $ 65,959,000 in current maturities of investments held by the Company’s insurance segment at June 29, 2024.

investments include $ 62,451,000 in current maturities of investments held by the Company’s insurance segment at September 28, 2024.

The non-current

2 unchanged sentences

investments, provide collateral for the $ 73,117,000 of letters of credit issued to guarantee payment of insurance claims.

As of June 29, 2024, Landstar also had $ 35,025,000 of additional letters of credit outstanding under the Company’s Credit Agreement.

As of September 28, 2024, Landstar also had $ 35,250,000 of additional letters of credit outstanding under the Company’s Credit Agreement.

The Company is involved in certain claims and pending litigation arising from the normal conduct of business.

1 unchanged sentence

Based on knowledge of the facts and, in certain cases, opinions of outside counsel, management believes that adequate provisions have been made for probable losses with respect to the resolution of all such claims and pending litigation and that the ultimate outcome, after provisions therefor, will not have a material adverse effect on the financial condition of the Company, but could have a material effect on the results of operations in a given quarter or year.

(12) Change in Accounting Estimate for Self-Insured Claims

provides for the estimated costs of self-insured claims primarily on an actuarial basis.

The amount recorded for the estimated liability for claims incurred is based upon the facts and circumstances known on the applicable balance sheet date.

The ultimate resolution of these claims may be for an amount greater or less than the amount estimated by management.

The Company continually revises its existing claim estimates as new or revised information becomes available on the status of each claim.

Historically, the Company has experienced both favorable and unfavorable development of prior years’ claims estimates within its various programs.

The following table summarizes the adverse effect of the increase in the cost of insurance claims resulting from unfavorable development of prior year self-insured claims estimates on operating income, net income and basic and diluted earnings per share set forth in the consolidated statements of income for the thirty-nine-week and thirteen-week periods ended September 28, 2024 and September 30, 2023 (in thousands, except per share

Thirty-Nine Weeks Ended

Thirteen Weeks Ended

September 28,

September 30,

September 28,

September 30,

Operating income

Basic and diluted earnings per share

(13) Recent Accounting Pronouncements

17 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