What changed in this filing

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Item 1. Financial Statements

2024-08-02 compared with 2024-05-01 · 129 added, 78 removed, 442 unchanged (32% of the section changed)

3 unchanged sentences

Three Months Ended

Six Months Ended

(In millions, except per share amounts)

62 unchanged sentences

Condensed Consolidated Statements of Cash Flows

Three Months Ended March 31,

Six Months Ended June 30,

(In millions)

22 unchanged sentences

Cash deposits and interest into the Capital Construction Fund, net

Withdrawals from Capital Construction Fund, net

Net cash used in investing activities

5 unchanged sentences

Net cash used in financing activities

Net Decrease in Cash, Cash Equivalents and Restricted Cash

Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash

Cash and Cash Equivalents, and Restricted Cash, Beginning of the Period

10 unchanged sentences

Non-cash payment for intangible asset acquisition

Accrued dividends

See Notes to Condensed Consolidated Financial Statements.

12 unchanged sentences

Balance at March 31, 2024

Other comprehensive income (loss), net of tax

Share-based compensation

Shares issued, net of shares withheld for employee taxes

Shares repurchased

Dividends ( $ 0.32 per share and $ 0.34 per share)

Balance at June 30, 2024

Comprehensive

8 unchanged sentences

Balance at March 31, 2023

Other comprehensive income (loss), net of tax

Share-based compensation

Shares issued, net of shares withheld for employee taxes

Shares repurchased

Dividends ( $ 0.31 per share and $ 0.32 per share)

Balance at June 30, 2023

See Notes to Condensed Consolidated Financial Statements.

8 unchanged sentences

Founded in 1882, MatNav provides a vital lifeline of ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska and Guam, and to other island economies in Micronesia.

MatNav also operates premium, expedited services from China to Long Beach, California, provides services to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Dutch Harbor, Alaska to Asia.

In addition, subsidiaries of MatNav provide stevedoring, refrigerated cargo services, inland transportation and other terminal services for MatNav on the Hawaiian islands of Oahu, Hawaii, Maui and Kauai, and for MatNav and an ocean carrier in Alaska.

9 unchanged sentences

(iii) warehousing, trans-loading, value-added packaging and distribution services (collectively, “Warehousing” services);

and (iv) supply chain management, non-vessel operating common carrier (“NVOCC”) freight forwarding and other services.

and (iv) purchase order management, booking services, and non-vessel operating common carrier (“NVOCC”) freight forwarding services (collectively, “Supply Chain Management” services).

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES

9 unchanged sentences

Fiscal Period:

The period end for Matson covered by this report is March 31, 2024.

The period end for MatNav and its subsidiaries covered by this report is March 29, 2024.

The period end for Matson covered by this report is June 30, 2024.

The period end for MatNav and its subsidiaries covered by this report is June 28, 2024.

Significant Accounting Policies:

19 unchanged sentences

Prepaid Expenses and Other Assets:

Prepaid expenses and other assets consisted of the following at March 31, 2024 and December 31, 2023:

Prepaid expenses and other assets consisted of the following at June 30, 2024 and December 31, 2023:

Prepaid Expenses and Other Assets (in millions)

Income tax receivables, net

Prepaid insurance and insurance related receivables

Prepaid operating expenses

Prepaid leases

Income tax receivables, net

Restricted cash - vessel construction obligations

Income tax receivables primarily include a federal income tax refund related to the Company’s 2021 federal tax return of $ 118.6 million and other income tax receivables.

Income tax receivables at December 31, 2023 include a federal income tax refund related to the Company’s 2021 federal tax return of $ 118.6 million and other income tax receivables.

On April 19, 2024, the Company received the federal income tax refund of $ 118.6 million and interest of $ 10.2 million earned on the federal income tax refund.

8 unchanged sentences

The following is a description of the Company’s principal revenue generating activities by segment, and the Company’s revenue recognition policy for each activity for the periods presented:

Three Months Ended

Six Months Ended

Ocean Transportation (in millions) (1)

5 unchanged sentences

◾ Ocean Transportation services revenue is recognized ratably over the duration of a voyage based on the relative transit time completed in each reporting period.

