20 unchanged sentences
Recent Accounting Pronouncements
−Removed: F oursi g ht Acquisition
+Added: Foursight Acquisition
Finance Receivables
32 unchanged sentences
We believe that our audits provide a reasonable basis for our opinions.
−Removed: As described in Management’s Report on Internal Control over Financial Reporting, management has excluded Foursight Capital LLC from its assessment of internal control over financial reporting as of December 31, 2024 because it was acquired by the Company in a purchase business combination during 2024.
−Removed: We have also excluded Foursight Capital LLC from our audit of internal control over financial reporting.
−Removed: Foursight Capital LLC is a wholly-owned subsidiary whose total assets and total revenues excluded from management’s assessment and our audit of internal control over financial reporting represent 4% and 2%, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2024.
Definition and Limitations of Internal Control over Financial Reporting
8 unchanged sentences
The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
−Removed: Allowance for Finance Receivable Losses for Consumer Loans – Forecasted Macroeconomic Conditions
+Added: Allowance for Finance Receivable Losses – Consumer Loans
As described in Notes 2 and 6 to the consolidated financial statements, the Company’s allowance for finance receivable losses for consumer loans was $2,656 million as of December 31, 2025.
−Removed: Management estimates the allowance for finance receivable losses for consumer loans primarily on historical loss experience using a cumulative loss model applied to the Company’s consumer loan portfolios.
−Removed: Management also considers forecasted macroeconomic conditions within the Company’s reasonable and supportable forecast period, which includes the forecasted unemployment rate.
−Removed: The principal considerations for our determination that performing procedures relating to the allowance for finance receivable losses for consumer loans – forecasted macroeconomic conditions is a critical audit matter are (i) the significant judgment by management in determining adjustments to the results of the cumulative loss model to reflect forecasted macroeconomic conditions, which led to a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence relating to management’s determination of the impact of forecasted macroeconomic conditions, and (ii) the audit effort involved the use of professionals with specialized skill and knowledge.
+Added: Management estimates and records an allowance for finance receivable losses to cover the expected credit losses on the Company’s finance receivables.
+Added: Management estimates the allowance for finance receivable losses primarily based on historical loss experience using a cumulative loss model applied to the Company’s consumer loan portfolios.
+Added: Management’s methodology to estimate expected credit losses uses recent macroeconomic forecasts, which include forecasts for unemployment.
+Added: As disclosed by management, forecasting macroeconomic conditions requires significant judgment and involves estimation uncertainty.
+Added: The principal considerations for our determination that performing procedures relating to the allowance for finance receivable losses for consumer loans is a critical audit matter are (i) the significant judgment by management when developing the allowance for finance receivable losses for consumer loans;
+Added: (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating management’s significant assumption related to the forecasts for unemployment, and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.
−Removed: These procedures included testing the effectiveness of controls relating to the allowance for finance receivable losses for consumer loans, including controls over management’s determination of the impact of forecasted macroeconomic conditions.
−Removed: These procedures also included, among others, the involvement of professionals with specialized skill and knowledge to assist in testing management’s process for determining forecasted macroeconomic conditions and applying those forecasts to the results of the cumulative loss model, which included (i) evaluating the appropriateness of the methodology, (ii) testing the data used in the estimate and (iii) evaluating the reasonableness of management’s determination of the impact of forecasted macroeconomic conditions on the allowance for finance receivable losses for consumer loans.
+Added: These procedures included testing the effectiveness of controls relating to the allowance for finance receivable losses for consumer loans, including controls over the development of the forecasts for unemployment.
+Added: These procedures also included, among others, (i) testing management’s process for developing the allowance for finance receivable losses for consumer loans;
+Added: (ii) testing the completeness and accuracy of certain data used in the development of the forecasts for unemployment;
+Added: and (iii) the involvement of professionals with specialized skill and knowledge to assist in evaluating (a) the appropriateness of the methodology used by management to develop the forecasts for unemployment and (b) the reasonableness of the forecasts for unemployment assumption.
/s/ PricewaterhouseCoopers LLP
24 unchanged sentences
The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
−Removed: Allowance for Finance Receivable Losses for Consumer Loans – Forecasted Macroeconomic Conditions
+Added: Allowance for Finance Receivable Losses – Consumer Loans
As described in Notes 2 and 6 to the consolidated financial statements, the Company’s allowance for finance receivable losses for consumer loans was $2,656 million as of December 31, 2025.
−Removed: Management estimates the allowance for finance receivable losses for consumer loans primarily on historical loss experience using a cumulative loss model applied to the Company’s consumer loan portfolios.
−Removed: Management also considers forecasted macroeconomic conditions within the Company’s reasonable and supportable forecast period, which includes the forecasted unemployment rate.
−Removed: The principal considerations for our determination that performing procedures relating to the allowance for finance receivable losses for consumer loans – forecasted macroeconomic conditions is a critical audit matter are (i) the significant judgment by management in determining adjustments to the results of the cumulative loss model to reflect forecasted macroeconomic conditions, which led to a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence relating to management’s determination of the impact of forecasted macroeconomic conditions, and (ii) the audit effort involved the use of professionals with specialized skill and knowledge.
+Added: Management estimates and records an allowance for finance receivable losses to cover the expected credit losses on the Company’s finance receivables.
+Added: Management estimates the allowance for finance receivable losses primarily based on historical loss experience using a cumulative loss model applied to the Company’s consumer loan portfolios.
+Added: Management’s methodology to estimate expected credit losses uses recent macroeconomic forecasts, which include forecasts for unemployment.
+Added: As disclosed by management, forecasting macroeconomic conditions requires significant judgment and involves estimation uncertainty.
+Added: The principal considerations for our determination that performing procedures relating to the allowance for finance receivable losses for consumer loans is a critical audit matter are (i) the significant judgment by management when developing the allowance for finance receivable losses for consumer loans;
+Added: (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating management’s significant assumption related to the forecasts for unemployment, and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.
−Removed: These procedures included testing the effectiveness of controls relating to the allowance for finance receivable losses for consumer loans, including controls over management’s determination of the impact of forecasted macroeconomic conditions.
−Removed: These procedures also included, among others, the involvement of professionals with specialized skill and knowledge to assist in testing management’s process for determining forecasted macroeconomic conditions and applying those forecasts to the results of the cumulative loss model, which included (i) evaluating the appropriateness of the methodology, (ii) testing the data used in the estimate and (iii) evaluating the reasonableness of management’s determination of the impact of forecasted macroeconomic conditions on the allowance for finance receivable losses for consumer loans.
+Added: These procedures included testing the effectiveness of controls relating to the allowance for finance receivable losses for consumer loans, including controls over the development of the forecasts for unemployment.
+Added: These procedures also included, among others, (i) testing management’s process for developing the allowance for finance receivable losses for consumer loans;
+Added: (ii) testing the completeness and accuracy of certain data used in the development of the forecasts for unemployment;
+Added: and (iii) the involvement of professionals with specialized skill and knowledge to assist in evaluating (a) the appropriateness of the methodology used by management to develop the forecasts for unemployment and (b) the reasonableness of the forecasts for unemployment assumption.
/s/ PricewaterhouseCoopers LLP
80 unchanged sentences
Other comprehensive income (loss):
−Removed: Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities
−Removed: 12 49 ( 229 )
+Added: Net change in unrealized gains on non-credit impaired available-for-sale securities
Retirement plan liability adjustments 1 6 —
3 unchanged sentences
Income tax effect:
−Removed: Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities
+Added: Net change in unrealized losses on non-credit impaired available-for-sale securities
( 11 ) ( 2 ) ( 11 )
2 unchanged sentences
Changes in discount rate for insurance claims and policyholder liabilities 1 ( 1 ) —
−Removed: Other — 1 ( 5 )
−Removed: Other comprehensive income (loss), net of tax, before reclassification adjustments
+Added: Other comprehensive income, net of tax, before reclassification adjustments
Reclassification adjustments included in net income, net of tax:
−Removed: Net realized (gains) losses on available-for-sale securities, net of tax
+Added: Net realized losses on available-for-sale securities, net of tax
Reclassification adjustments included in net income, net of tax — 2 —
−Removed: Other comprehensive income (loss), net of tax
+Added: Other comprehensive income, net of tax
Comprehensive income $ 823 $ 515 $ 681
19 unchanged sentences
Other comprehensive income
+Added: — — 40 — — 40
Cash dividends (a)
3 unchanged sentences
Balance, January 1, 2024 $ 1 $ 1,715 $ ( 87 ) $ 2,285 $ ( 728 ) $ 3,186
−Removed: Net impact of adoption of ASU 2022-02 (b)
−Removed: — — — 12 — 12
−Removed: Balance, January 1, 2023 (post-adoption) 1 1,689 ( 127 ) 2,131 ( 667 ) 3,027
Common stock repurchased
6 unchanged sentences
Other comprehensive income
−Removed: — — 40 — — 40
Cash dividends (a)
3 unchanged sentences
Balance, January 1, 2023 $ 1 $ 1,689 $ ( 127 ) $ 2,119 $ ( 667 ) $ 3,015
+Added: Net impact of adoption of ASU 2022-02 (b)
+Added: — — — 12 — 12
+Added: Balance, January 1, 2023 (post-adoption) 1 1,689 ( 127 ) 2,131 ( 667 ) 3,027
Common stock repurchased
6 unchanged sentences
— ( 10 ) — — — ( 10 )
−Removed: Other comprehensive loss
+Added: Other comprehensive income
— — 40 — — 40
16 unchanged sentences
Depreciation and amortization 287 277 257
−Removed: Deferred income tax benefit
+Added: Deferred income tax charge (benefit)
43 ( 42 ) ( 36 )
2 unchanged sentences
Gain on sales of finance receivables
+Added: ( 64 ) ( 23 ) ( 52 )
Other ( 4 ) ( 1 ) ( 4 )
1 unchanged sentence
Net cash provided by operating activities
+Added: 3,132 2,699 2,519
Cash flows from investing activities
8 unchanged sentences
Net cash used for investing activities
+Added: ( 3,161 ) ( 3,266 ) ( 2,862 )
Cash flows from financing activities
5 unchanged sentences
Withholding tax on share-based compensation ( 13 ) ( 11 ) ( 10 )
−Removed: Net cash provided by (used for) financing activities
−Removed: 161 932 ( 326 )
+Added: Net cash provided by financing activities
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents 471 ( 406 ) 589
12 unchanged sentences
Income taxes paid
+Added: ( 96 ) ( 177 ) ( 171 )
+Added: State and local
+Added: ( 26 ) ( 37 ) ( 37 )
+Added: ( 5 ) ( 5 ) ( 7 )
+Added: Income taxes paid ( 127 ) ( 219 ) ( 215 )
Cash paid for amounts included in the measurement of operating lease liabilities ( 60 ) ( 58 ) ( 59 )
51 unchanged sentences
Investment 97 108 116
−Removed: Gain on sales of finance receivables 23 52 63
−Removed: Net loss on repurchases and repayments of debt
+Added: Gain (loss) on sales of finance receivables
+Added: Net gain (loss) on repurchases and repayments of debt
( 67 ) ( 34 ) —
16 unchanged sentences
Other comprehensive income (loss):
−Removed: Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities
−Removed: 12 49 ( 229 )
+Added: Net change in unrealized gains on non-credit impaired available-for-sale securities
Retirement plan liability adjustments 1 6 —
3 unchanged sentences
Income tax effect:
−Removed: Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities
+Added: Net change in unrealized losses on non-credit impaired available-for-sale securities
( 11 ) ( 2 ) ( 11 )
2 unchanged sentences
Changes in discount rate for insurance claims and policyholder liabilities 1 ( 1 ) —
−Removed: Other — 1 ( 5 )
−Removed: Other comprehensive income (loss), net of tax, before reclassification adjustments
+Added: Other comprehensive income, net of tax, before reclassification adjustments
Reclassification adjustments included in net income, net of tax:
−Removed: Net realized (gains) losses on available-for-sale securities, net of tax
+Added: Net realized losses on available-for-sale securities, net of tax
Reclassification adjustments included in net income, net of tax — 2 —
−Removed: Other comprehensive income (loss), net of tax
+Added: Other comprehensive income, net of tax
Comprehensive income $ 822 $ 515 $ 681
17 unchanged sentences
Balance, January 1, 2024 $ 5 $ 1,959 $ ( 87 ) $ 1,303 $ 3,180
−Removed: Net impact of adoption of ASU 2022-02 *
−Removed: Balance, January 1, 2023 (post-adoption) 5 1,933 ( 127 ) 1,205 3,016
Share-based compensation expense, net of forfeitures — 30 — — 30
5 unchanged sentences
Balance, January 1, 2023 $ 5 $ 1,933 $ ( 127 ) $ 1,193 $ 3,004
+Added: Net impact of adoption of ASU 2022-02 *
+Added: Balance, January 1, 2023 (post-adoption) 5 1,933 ( 127 ) 1,205 3,016
Share-based compensation expense, net of forfeitures — 36 — — 36
Withholding tax on share-based compensation — ( 10 ) — — ( 10 )
−Removed: Other comprehensive loss
−Removed: — — ( 132 ) — ( 132 )
+Added: Other comprehensive income
Cash dividends — — — ( 543 ) ( 543 )
12 unchanged sentences
Depreciation and amortization 287 277 257
−Removed: Deferred income tax benefit
+Added: Deferred income tax charge (benefit)
43 ( 42 ) ( 36 )
20 unchanged sentences
Withholding tax on share-based compensation ( 13 ) ( 11 ) ( 10 )
−Removed: Net cash provided by (used for) financing activities
−Removed: 130 937 ( 304 )
+Added: Net cash provided by financing activities
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents 489 ( 437 ) 594
11 unchanged sentences
Income taxes paid
+Added: ( 96 ) ( 177 ) ( 171 )
+Added: State and local
+Added: ( 26 ) ( 37 ) ( 37 )
+Added: ( 5 ) ( 5 ) ( 7 )
+Added: Income taxes paid ( 127 ) ( 219 ) ( 215 )
Cash paid for amounts included in the measurement of operating lease liabilities ( 60 ) ( 58 ) ( 59 )
33 unchanged sentences
Consumer loans include personal loans and auto finance.
−Removed: We carry finance receivables at amortized cost which includes accrued finance charges, net unamortized deferred origination costs and unamortized fees, unamortized net premiums and discounts on purchased finance receivables, and unamortized finance charges on precomputed receivables.
+Added: We carry finance receivables at amortized cost which includes accrued finance charges, net unamortized deferred origination costs and unamortized fees, unamortized net premiums and discounts on purchased finance receivables, and unearned finance charges on precomputed receivables.
We include the cash flows from finance receivables held for investment in our consolidated statements of cash flows as investing activities, except for collections of interest, which we include as cash flows from operating activities.
27 unchanged sentences
Our finance receivables consist of a large number of relatively small, homogeneous accounts.
−Removed: We estimate the allowance for finance receivable losses primarily on historical loss experience using a cumulative loss model applied to our consumer loans.
+Added: We estimate the allowance for finance receivable losses primarily based on historical loss experience using a cumulative loss model applied to our consumer loan portfolios.
Our gross credit loss expectation is offset by the estimate of future recoveries using historical recovery curves.
Our consumer loans are primarily segmented in the loss model by contractual delinquency status.
−Removed: Other attributes in the model include loan modification status, collateral mix, and recent credit score.
+Added: Other attributes in the model include loan modification status, collateral mix, and credit score.
To estimate the gross credit losses for consumer loans, the model utilizes a roll rate matrix to project the first 12 months of losses and historical cohort performance to project the expected losses over the remaining term.
2 unchanged sentences
We also consider key economic trends including unemployment rates.
−Removed: Forecasted macroeconomic conditions extend to our reasonable and supportable forecast period and revert to a historical average.
+Added: Forecasted macroeconomic conditions extend to our reasonable and supportable forecast period and revert to historical experience.
No new volume is assumed.
72 unchanged sentences
We defer insurance policy acquisition costs (primarily commissions, reinsurance fees, and premium taxes).
−Removed: We include deferred policy acquisition costs in Other assets in our consolidated balance sheets and amortize these costs over the terms of the related policies, whether directly written or reinsured.
+Added: We include deferred policy acquisition costs in Other assets in our consolidated balance sheets and amortize these costs over the terms of the related policies, whether directly written or reinsured, and are included in Other operating expenses in our consolidated statements of operations.
Investment Securities
52 unchanged sentences
do not believe that the Company is exposed to any significant credit risk on these accounts and have not experienced any losses in such accounts.
−Removed: Restricted Cash and Cash Equivalents
−Removed: We include funds to be used for future debt payments and collateral relating to our secured debt, insurance regulatory deposits, and reinsurance trusts with third parties, in each case, in restricted cash and cash equivalents.
+Added: Restricted Cash and Restricted Cash Equivalents
+Added: We include funds to be used for future debt payments and collateral relating to our secured debt, insurance regulatory deposits, and reinsurance trusts with third parties, in each case, in restricted cash and restricted cash equivalents.
Long-term Debt
48 unchanged sentences
ACCOUNTING PRONOUNCEMENTS RECENTLY ADOPTED
−Removed: Segment Reporting
−Removed: In November of 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):
−Removed: Improvements to Reportable Segment Disclosures , which requires annual and interim disclosure of significant segment expenses and other segment items.
−Removed: The amendments in this ASU became effective for the Company beginning with this Annual Report on Form 10-K for the year ended December 31, 2024, and we have adopted using the retrospective transition method.
−Removed: See Note 18 for additional information on the adoption of ASU 2023-07.
−Removed: ACCOUNTING PRONOUNCEMENTS TO BE ADOPTED
In December of 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):
Improvements to Income Tax Disclosures, which requires disaggregated information in the rate reconciliation and income taxes paid disclosures.
−Removed: The amendments in this ASU will become effective for fiscal years beginning after December 15, 2024, with early adoption permitted.
−Removed: The amendments should be applied on a prospective basis, with retrospective application allowed.
−Removed: We are currently evaluating the impact of the standard to our income tax disclosures.
+Added: The amendments in this ASU became effective for the Company beginning with this Annual Report on Form 10-K for the year ended December 31, 2025, and we have adopted using the retrospective transition method.
+Added: See Note 14 for disclosures reflecting the adoption of ASU 2023-09.
+Added: ACCOUNTING PRONOUNCEMENTS TO BE ADOPTED
Expense Disaggregation Disclosures
2 unchanged sentences
The amendments should be applied on a prospective basis, with retrospective application allowed.
−Removed: We are currently evaluating the impact of the standard to our financial statement disclosures.
−Removed: We do not believe that any other accounting pronouncements issued, but not yet effective, would have a material impact on our consolidated financial statements or disclosures, if adopted.
+Added: While the standard will not impact our consolidated financial results, we are currently evaluating the impact of the expanded disclosures.
+Added: We do not believe that any other accounting pronouncements issued, but not yet effective, are applicable or would have a material impact on our consolidated financial statements or disclosures, if adopted.
Foursight Acquisition
21 unchanged sentences
Tax deductible goodwill is $ 52 million, reflecting differences in the allocation of purchase price for tax purposes.
−Removed: See Note 8 for a reconciliation of the carrying amount of goodwill at the beginning of 2024 and December 31, 2024.
+Added: See Note 8 for a reconciliation of the carrying amount of goodwill.
Assets acquired include auto finance receivables with a fair value of $ 829 million on gross receivables of $ 908 million.
29 unchanged sentences
Total $ 20,833 $ 2,078 $ 22,911 $ 643 $ 23,554
−Removed: * Consumer loan gross finance receivables equal the unpaid principal balance.
+Added: * Consumer loan gross finance receivables equal the unpaid principal balance net of unamortized discount or premium.
For precompute personal loans, unpaid principal balance is the gross contractual payments less the unaccreted balance of unearned finance charges.
7 unchanged sentences
Texas $ 2,083 10 % $ 2,054 10 %
−Removed: Florida 1,550 8 1,528 8
California 1,634 8 1,547 7
+Added: 1,602 7 1,550 8
Pennsylvania 1,275 6 1,269 6
1 unchanged sentence
North Carolina
−Removed: New York 913 4 856 4
Georgia 874 4 823 4
3 unchanged sentences
Total personal loans $ 21,430 100 % $ 20,833 100 %
−Removed: Florida $ 159 8 % $ 81 11 %
−Removed: Georgia 155 7 63 8
+Added: $ 188 8 % $ 155 7 %
Texas 160 6 141 7
5 unchanged sentences
Ohio 109 4 89 4
−Removed: Kentucky 88 4 29 4
Other 1,072 44 892 43
9 unchanged sentences
WHOLE LOAN SALE TRANSACTIONS
−Removed: We have whole loan sale flow agreements with third parties, with current terms of less than one year , in which we agreed to sell a remaining total of $ 900 million gross receivables of newly originated unsecured personal loans along with any associated accrued interest.
+Added: We have whole loan sale flow agreements with third parties.
+Added: The Company is committed to sell a remaining total of $ 2.4 billion gross receivables of newly originated unsecured personal loans along with any associated accrued interest with a current term of less than three years .
Loans sold are derecognized from our balance sheet at the time of sale.
1 unchanged sentence
The gain on sales and servicing fees are recorded in Other revenues in our consolidated statements of operations.
−Removed: We sold a total of $ 542 million and $ 585 million of gross finance receivables during the years ended December 31, 2024 and 2023, respectively.
+Added: We sold $ 1.0 billion and $ 542 million of gross finance receivables during the years ended December 31, 2025 and 2024, respectively.
The gain on the sales were $ 64 million and $ 23 million during the years ended December 31, 2025 and 2024, respectively.
5 unchanged sentences
All consumer loans in nonaccrual status are considered in our estimate of allowance for finance receivable losses.
−Removed: The following table below is a summary of finance charges and fees on our consumer loans:
+Added: The following table below is a summary of finance charges on our consumer loans:
Years Ended December 31,
69 unchanged sentences
MODIFIED FINANCE RECEIVABLES TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY
−Removed: We make modifications to our finance receivables to assist borrowers who are experiencing financial difficulty and when we modify the contractual terms for economic or other reasons related to the borrower’s financial difficulties, we classify that receivable as a modified finance receivable.
−Removed: The following tables below represent information regarding modified finance receivables to borrowers experiencing financial difficulty on or after January 1, 2023, the effective date of ASU 2022-02.
−Removed: The period-end carrying value of finance receivables modified during the period was as follows:
+Added: We make modifications to our finance receivables to assist borrowers who are experiencing financial difficulty.
+Added: When we modify the contractual terms for economic or other reasons related to the borrower’s financial difficulties, we classify that receivable as a modified finance receivable.
+Added: The period-end carrying value of net finance receivables modified during the period was as follows:
Years Ended December 31,
+Added: 2025 2024 2023
(dollars in millions) Personal Loans Auto
Personal Loans Auto
+Added: Personal Loans Auto
Interest rate reduction and term extension $ 312 $ 24 $ 319 $ 16 $ 451 $ 6
5 unchanged sentences
Years Ended December 31,
+Added: 2025 2024 2023
(dollars in millions) Personal Loans Auto
Personal Loans Auto
+Added: Personal Loans Auto
Net finance receivables
3 unchanged sentences
The performance of finance receivables modified within the previous 12 months by delinquency status was as follows:
−Removed: December 31, 2024 (a) December 31, 2023 (b)
+Added: December 31, 2025 (a) December 31, 2024 (b) December 31, 2023 (c)
(dollars in millions) Personal Loans Auto
Personal Loans Auto
+Added: Personal Loans Auto
$ 521 $ 18 $ 518 $ 13 $ 571 $ 4
30-59 days past due
+Added: 51 3 61 2 63 1
60-89 days past due 38 2 43 1 48 —
1 unchanged sentence
80 2 91 1 100 1
+Added: $ 690 $ 25 $ 713 $ 17 $ 782 $ 6
(a) Excludes $ 71 million of personal loan receivables that were modified and subsequently charged off within the previous 12 months.
2 unchanged sentences
Auto finance receivables that were modified and subsequently charged off were immaterial.
+Added: (c) Excludes $ 88 million of personal loan receivables that were modified and subsequently charged off.
+Added: Auto finance receivables that were modified and subsequently charged off were immaterial.
The period-end carrying value of finance receivables that defaulted during the period to cause the receivable to be considered nonperforming ( 90 days or more contractually past due) and had been modified within the 12 months preceding the default was as follows:
Years Ended December 31,
+Added: 2025 2024 2023
(dollars in millions) Personal
Personal Loans Auto
+Added: Personal Loans Auto
Interest rate reduction and term extension $ 59 $ 3 $ 64 $ 1 $ 55 $ 1
2 unchanged sentences
Modifications made to credit cards were immaterial for the years ended December 31, 2025, 2024, and 2023.
−Removed: TROUBLED DEBT RESTRUCTURED FINANCE RECEIVABLES PRIOR TO ADOPTION OF ASU 2022-02
−Removed: ASU 2022-02 superseded the accounting for troubled debt restructurings by creditors.
−Removed: Due to the adoption of this ASU, the following disclosures related to troubled debt restructuring finance receivables are no longer applicable for reporting periods beginning in 2023.
−Removed: Information regarding the new volume of the TDR finance receivables were as follows:
−Removed: (dollars in millions)
−Removed: December 31, 2022
−Removed: Pre-modification TDR net finance receivables $ 738
−Removed: Post-modification TDR net finance receivables:
−Removed: Rate reduction 465
−Removed: Total post-modification TDR net finance receivables $ 738
−Removed: Number of TDR accounts 88,901
−Removed: * “Other” modifications primarily consist of loans with both rate reductions and the potential of principal forgiveness contingent on future payment performance by the borrower under the modified terms.
−Removed: Finance receivables that were modified as TDR finance receivables within the previous 12 months and for which there was a default during the period to cause the TDR finance receivables to be considered nonperforming (90 days or more contractually past due) are reflected in the following table:
−Removed: (dollars in millions)
−Removed: December 31, 2022
−Removed: TDR net finance receivables * $ 136
−Removed: Number of TDR accounts 17,297
−Removed: * Represents the corresponding balance of TDR net finance receivables at the end of the month in which they defaulted.
Allowance for Finance Receivable Losses
8 unchanged sentences
At December 31, 2025, our economic forecast used a reasonable and supportable period of 12 months.
−Removed: The increase in our allowance for finance receivable losses for the year ended December 31, 2024 was driven by growth in net finance receivables, including the impact of the Foursight Acquisition.
+Added: The increase in our allowance for finance receivable losses for the year ended December 31, 2025 was driven by growth in net finance receivables.
We may experience further changes to the macroeconomic assumptions within our forecast, as well as changes to our loan loss performance outlook, both of which could lead to further changes in our allowance for finance receivable losses, allowance ratio, and provision for finance receivable losses.
10 unchanged sentences
Balance at beginning of period $ 2,415 $ 65 $ 2,480
−Removed: Impact of adoption of ASU 2022-02 (b)
−Removed: ( 16 ) — ( 16 )
Provision for finance receivable losses 1,891 149 2,040
4 unchanged sentences
Balance at beginning of period $ 2,290 $ 21 $ 2,311
+Added: Impact of adoption of ASU 2022-02 (b)
+Added: ( 16 ) — $ ( 16 )
Provision for finance receivable losses 1,651 70 1,721
3 unchanged sentences
(a) Represents allowance for finance receivable losses recognized on PCD loans acquired in the Foursight Acquisition.
−Removed: See Note 4 for additional information.
−Removed: (b) As a result of the adoption of ASU 2022-02, we recorded a one-time adjustment to the allowance for finance receivable losses.
+Added: See Note 4 f or more information on the Foursight Acquisition.
+Added: (b) As a result of the adoption of ASU 2022-02, Financial Instruments - Credit Losses , we recorded a one-time adjustment to the allowance for finance receivable losses.
Investment Securities
60 unchanged sentences
3 — 56 ( 5 ) 59 ( 5 )
−Removed: Commercial paper
−Removed: 14 — — — 14 —
government and government sponsored entities
6 unchanged sentences
Total $ 279 $ ( 5 ) $ 990 $ ( 103 ) $ 1,269 $ ( 108 )
−Removed: * Unrealized losses on certain available-for-sale securities were less than $1 million and, therefore, were not quantified in the table above.
On a lot basis, we had 1,355 and 1,771 investment securities in an unrealized loss position at December 31, 2025 and December 31, 2024, respectively.
23 unchanged sentences
(dollars in millions) December 31, 2025 December 31, 2024
−Removed: Fixed maturity other securities:
Bonds $ 6 $ 18
1 unchanged sentence
Total $ 58 $ 68
−Removed: Net unrealized gains and losses on other securities held were immaterial for the years ended December 31, 2024, 2023, and 2022.
−Removed: Net realized gains and losses on other securities sold or redeemed were immaterial for the years ended December 31, 2024, 2023, and 2022.
Other securities primarily consist of equity securities and those securities for which the fair value option was elected.
We report net unrealized and realized gains and losses on other securities held, sold, or redeemed in Other revenue - investment.
+Added: Net unrealized gains and losses on other securities held were immaterial for the years ended December 31, 2025, 2024, and 2023.
+Added: Net realized gains and losses on other securities sold or redeemed were immaterial for the years ended December 31, 2025, 2024, and 2023.
Goodwill and Other Intangible Assets
−Removed: As a result of the Foursight Acquisition, we recorded $ 37 million of goodwill, which we report in our C&I segment.
−Removed: See Note 4 for further information.
Changes in the carrying amount of goodwill were as follows:
−Removed: (dollars in millions) Consumer and Insurance
−Removed: Year Ended December 31, 2024
+Added: (dollars in millions) December 31, 2025 December 31, 2024
+Added: Consumer and Insurance:
Balance at beginning of period
+Added: $ 1,474 $ 1,437
Goodwill recognized upon acquisition
Balance at end of period
+Added: $ 1,474 $ 1,474
We did no t record any impairments to goodwill during 2025, 2024, and 2023.
7 unchanged sentences
Customer relationships
−Removed: 105 ( 94 ) 11
Other 9 ( 2 ) 7
3 unchanged sentences
Licenses 25 — 25
+Added: Customer relationships
VOBA 105 ( 94 ) 11
+Added: Other 7 ( 1 ) 6
Total $ 383 $ ( 97 ) $ 286
−Removed: * In connection with the Foursight Acquisition, we recorded $ 32 million of intangible assets.
−Removed: Amortization expense was immaterial in 2024 and 2023, and $ 13 million in 2022.
+Added: Amortization expense was immaterial in 2025, 2024 and 2023.
The estimated aggregate amortization of other intangible assets for each of the next five years is immaterial.
13 unchanged sentences
Principal maturities of long-term debt by type of debt at December 31, 2025 were as follows:
−Removed: (dollars in millions) Securitizations Private Secured Term Funding Facilities
+Added: (dollars in millions) Securitizations Private Secured Term Funding Facility
Facilities Unsecured
8 unchanged sentences
2031-2067 — — — 4,700 350 5,050
−Removed: 2030-2067 — — — 3,042 350 3,392
Secured (c) 11,150 350 1 — — 11,501
5 unchanged sentences
(b) The interest rates shown are the range of contractual rates in effect at December 31, 2025.
−Removed: (c) Securitizations, private secured term funding facilities, and borrowings under the revolving conduit facilities are not included in the above maturities by period due to their variable monthly payments, which may result in pay-off prior to the stated maturity date.
−Removed: See Note 10 for further information on our long-term debt associated with securitizations, private secured term funding facilities, and revolving conduit facilities.
−Removed: (d) Debt issuance costs are reported as a direct deduction from long-term debt, with the exception of debt issuance costs associated with our revolving conduit facilities, credit card revolving variable funding note (“VFN”) facilities, and unsecured corporate revolver, which totaled $ 37 million at December 31, 2024 and are reported in Other assets in our consolidated balance sheets.
+Added: (c) Securitizations, private secured term funding facility, and borrowings under the revolving conduit facilities are not included in the above maturities by period due to their variable monthly payments, which may result in pay-off prior to the stated maturity date.
+Added: See Note 10 for further information on our long-term debt associated with securitizations, private secured term funding facility, and revolving conduit facilities.
+Added: (d) Debt issuance costs are reported as a direct deduction from long-term debt, with the exception of debt issuance costs associated with our revolving conduit facilities, credit card revolving variable funding note (“VFN”) facilities, and the unsecured corporate revolver, which totaled $ 33 million at December 31, 2025 and are reported in Other assets in our consolidated balance sheets.
UNSECURED CORPORATE REVOLVER
−Removed: At December 31, 2024, the borrowing capacity of our unsecured corporate revolver was $ 1.1 billion.
+Added: At December 31, 2025, the total maximum borrowing capacity of our unsecured corporate revolver was $ 1.1 billion.
The corporate revolver has a five-year term, during which draws and repayments may occur.
14 unchanged sentences
On December 30, 2013, OMH entered into a guaranty agreement whereby it agreed to fully and unconditionally guarantee, on a junior subordinated basis, the payment of principal, premium (if any), and interest on the Junior Subordinated Debenture.
−Removed: Prior to June 30, 2023, the interest rate on the remaining principal balance of the Junior Subordinated Debenture consisted of a variable floating rate (determined quarterly) equal to 3-month LIBOR plus 1.75 %.
−Removed: ICE Benchmark Administration and the Financial Conduct Authority announced that the publication of the most commonly used USD LIBOR settings has ceased to be provided after June 30, 2023.
−Removed: Effective in July 2023 the debenture transitioned from a LIBOR-based interest rate to a SOFR-based interest rate in accordance with the statutory framework provided by the Adjustable Interest Rate (LIBOR) Act, enacted in March 2022, and the rules adopted in December 2022 by the Board of Governors of the Federal Reserve System.
−Removed: The replacement rate is 3-month CME Term SOFR plus a spread adjustment of 0.26 % plus 1.75 %, or 6.67 % as of December 31, 2024.
+Added: The interest rate on the Junior Subordinated Debenture consists of a variable floating rate (determined quarterly) equal to the 3-month CME Term SOFR plus a spread adjustment of 0.26 % plus 1.75 %, or 5.92 %, as of December 31, 2025.
Pursuant to the terms of the Junior Subordinated Debenture, OMFC, upon the occurrence of a mandatory trigger event, is required to defer interest payments to the holders of the Junior Subordinated Debenture (and not make dividend payments) unless OMFC obtains non-debt capital funding in an amount equal to all accrued and unpaid interest on the Junior Subordinated Debenture otherwise payable on the next interest payment date and pays such amount to the holders of the Junior Subordinated Debenture.
16 unchanged sentences
We parenthetically disclose on our consolidated balance sheets the VIEs’ assets that can only be used to settle the VIEs’ obligations and liabilities if its creditors have no recourse against the primary beneficiary’s general credit.
−Removed: The carrying amounts of consolidated VIE assets and liabilities associated with our personal loan securitization trusts, private secured term funding facilities, revolving conduit facilities, and credit card revolving VFN facilities were as follows:
+Added: The carrying amounts of consolidated VIE assets and liabilities associated with our consumer loan securitization trusts, private secured term funding facility, revolving conduit facilities, and credit card revolving VFN facilities were as follows:
(dollars in millions)
16 unchanged sentences
Each credit card revolving VFN facility has a revolving period during which no principal payments are required, but may be made without penalty, followed by a subsequent amortization period.
−Removed: Principal balances of outstanding notes, if any, are due and payable in full over periods ranging up to five years as of December 31, 2024.
+Added: Principal balances of outstanding notes, if any, are due and payable in full over periods ranging up to four years as of December 31, 2025.
Amounts drawn on these credit card revolving VFN facilities are secured and collateralized by credit card gross finance receivables.
−Removed: PRIVATE SECURED TERM FUNDING FACILITIES
−Removed: On October 24, 2024, pursuant to an amendment, we converted a revolving conduit facility to a private secured term funding facility.
−Removed: At December 31, 2024, the maximum borrowing capacity of $ 725 million was outstanding under the private secured term funding facilities.
+Added: PRIVATE SECURED TERM FUNDING FACILITY
+Added: At December 31, 2025, the maximum borrowing capacity of $ 350 million was outstanding under the private secured term funding facility.
No principal payments are required to be made until after June 2026, at the earliest, followed by a subsequent amortization period, which upon expiration the outstanding principal is due and payable.
2 unchanged sentences
Our conduit facilities contain revolving periods during which no principal payments are required, but may be made without penalty, followed by a subsequent amortization period.
−Removed: Principal balances of outstanding loans, if any, are due and payable in full over periods ranging up to ten years as of December 31, 2024.
+Added: Principal balances of outstanding loans, if any, are due and payable in full over periods ranging up to nine years as of December 31, 2025.
Amounts drawn on these facilities are collateralized by our consumer loans.
36 unchanged sentences
Balance at end of period $ 98 $ 102 $ 108
−Removed: * At December 31, 2024 and December 31, 2023, there was a redundancy in the prior years’ net reserves due to favorable development of credit disability claims during the periods.
−Removed: At December 31, 2022, there was a redundancy in the prior years’ net reserves due to favorable development of credit life and credit disability claims during the period.
+Added: * At December 31, 2025, 2024 and 2023, there was a redundancy in the prior years’ net reserves due to favorable development of credit disability claims during the periods.
Incurred claims and allocated claim adjustment expenses, net of reinsurance, as of December 31, 2025, were as follows:
84 unchanged sentences
Total net liability for future policy benefits $ 203 $ 106 $ 213 $ 111
−Removed: The weighted-average duration of the liability for future policy benefits was 8 years at December 31, 2024 and 2023.
+Added: The weighted-average duration of the liability for future policy benefits at December 31, 2025 and 2024 were 7 years and 8 years, respectively.
The following table reconciles the net liability for future policy benefits to Insurance claims and policyholder liabilities in the consolidated balance sheets:
136 unchanged sentences
Adjustments Foreign
−Removed: Adjustments Changes in discount rate for insurance claims and policyholder liabilities Other (b) Total
+Added: Adjustments Changes in Discount Rate for Insurance Claims and Policyholder Liabilities
+Added: Other (b) Total
Comprehensive
4 unchanged sentences
40 1 6 ( 2 ) ( 5 ) 40
−Removed: Reclassification adjustments from Accumulated other comprehensive loss
Balance at end of period $ ( 41 ) $ ( 2 ) $ ( 7 ) $ ( 3 ) $ 12 $ ( 41 )
3 unchanged sentences
10 5 ( 11 ) 4 ( 4 ) 4
+Added: Reclassification adjustments from accumulated other comprehensive income
Balance at end of period $ ( 81 ) $ ( 3 ) $ ( 13 ) $ ( 1 ) $ 17 $ ( 81 )
3 unchanged sentences
38 — 3 3 ( 4 ) 40
−Removed: Reclassification adjustments from Accumulated other comprehensive income
−Removed: ( 1 ) — — — — ( 1 )
Balance at end of period $ ( 93 ) $ ( 8 ) $ ( 2 ) $ ( 5 ) $ 21 $ ( 87 )
29 unchanged sentences
Virgin Islands.
−Removed: OMH's and OMFC’s reconciliations of the statutory federal income tax rate to the effective income tax rate were as follows:
+Added: OMH's and OMFC’s reconciliations of the U.S.
+Added: statutory federal income tax rate to the effective income tax rate were as follows:
Years Ended December 31, 2025 2024 2023
1 unchanged sentence
State income taxes, net of federal*
+Added: 24 2.39 12 1.80 21 2.55
+Added: ( 15 ) ( 1.52 ) ( 4 ) ( 0.66 ) ( 8 ) ( 0.94 )
+Added: Changes in unrecognized tax benefits
+Added: ( 5 ) ( 0.47 ) 6 0.95 5 0.45
+Added: Nontaxable or nondeductible items
+Added: 3 0.29 4 0.56 7 0.88
Change in valuation allowance 3 0.29 ( 2 ) ( 0.37 ) 5 0.61
−Removed: Nondeductible compensation 0.45 0.30 0.48
Other, net ( 2 ) ( 0.15 ) 2 0.35 ( 7 ) ( 0.95 )
Effective income tax rate $ 218 21.83 % $ 158 23.63 % $ 199 23.60 %
+Added: * State taxes in California, Pennsylvania, Illinois and New York comprise the majority of the state tax effect in 2025, California, Illinois, Pennsylvania, New York, Florida and New Jersey comprise the majority in 2024, and California, Pennsylvania, Illinois, New York, