What changed in this filing

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Item 1. Financial Statements

2024-10-25 compared with 2024-07-29 · 98 added, 68 removed, 420 unchanged (28% of the section changed)

2 unchanged sentences

(In millions, except share data)

September 30,

Current assets:

29 unchanged sentences

1 billion shares authorized;

393,706,882 and 393,945,659 shares issued and outstanding at June 30, 2024 and December 31, 2023

389,084,160 and 393,945,659 shares issued and outstanding at September 30, 2024 and December 31, 2023

Additional paid-in capital

9 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Cost of revenue

7 unchanged sentences

Provision for income taxes

Net income (loss) attributable to noncontrolling interests

Net loss attributable to noncontrolling interests

Net income attributable to Company

6 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Currency translation adjustments

2 unchanged sentences

Comprehensive income

Comprehensive income (loss) attributable to noncontrolling interest

Comprehensive loss attributable to noncontrolling interest

Comprehensive income attributable to Company

2 unchanged sentences

(In millions)

Six Months Ended

Nine Months Ended

September 30,

Cash flows from operating activities:

8 unchanged sentences

Gain on business divestiture

Impairment and loss on assets held for sale

Change in operating assets and liabilities, net of acquisitions:

47 unchanged sentences

Balance at June 30, 2024

Other comprehensive income, net

Cash dividends, $ 0.075 per common share

Transactions with non-controlling interests

Stock-based compensation

Share repurchases

Balance at September 30, 2024

Shares Issued

15 unchanged sentences

Balance at June 30, 2023

Other comprehensive loss, net

Cash dividends, $ 0.05 per common share

Transactions with non-controlling interest

Stock-based compensation

Withholding taxes

Balance at September 30, 2023

See notes to unaudited consolidated financial statements.

6 unchanged sentences

In our opinion, the consolidated financial statements include all adjustments, which are of a normal recurring nature unless otherwise disclosed, necessary for a fair presentation of the results for the interim periods.

The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year.

The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported and contingent amounts of assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period.

4 unchanged sentences

Inventories consist of (in millions):

September 30,

Raw materials and supplies

4 unchanged sentences

Accrued liabilities consist of (in millions):

September 30,

Taxes (non-income)

6 unchanged sentences

Amounts reclassified from accumulated other comprehensive

Balance at June 30, 2024

Balance at September 30, 2024

The components of amounts reclassified from accumulated other comprehensive loss are as follows (in millions):

Three Months Ended June 30,

Three Months Ended September 30,

Cost of revenue

1 unchanged sentence

Selling, general and administrative

Six Months Ended June 30,

Nine Months Ended September 30,

Cost of revenue

6 unchanged sentences

The movement in other comprehensive income (loss) from period to period will be the combination of:

1) changes in fair value of open derivatives of $ 2 million and zero during the three and six months ended June 30, 2024 ;

and, 2) the outflow of other comprehensive loss related to cumulative changes in the fair value of derivatives that have settled in the current period, which were zero and $ 2 million the three and six months ended June 30, 2024 .

1) changes in fair value of open derivatives of $ 1 million during each of the three and nine months ended September 30, 2024 ;

and, 2) the outflow of other comprehensive loss related to cumulative changes in the fair value of derivatives that have settled in the current period, which were $ 1 million and $ 3 million the three and nine months ended September 30, 2024 .

Effective January 1, 2024, NOV consolidated its reporting structure into two segments:

3 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Energy Products and Services

10 unchanged sentences

Intrasegment transactions are eliminated within each segment.

Total other items included in operating profit were a credit of $ 118 million and $ 121 million for the three and six months ended June 30, 2024, primarily related to gains from divestiture of its Pole Products business, and a credit of $ 7 million and $ 11 million for the three and six months ended June 30, 2023, primarily related to gains on the sale of previously reserved inventory.

Total other items included in operating profit were an expense of $ 5 million for the three months ended September 30, 2024, primarily related to severance pay, and a credit of $ 116 million for the nine months ended September 30, 2024, primarily related to gains from divestiture of the Company's Pole Products business in the Energy Equipment segment.

For the three months ended September 30, 2023, total other items included in operating profit were an expense of $ 7 million, primarily related to a voluntary early retirement program, and a credit of $ 4 million for the nine months ended September 30, 2023, primarily related to gains on the sale of previously reserved inventory.

Acquisitions and Divestitures

During the first half of 2024, our Energy Products and Services segment made two strategic acquisitions to enhance and expand our existing portfolio for a total consideration of $ 245 million, net of cash acquired.

During the nine months ended September 30, 2024, our Energy Products and Services segment made two strategic acquisitions to enhance and expand our existing portfolio for a total consideration of $ 245 million, net of cash acquired.

One of the two acquisitions was a company owned by White Deer Energy, a middle market private equity fund focused on energy investments.

2 unchanged sentences

Mattson both had an investment interest in certain White Deer Energy funds), the acquisition was approved by the disinterested members of the Company’s Board of Directors.

As of June 30, 2024 , we provisionally recorded $ 126 million of goodwill and amortizable intangible assets;

As of September 30, 2024 , we provisionally recorded $ 126 million of goodwill and amortizable intangible assets;

$ 63 million of PP&E, including financing and operating lease right of use assets;

5 unchanged sentences

We recorded a gain of $ 131 million, which is included as a reduction of Cost of Revenue on the Consolidated Statements of Income.

During the second quarter, the Company purchased the remaining noncontrolling interest in Keystone Tower Systems (KTS) for total consideration of $ 30 million.

During the second quarter, the Company purchased the remaining noncontrolling interest in Keystone Tower Systems for total consideration of $ 30 million.

Disaggregation of Revenue

2 unchanged sentences

and Canada (in millions):

Three Months Ended June 30,

Three Months Ended September 30,

North America

International

Six Months Ended June 30,

Nine Months Ended September 30,

North America

1 unchanged sentence

Performance Obligations

Net revenue recognized from performance obligations satisfied in previous periods was $ 8 million for the three months ended June 30, 2024 primarily due to change orders.

Net revenue recognized from performance obligations satisfied in previous periods was immaterial for the three months ended September 30, 2024 primarily due to change orders.

Remaining performance obligations represent the transaction price of firm orders for all revenue streams for which work has not been performed on contracts with original expected duration of one year or more.

We do not disclose the remaining performance obligations of royalty contracts, service contracts for which there is a right to invoice, and short-term contracts that are expected to have a duration of one year or less.

As of June 30, 2024 , the aggregate amount of the transaction price allocated to remaining performance obligations was $ 4,691 million.

Although numerous factors can affect timing of revenue recognized on performance obligations, such as customer change orders and supplier accelerations or delays, the Company expects to recognize approximately $ 778 million in revenue for the remaining performance obligations in 2024 , $ 1,316 million in 2025 , $ 801 million in 2026 , and $ 1,796 million thereafter .

As of September 30, 2024 , the aggregate amount of the transaction price allocated to remaining performance obligations was $ 4,836 million.

Although numerous factors can affect timing of revenue recognized on performance obligations, such as customer change orders and supplier accelerations or delays, the Company expects to recognize approximately $ 431 million in revenue for the remaining performance obligations in the remainder of 2024 , $ 1,538 million in 2025 , $ 1,082 million in 2026 , and $ 1,785 million thereafter .

Contract Assets and Liabilities

5 unchanged sentences

Currency translation adjustments and other

Balance at June 30, 2024

Balance at September 30, 2024

Royalty Revenue

The Company recognizes royalty revenue due under various licenses for the Company's intellectual property, including for technology related to drill bits.

The Company recognized revenue for drill bit licenses of approximately $ 17 million and $ 33 million for the three and six months ended June 30, 2024 , and $ 21 million and $ 41 million for the three and six months ended June 30, 2023.

The Company recognized revenue for drill bit licenses of approximately $ 17 million and $ 50 million for the three and nine months ended September 30, 2024 , and $ 21 million and $ 62 million for the three and nine months ended September 30, 2023.

The Company is currently pursuing litigation against certain non-paying licensees, which will impact our ability to collect the receivables timely.

As such, revenue and the related receivables are recorded at a discount to reflect the delayed timing of future cash collections.