Vessel operating costs and other ocean transportation operating costs, such as terminal operating overhead and selling, general and administrative expenses, are charged to operating costs as incurred.

Vessel operating costs and other ocean transportation operating

costs, such as terminal operating overhead and selling, general and administrative expenses, are charged to operating costs as incurred.

◾ Terminal and other related services revenue is recognized as the services are performed.

3 unchanged sentences

Related costs are recognized as incurred.

Three Months Ended

Six Months Ended

Logistics (in millions) (1)

1 unchanged sentence

Warehousing and distribution services

Supply chain management and other services

Supply Chain Management services

(1) Logistics revenue transactions are primarily denominated in U.S.

dollars except for less than 3 percent of transportation brokerage and freight forwarding services revenue and supply chain management and other services revenue categories which are denominated in foreign currencies.

dollars except for less than 3 percent of transportation brokerage and freight forwarding services revenue and supply chain management services revenue categories which are denominated in foreign currencies.

◾ Transportation Brokerage and Freight Forwarding services revenue consists of amounts billed to customers for services provided.

7 unchanged sentences

Other warehousing and distribution services revenue and related costs are recognized in proportion to the services performed.

◾ Supply chain management and other services revenue, and related costs are recognized in proportion to the services performed.

◾ Supply Chain Management services revenue, and related costs are recognized in proportion to the services performed.

The Company generally invoices its customers at the commencement of the voyage or the transportation service being provided, or as other services are being performed.

4 unchanged sentences

Capitalized Interest:

The Company capitalizes interest costs during the period the qualified assets are being readied for their intended use.

The Company capitalizes interest costs during the period as the qualified assets are being readied for their intended use.

The Company determined that the vessel construction costs are considered qualifying assets for the purposes of capitalizing interest on these assets.

2 unchanged sentences

Capitalized interest is included in vessel construction in progress in property and equipment in the Company’s Condensed Consolidated Balance Sheets (see Note 5).

During the three months ended March 31, 2024 and 2023, the Company capitalized $ 0.8 million and $ 0.4 million of interest related to the construction of new vessels, respectively.

The Company’s first quarter 2024 cash dividend of $ 0.32 per share was paid on March 7, 2024.

On April 25, 2024, the Company’s Board of Directors declared a cash dividend of $ 0.32 per share payable on June 6, 2024 to shareholders of record on May 9, 2024.

The Company capitalized $ 1.0 million and $ 0.5 million of interest related to the construction of new vessels for the three months ended June 30, 2024 and 2023, and $ 1.8 million and $ 0.9 million for the six months ended June 30, 2024 and 2023, respectively.

The Company’s second quarter 2024 cash dividend of $ 0.32 per share was paid on June 6, 2024.

On June 27, 2024, the Company’s Board of Directors declared a cash dividend of $ 0.34 per share payable on September 5, 2024 to shareholders of record on August 1, 2024.

Repurchase of Shares:

During the three months ended March 31, 2024, the Company repurchased approximately 0.4 million shares for a total cost of $ 48.9 million.

As of March 31, 2024, the maximum number of remaining shares that may be repurchased under the Company’s share repurchase program was approximately 2.0 million shares.

During the three and six months ended June 30, 2024, the Company repurchased approximately 0.6 million and 1.0 million shares for a total cost of $ 72.2 million and $ 121.1 million, respectively.

As of June 30, 2024, the maximum number of remaining shares that may be repurchased under the Company’s share repurchase program was approximately 1.4 million shares.

New Accounting Pronouncements:

2 unchanged sentences

ASU 2023-07 requires disclosure of incremental segment information on an annual and interim basis.

The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the

financial statements.

Early adoption is permitted.

12 unchanged sentences

The Company’s Ocean Transportation segment provides ocean transportation services to the Logistics segment, and the Logistics segment provides logistics services to the Ocean Transportation segment in certain transactions.

Accordingly, inter-segment revenue of $ 46.6 million and $ 40.1 million for the three months ended March 31, 2024 and 2023, respectively, have been eliminated from operating revenues in the table below.

Reportable segment financial information for the three months ended March 31, 2024 and 2023 are as follows:

Accordingly, inter-segment revenue of $ 61.8 million and $ 54.4 million for the three months ended June 30, 2024 and 2023, and $ 108.4 million and $ 94.5 million for the six months ended June 30, 2024 and 2023, respectively, have been eliminated from operating revenues in the table below.

Reportable segment financial information for the three and six months ended June 30, 2024 and 2023 are as follows:

Three Months Ended

Six Months Ended

(In millions)

10 unchanged sentences

Income before Taxes

(1) Ocean Transportation operating revenue excludes inter-segment revenue of $ 19.7 million and $ 16.1 million for the three months ended March 31, 2024 and 2023, respectively.

(2) Logistics operating revenue excludes inter-segment revenue of $ 26.9 million and $ 24.0 million for the three months ended March 31, 2024 and 2023, respectively.

(3) Ocean Transportation segment information includes $ 0.4 million and $( 1.8 ) million of net income (loss) from the Company’s equity investment in SSAT for the three months ended March 31, 2024 and 2023, respectively.

(1) Ocean Transportation operating revenue excludes inter-segment revenue of $ 22.8 million and $ 19.0 million for the three months ended June 30, 2024 and 2023, and $ 42.5 million and $ 35.1 million for the six months ended June 30, 2024 and 2023, respectively.

(2) Logistics operating revenue excludes inter-segment revenue of $ 39.0 million and $ 35.4 million for the three months ended June 30, 2024 and 2023, and $ 65.9 million and $ 59.4 million for the six months ended June 30, 2024 and 2023, respectively.

(3) Ocean Transportation segment information includes net income (loss) of $ 1.2 million and $( 1.4 ) million from the Company’s equity investment in SSAT for the three months ended June 30, 2024 and 2023, and $ 1.6 million and $( 3.2 ) million for the six months ended June 30, 2024 a n d 2023, respectively.

INVESTMENT IN SSAT

The Company’s investment in SSAT is described in Note 4 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Condensed income statement information for SSAT for the three months ended March 31, 2024 and 2023 consisted of the following:

Condensed income statement information for SSAT for the three and six months ended June 30, 2024 and 2023 consisted of the following:

Three Months Ended

Six Months Ended

(In millions)

2 unchanged sentences

Operating loss

Net Profit (Loss) (1)

Company Share of SSAT’s Net Income (Loss) (2)

1 unchanged sentence

(2) The Company records its share of net income (loss) from SSAT in costs and expenses in the Condensed Consolidated Statement of Income and Comprehensive Income due to the nature of SSAT’s operations.

The Company’s investment in SSAT was $ 85.2 million and $ 85.5 million at March 31, 2024 and December 31, 2023, respectively.

The Company’s investment in SSAT was $ 86.4 million and $ 85.5 million at June 30, 2024 and December 31, 2023, respectively.

On March 1, 2024, SSAT completed the sale of 25 percent of its equity interest in SSA Terminals (Seattle Terminals), LLC (“SSAT ST”) to a third-party company.

2 unchanged sentences

PROPERTY AND EQUIPMENT

Property and equipment as of March 31, 2024 and December 31, 2023 consisted of the following:

Property and equipment as of June 30, 2024 and December 31, 2023 consisted of the following:

(In millions)

6 unchanged sentences

Total Property and Equipment, net

New vessel construction in progress at March 31, 2024 and December 31, 2023 includes milestone progress payments, capitalized interest and other costs related to the construction of three new Jones Act vessels.

New vessel construction in progress at June 30, 2024 and December 31, 2023 includes milestone progress payments, capitalized interest and other costs related to the construction of three new Jones Act vessels.

GOODWILL AND INTANGIBLES

Goodwill by segment as of March 31, 2024 and December 31, 2023 consisted of the following:

Goodwill by segment as of June 30, 2024 and December 31, 2023 consisted of the following:

(In millions)

Transportation

Intangible assets as of March 31, 2024 and December 31, 2023 consisted of the following:

Intangible assets as of June 30, 2024 and December 31, 2023 consisted of the following:

(In millions)

9 unchanged sentences

The Company considered the general economic and market conditions and its impact on the performance of each of the Company’s reporting units.

Based on the Company’s assessment of its market capitalization, future forecasts and the amount of excess of fair value over the carrying value of the reporting units in the 2023 annual impairment tests, the Company concluded that an impairment triggering event did not occur during the three months ended March 31, 2024.

The Company will monitor events and changes in circumstances that could negatively impact the key assumptions used in determining the fair value, including the amount and timing of estimated future cash flows generated by the reporting units, long-term growth and discount rates, comparable company market valuations, and industry and economic trends.

2 unchanged sentences

The CCF is described in Note 7 to the Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

A summary of the activities within the CCF cash and cash equivalents, and investments account for the three months ended March 31, 2024 and 2023 consisted of the following:

Three Months Ended

A summary of the activities within the CCF cash and cash equivalents, and investments account for the six months ended June 30, 2024 and 2023 consisted of the following:

Six Months Ended

(In millions)

CCF Cash and Cash Equivalents:

CCF cash and cash equivalents balance at beginning of period

CCF cash balance at beginning of period

Cash deposits into the CCF

1 unchanged sentence

Treasury debt securities and accrued interest

Interest earned on deposits and investments, net

Interest income deposited into the CCF

Repurchase of assigned accounts receivable

Qualifying withdrawal payments out of the CCF

Total CCF cash balance at end of period

Accrued interest earned on CCF Cash and Investments at end of period

Total CCF cash and cash equivalents balance at end of period

5 unchanged sentences

Total CCF investments balance at end of period

Accrued interest earned on Cash and Cash Equivalents, and Investments at end of period:

Total CCF cash and cash equivalents, and investments balance at end of period

CCF Cash and Cash Equivalents:

Cash on deposit in the CCF cash and cash equivalents account is invested in a short-term U.S.

Cash on deposit in the CCF account is invested in a short-term U.S.

Treasury obligations fund with daily liquidity.

At March 31, 2024, short-term securities held within this account had a weighted average life of 77 days .

The Company had $ 154.7 million and $ 599.4 million on deposit in the CCF cash and cash equivalents account as of March 31, 2024 and December 31, 2023, respectively.

At June 30, 2024, these short-term securities held within this CCF cash account had a weighted average life of 83 days .

Total CCF cash and cash equivalents was $ 160.6 million and $ 599.4 million as of June 30, 2024 and December 31, 2023, respectively.

CCF Investments:

4 unchanged sentences

Such accretion is included in interest income in the Condensed Consolidated Statements of Income and Comprehensive Income.

As of March 31, 2024, the Company had $ 450.0 million in held-to-maturity debt securities in the CCF investments account.

As of March 31, 2024, CCF investments maturities are as follows:

March 31, 2024

As of June 30, 2024, the Company had $ 453.3 million in held-to-maturity debt securities in the CCF investments account.

As of June 30, 2024, CCF investments maturities are as follows:

June 30, 2024

Year (in millions)

3 unchanged sentences

CCF Assigned Accounts Receivable:

Activities within the CCF assigned accounts receivable account for the three months ended March 31, 2024 and 2023 consisted of the following:

Three Months Ended

Activities within the CCF assigned accounts receivable account for the six months ended June 30, 2024 and 2023 consisted of the following:

Six Months Ended

(In millions)

1 unchanged sentence

Assigned accounts receivable

Repurchase of assigned accounts receivable

Interest earned on assigned accounts receivable

CCF assigned accounts receivable balance at end of period

During the three months ended March 31, 2023, the Company pledged $ 200.0 million of accounts receivable into the CCF.

The Company did not pledge any accounts receivable into the CCF during the three months ended March 31, 2024.

As of March 31, 2024 and December 31, 2023, eligible accounts receivable of $ 221.3 million and $ 218.1 million were assigned to the CCF, respectively.

The Company did not pledge any accounts receivable into the CCF during the six months ended June 30, 2024.

During the six months ended June 30, 2023, the Company pledged $ 200.0 million of accounts receivable into the CCF.

During the six months ended June 30, 2024, the Company repurchased $ 35.8 million of assigned accounts receivable from the CCF.

The Company did not repurchase any assigned accounts receivable from the CCF during the six months ended June 30, 2023.

As of June 30, 2024 and December 31, 2023, eligible accounts receivable of $ 185.9 million and $ 218.1 million were assigned to the CCF, respectively.

Due to the nature of the assignment of eligible accounts receivable into the CCF, such assigned amounts are classified as part of accounts receivable in the Condensed Consolidated Balance Sheets.

As of March 31, 2024 and December 31, 2023, the Company’s debt consisted of the following:

As of June 30, 2024 and December 31, 2023, the Company’s debt consisted of the following:

(In millions)

12 unchanged sentences

The Company’s revolving credit facility has committed available borrowing of up to $ 650 million and matures on March 31, 2026.

As of March 31, 2024, the Company had $ 644.2 million of remaining borrowing availability under the revolving credit facility.

The Company used $ 5.8 million of the revolving credit facility for letters of credit outstanding as of March 31, 2024.

There were no outstanding borrowings under the revolving credit facility as of March 31, 2024 and December 31, 2023.

Title XI Bonds:

On January 27, 2023, the Company prepaid $ 14.3 million of outstanding principal on the 5.27 percent Title XI Bond representing all of the remaining outstanding principal for this bond.

On March 3, 2023, the Company also prepaid $ 12.1 million of outstanding principal on the 5.34 percent Title XI Bond representing all of the outstanding principal for this bond.

As of June 30, 2024, the Company had $ 644.2 million of remaining borrowing availability under the revolving credit facility.

The Company used $ 5.8 million of the revolving credit facility for letters of credit outstanding as of June 30, 2024.

There were no outstanding borrowings under the revolving credit facility as of June 30, 2024 and December 31, 2023.

Debt Security and Guarantees:

All of the debt of the Company and MatNav, including related guarantees, as of March 31, 2024 was unsecured, except for the Title XI debt.

All of the debt of the Company and MatNav, including related guarantees, as of June 30, 2024 was unsecured, except for the Title XI debt.

Debt Maturities:

As of March 31, 2024, debt maturities during the next five years and thereafter are as follows:

As of June 30, 2024, debt maturities during the next five years and thereafter are as follows:

Year (in millions)

March 31, 2024

June 30, 2024

Remainder of 2024

1 unchanged sentence

Components of Lease Cost:

Components of lease cost recorded in the Company’s Condensed Consolidated Statement of Income and Comprehensive Income for the three months ended March 31, 2024 and 2023 consisted of the following:

Components of lease cost recorded in the Company’s Condensed Consolidated Statement of Income and Comprehensive Income for the three and six months ended June 30, 2024 and 2023 consisted of the following:

Three Months Ended

Six Months Ended

(In millions)

3 unchanged sentences

Total lease cost

Maturities of operating lease liabilities at March 31, 2024 are as follows:

Maturities of operating lease liabilities at June 30, 2024 are as follows:

Year (in millions)

March 31, 2024

June 30, 2024

Remainder of 2024

4 unchanged sentences

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Changes in accumulated other comprehensive income (loss) by component, net of tax, for the three months ended March 31, 2024 consisted of the following:

Changes in accumulated other comprehensive income (loss) by component, net of tax, for the six months ended June 30, 2024 consisted of the following:

Comprehensive

7 unchanged sentences

Balance at March 31, 2024

Changes in accumulated other comprehensive income (loss) by component, net of tax, for the three months ended March 31, 2023 consisted of the following:

Amortization of prior service cost

Amortization of net gain (loss)

Foreign currency exchange

Balance at June 30, 2024

Changes in accumulated other comprehensive income (loss) by component, net of tax, for the six months ended June 30, 2023 consisted of the following:

Comprehensive

7 unchanged sentences

Balance at March 31, 2023

Amortization of prior service cost

Amortization of net gain (loss)

Foreign currency exchange

Balance at June 30, 2023

FAIR VALUE OF FINANCIAL INSTRUMENTS

4 unchanged sentences

If the technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy, the lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy.

The carrying value and fair value of the Company’s financial instruments as of March 31, 2024 and December 31, 2023 are as follows:

The carrying value and fair value of the Company’s financial instruments as of June 30, 2024 and December 31, 2023 are as follows:

Quoted Prices in

4 unchanged sentences

(In millions)

March 31, 2024

Fair Value Measurements at March 31, 2024

June 30, 2024

Fair Value Measurements at June 30, 2024

Cash and cash equivalents

16 unchanged sentences

Basic earnings per share is determined by dividing net income by the weighted average common shares outstanding during the period.

The calculation of diluted earnings per share includes the dilutive effect of unexercised non-qualified stock options and non-vested restricted stock units.

The computation of weighted average common shares outstanding excluded a nominal amount of anti-dilutive non-qualified stock options for each period ended March 31, 2024 and 2023.

The computations for basic and diluted earnings per share for the three months ended March 31, 2024 and 2023 are as follows:

Three Months Ended March 31, 2024

Three Months Ended March 31, 2023

The calculation of diluted earnings per share includes the dilutive effect of non-vested restricted stock units.

The computation of weighted average common shares outstanding excluded a nominal amount of anti-dilutive restricted stock units for each period ended June 30, 2024 and 2023.

The computations for basic and diluted earnings per share for the three and six months ended June 30, 2024 and 2023 are as follows:

Three Months Ended June 30, 2024

Six Months Ended June 30, 2024

(In millions, except per share amounts)

Effect of Dilutive Securities

Three Months Ended June 30, 2023

Six Months Ended June 30, 2023

(In millions, except per share amounts)

Effect of Dilutive Securities

SHARE-BASED COMPENSATION

The Company granted time-based restricted stock units and performance-based shares to certain of its employees totaling approximately 144,700 shares with a weighted average grant date fair value of $ 122.79 per share during the three months ended March 31, 2024.

Total share-based compensation cost recognized in the Condensed Consolidated Statements of Income and Comprehensive Income as a component of selling, general and administrative expenses was $ 5.7 million and $ 4.6 million for the three months ended March 31, 2024 and 2023, respectively.

Total unrecognized compensation cost related to unvested share-based compensation arrangements was $ 37.4 million at March 31, 2024, and is expected to be recognized over a weighted average period of approximately 2.2 years.

During the three and six months ended June 30, 2024, the Company granted time-based restricted stock units and performance-based shares to certain of its employees totaling approximately 7,400 and 152,100 shares, respectively, with a combined weighted average grant date fair value of $ 109.64 and $ 122.15 per share, respectively.

Total share-based compensation cost recognized in the Condensed Consolidated Statements of Income and Comprehensive Income as a component of selling, general and administrative expenses was $ 6.3 million and $ 5.2 million for the three months ended June 30, 2024 and 2023 and $ 12.0 million and $ 9.8 million for the six months ended June 30, 2024 and 2023, respectively.

Total unrecognized compensation cost related to unvested share-based compensation arrangements was $ 34.1 million at June 30, 2024, and is expected to be recognized over a weighted average period of approximately 2.0 years.

Total unrecognized compensation cost may be adjusted for any unearned performance shares or forfeited shares.

1 unchanged sentence

The Company’s pension and post-retirement plans are described in Note 11 to the Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 .

Components of net periodic benefit cost and other amounts recognized in Other Comprehensive Income (Loss) for the qualified pension plans and the post-retirement benefit plans for the three months ended March 31, 2024 and 2023 consisted of the following:

Components of net periodic benefit cost and other amounts recognized in Other Comprehensive Income (Loss) for the qualified pension plans and the post-retirement benefit plans for the three and six months ended June 30, 2024 and 2023 consisted of the following:

Pension Benefits

Post-retirement Benefits

Three Months Ended March 31,

Three Months Ended June 30,

(In millions)

5 unchanged sentences

Net periodic benefit cost (credit)

Pension Benefits

Post-retirement Benefits

Six Months Ended June 30,

(In millions)

Components of net periodic benefit cost (credit):

Interest cost

Expected return on plan assets

Amortization of net loss (gain)

Amortization of prior service credit

Net periodic benefit cost (credit)

COMMITMENTS AND CONTINGENCIES

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-Q

Item 1. Financial Statements