As of June 30, 2024 , the receivables of $ 96 million, net of allowances of $ 17 million for credit losses and $ 18 million for the remaining timing related discount, are included in Other assets on the Consolidated Balance Sheets.

As of September 30, 2024 , the receivables of $ 109 million, net of allowances of $ 21 million for credit losses and $ 16 million for the remaining timing related discount, are included in Other assets on the Consolidated Balance Sheets.

These allowances do not impact the amount the Company is entitled to recover on its claims from the licensees in litigation.

4 unchanged sentences

The Company’s customer base, mostly in the oil and gas industry, have generally similar collectability risk characteristics, although larger and state-owned customers may have lower risk than smaller independent customers.

As of June 30, 2024 , the allowance for credit losses totaled $ 73 million.

As of September 30, 2024, the allowance for credit losses totaled $ 69 million.

The changes in the carrying amount of the allowance for credit losses are as follows (in millions):

2 unchanged sentences

Recoveries collected

Balance at June 30, 2024

Reclass for long-term receivables

Balance at September 30, 2024

The Company leases certain facilities and equipment to support its operations around the world.

3 unchanged sentences

Residual value guarantees are not typically part of the Company’s leases.

Occasionally, the Company sub-leases excess facility space, generally at terms similar to the source lease.

Occasionally, the Company subleases excess facility space, generally at terms similar to the source lease.

The Company reviews agreements at inception to determine if they include a lease and, when they do, uses its incremental borrowing rate to determine the present value of the future lease payments as most do not include implicit interest rates.

Components of leases are as follows (in millions):

September 30,

Current portion of lease liabilities:

September 30,

Long-term portion of lease liabilities:

Debt consists of (in millions):

September 30,

$ 1.1 billion in Senior Notes, interest at 3.95 % payable

4 unchanged sentences

Long-term debt

The Company has a revolving credit facility with a borrowing capacity of $ 2.0 billion through October 30, 2024, and a borrowing capacity of $ 1.8 billion from October 31, 2024 to October 30, 2025.

The Company has the right to increase the commitments under this agreement to an aggregate amount of up to $ 3.0 billion upon the consent of only those lenders holding any such increase.

Interest under the multicurrency facility is based upon Secured Overnight Financing Rate (SOFR), NIBOR or CDOR plus 1.25 % subject to a ratings-based grid or the U.S.

The credit facility contains a financial covenant regarding maximum debt-to-capitalization ratio of 60 %.

As of June 30, 2024, the Company was in compliance with a debt-to-capitalization ratio of 23.6 % and had no outstanding borrowings or letters of credits issued under the facility, resulting in $ 2.0 billion of available funds.

On September 12, 2024, the Company entered into a new $ 1.5 billion five-year unsecured revolving credit facility.

This new credit facility replaced the Company's previous $ 2.0 billion revolving credit facility.

The Company has the right to increase the aggregate commitments under this new agreement to an aggregate amount of up to $ 2.5 billion upon the consent of only those lenders holding any such increase.

Interest under the multicurrency facility is based upon Secured Overnight Financing Rate (SOFR), Euro Interbank Offered Rate (EURIBOR), Sterling Overnight Index Average (SONIA), Canadian Overnight Repo Rate Average (CORRA), or Norwegian Interbank Offered Rate (NIBOR), plus 1.25 % subject to a ratings-based grid or the U.S.

The new credit facility contains a financial covenant establishing a maximum debt-to-capitalization ratio of 60 %.

As of September 30, 2024, the Company was in compliance with a debt-to-capitalization ratio of 23.4 % and had no outstanding borrowings or letters of credits issued under the facility, resulting in $ 1.5 billion of available funds.

A consolidated joint venture of the Company borrowed $ 120 million against a $ 150 million bank line of credit for the construction of a facility in Saudi Arabia.

1 unchanged sentence

The bank line of credit contains a financial covenant regarding maximum debt-to-equity ratio of 75 %.

As of June 30, 2024 , the joint venture was in compliance.

As of September 30, 2024 , the joint venture was in compliance.

The facility construction was completed in the fourth quarter of 2022, and the joint venture will not have future borrowings on the line of credit.

The line of credit repayment schedule began in December 2022 with final payment no later than June 2032 .

As of June 30, 2024 , the Company has $ 99 million in borrowings related to this line of credit.

As of September 30, 2024, the Company has $ 99 million in borrowings related to this line of credit.

The carrying value of debt under the Company’s consolidated joint venture approximates fair value because the interest rates are variable and reflective of current market rates.

1 unchanged sentence

The Company can repay the entire outstanding facility balance without penalty at its sole discretion.

Other debt at June 30, 2024 included $ 61 million of amounts owed to current and former minority interest partners of NOV consolidated joint ventures, of which $ 14 million is due in the next twelve months.

The Company had $ 457 million of outstanding letters of credit at June 30, 2024, primarily in Norway and the United States, that are under various bilateral letter of credit facilities.

Other debt at September 30, 2024 included $ 61 million of amounts owed to current and former minority interest partners of NOV consolidated joint ventures, of which $ 17 million is due in the next twelve months.

The Company had $ 472 million of outstanding letters of credit at September 30, 2024, primarily in Norway and the United States, that are under various bilateral letter of credit facilities.

Letters of credit are issued as bid bonds, advanced payment bonds and performance bonds.

At June 30, 2024 and December 31, 2023 , the fair value of the Company’s unsecured Senior Notes approximated $ 1,288 million and $ 1,316 million, respectively.

At September 30, 2024 and December 31, 2023 , the fair value of the Company’s unsecured Senior Notes approximated $ 1,350 million and $ 1,316 million, respectively.

The fair value of the Company’s debt is estimated using Level 2 inputs in the fair value hierarchy and is based on quoted prices for those of similar instruments.

At June 30, 2024 and December 31, 2023 , the carrying value of the Company’s unsecured Senior Notes approximated $ 1,587 million and $ 1,586 million, respectively.

The effective tax rate for the three and six months ended June 30, 2024 was 23.9 % and 24.9 %, respectively, compared to 10.8 % and 12.1 % for the same period in 2023.

At September 30, 2024 and December 31, 2023 , the carrying value of the Company’s unsecured Senior Notes approximated $ 1,587 million and $ 1,586 million, respectively.

The effective tax rate for the three and nine months ended September 30, 2024 was 25.3 % and 25.0 %, respectively, compared to 30.8 % and 18.2 % for the same periods in 2023.

The effective tax rate for 2024 was negatively impacted by a mix of earnings in higher tax rate jurisdictions, losses in certain jurisdictions with no tax benefit, and adjustments to the carrying value of deferred tax assets, partially offset by the reduction of valuation allowances related to U.S.

7 unchanged sentences

The NOV Plan is also subject to a fungible ratio concept, such that the issuance of stock options and stock appreciation rights reduces the number of available shares under the NOV Plan on a 1-for-1 basis, and the issuance of other awards reduces the number of available shares under the NOV Plan on a 1.5-for-1 basis.

At June 30, 2024 , approximately 7.7 million shares remained available for future grants under the NOV Plan.

At September 30, 2024 , approximately 7.8 million shares remained available for future grants under the NOV Plan.

The Company also has outstanding awards under its former stock-based compensation plan known as the National Oilwell Varco, Inc.

Long-Term Incentive Plan (the “Former Plan”), however the Company is no longer granting new awards under the Former Plan.

On May 15, 2024, the Company granted 85,950 restricted stock units with a fair value of $ 18.85 per share.

The awards were granted to non-employee members of the board of directors and vest on the first anniversary of the grant date.

On May 13, 2024, the Company granted 2,667 restricted stock units with a fair value of $ 18.76 per share.

On May 30, 2024, the Company granted 13,639 restricted stock units with a fair value of $ 18.33 per share.

The awards were granted to employees and vest in three equal annual installments commencing on the first anniversary of grant date.

Total expense for all stock-based compensation arrangements was $ 17 million and $ 36 million for the three and six months ended June 30, 2024, respectively, and $ 17 million and $ 32 million for the three and six months ended June 30, 2023, respectively.

The total income tax expense/(benefit) recognized in the Consolidated Statements of Income for stock-based compensation arrangements was ($ 1 ) million and $ 3 million for the three and six months ended June 30, 2024 , respectively.

There was no income tax benefit recognized in the Consolidated Statements of Income for stock-based compensation arrangements under the NOV Plan for the three and six months ended June 30, 2023 .

Total expense for all stock-based compensation arrangements was $ 17 million and $ 53 million for the three and nine months ended September 30, 2024, respectively, and $ 17 million and $ 49 million for the three and nine months ended September 30, 2023, respectively.

The total income tax expense/(benefit) recognized in the Consolidated Statements of Income for stock-based compensation arrangements was ($ 2 ) million and $ 1 million for the three and nine months ended September 30, 2024 , respectively.

There was no income tax benefit recognized in the Consolidated Statements of Income for stock-based compensation arrangements under the NOV Plan for the three and nine months ended September 30, 2023 .

Derivative Financial Instruments

4 unchanged sentences

Currency Denomination

September 30,

Colombian Peso

1 unchanged sentence

Norwegian Krone

Brazilian Real

South African Rand

Singapore Dollar

South African Rand

British Pound Sterling

Canadian Dollar

Brazilian Real

Cash Flow Hedging Strategy

6 unchanged sentences

The gain or loss on the derivative instrument is recognized in earnings in other income (expense), together with the changes in the hedged nonfunctional monetary accounts.

The amount of gain (loss) recognized in other expense, net was $ 13 million and $ 10 million for the three and six months ended June 30, 2024 , respectively, and ($ 5 ) million and ($ 10 ) million for the three and six months ended June 30, 2023, respectively.

The amount of gain (loss) recognized in other expense, net was $ 19 million and $ 29 million for the three and nine months ended September 30, 2024, respectively, and ($ 7 ) million and ($ 17 ) million for the three and nine months ended September 30, 2023, respectively.

The Company has the following fair values of its derivative instruments and their balance sheet classifications (in millions):

2 unchanged sentences

Balance Sheet

September 30,

Balance Sheet

September 30,

Derivatives designated as hedging

1 unchanged sentence

Foreign exchange contracts

Prepaid and other

current assets

Prepaid and other current assets

Accrued liabilities

Foreign exchange contracts

Other liabilities

Total derivatives designated as hedging

3 unchanged sentences

Foreign exchange contracts

Prepaid and other

current assets

Prepaid and other current assets

Accrued liabilities

Foreign exchange contracts

Other liabilities

Total derivatives not designated as

4 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Net income attributable to Company

7 unchanged sentences

The two-class method requires a portion of net income attributable to Company to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents if declared.

Net income attributable to the Company allocated to these participating securities was immaterial for each of the three and six months ended June 30, 2024 and 2024 , respectively.

The Company had stock options outstanding that were anti-dilutive totaling 16 million shares for each of the three and six months ended June 30, 2024 , respectively, compared to 23 million and 22 million shares for the three and six months ended June 30, 2023 , respectively.

Net income attributable to the Company allocated to these participating securities was immaterial for each of the three and nine months ended September 30, 2024 and 2023 , respectively.

The Company had stock options outstanding that were anti-dilutive totaling 17 million and 16 million shares for the three and nine months ended September 30, 2024, respectively, compared to 19 million shares for both the three and nine months ended September 30, 2023 .

Cash Dividends

Cash dividends were $ 30 million and $ 50 million for the three and six months ended June 30, 2024 , compared to $ 20 million and $ 40 million for the three and six months ended June 30, 2023.

Cash dividends were $ 29 million and $ 79 million for the three and nine months ended September 30, 2024 , compared to $ 20 million and $ 60 million for the three and nine months ended September 30, 2023.

The declaration and payment of future dividends is at the discretion of the Company’s Board of Directors and will be dependent upon the Company’s results of operations, financial condition, capital requirements and other factors deemed relevant by the Company’s Board of Directors.

5 unchanged sentences

We are unaware of any material liabilities in connection with our compliance with such laws.

New laws, investigations, regulations and enforcement policies may result in additional, presently unquantifiable, or unknown, costs or liabilities.

New laws, regulations and enforcement policies may result in additional, presently unquantifiable, or unknown, costs or liabilities.

From time to time, the Company is involved in various claims, regulatory agency audits, investigations and legal actions involving a variety of matters.

The Company maintains insurance that covers claims such as third-party personal injuries or property damage arising from risks associated with the business activities of the Company, such as premises liability, product liability, personal injury, marine risk, property damage, and other such insurable losses.

The Company maintains insurance that covers claims such as third-party personal injury or property damage claims arising from risks associated with the business activities of the Company, including premises liability, product liability, marine risk, property damage, and other insurable losses.

The Company carries substantial insurance to cover insurable risks above a self-insured retention.

The Company believes, and the Company’s experience has been, that such insurance has been sufficient to cover any material risks.

The Company is also a party to claims, threatened and actual litigation, arbitration, and internal investigations of potential regulatory and compliance matters which may arise from the Company’s business activities.

These regulatory matters and disputes may involve private parties and/or government authorities who may assert a broad variety of potential claims against the Company, such as employment law claims, collective actions or class action claims, intellectual property claims (such as alleged patent infringement, and/or misappropriation of trade secrets by the Company), premises liability claims, environmental claims, product liability claims, warranty claims, personal injury claims arising from exposure to or use of allegedly defective products or from activities of the Company, alleged regulatory violations, alleged violations of anti-corruption and anti-bribery, trade, customs or other laws and other commercial and/or regulatory claims seeking recovery for alleged actual or exemplary damages or fines and penalties.

The Company also from time to time may be a party to claims, threatened and actual litigation, arbitration, and internal investigations of potential regulatory and compliance matters which may arise from the Company's business activities, some of which may not involve insured claims.

The Company believes, and the Company’s experience has been, that such insurance has been sufficient to cover its material risks from operations.

The regulatory matters and disputes which the Company faces may involve private parties and/or government authorities who may assert a broad variety of potential claims against the Company, such as employment law claims, collective actions or class action claims, intellectual property claims (such as alleged patent infringement, and/or misappropriation of trade secrets by the Company), premises liability claims, environmental claims, product liability claims, warranty claims, personal injury claims arising from exposure to or use of allegedly defective products or from activities of the Company, alleged regulatory violations, alleged violations of anti-corruption and anti-bribery, trade, customs or other laws and other commercial and/or regulatory claims seeking recovery for alleged actual or exemplary damages or fines and penalties.

Such claims involve various theories of liability which may include negligence, breach of contract, strict liability, product liability, and others.

1 unchanged sentence

In such instances, settlement or other resolution of such claims, individually or collectively, could have a material financial or reputational impact on the Company.

As of June 30, 2024, the Company recorded reserves in an amount believed to be sufficient, given the estimated range of potential outcomes, for contingent liabilities believed to be probable.

As of September 30, 2024, in the ordinary course of business, the Company recorded reserves in an amount believed to be sufficient, given the estimated range of potential outcomes, for contingent liabilities believed to be probable.

These reserves include costs currently and reasonably estimated to be incurred for reclamation of a closed barite mine and product liability claims, as well as other circumstances involving material claims.

4 unchanged sentences

The total potential loss on these matters cannot be determined;

however, in our opinion, any ultimate liability, to the extent not otherwise provided for, will not materially affect our financial position, cash flow or results of operations.

however, in our opinion, any ultimate liability, to the extent not otherwise provided for, should not materially affect our financial position, cash flow or results of operations.

These estimated liabilities are based on the Company’s assessment of the nature of these matters, their progress toward resolution, the advice of legal counsel and outside experts as well as management’s experience.

63 unchanged sentences

As shares are repurchased, they are constructively retired and returned to an unissued state.

During the three months ended June 30, 2024 , the Company repurchased 2.0 million shares of common stock under the program for an average price of $ 18.50 per share for an aggregate amount of $ 37 million.

During the three months ended September 30, 2024 , the Company repurchased 4.6 million shares of common stock under the program for an aggregate amount of $ 80 million.

During the nine months ended September 30, 2024 , the Company repurchased 6.6 million shares of common stock under the program for an aggregate amount of $ 117 million.

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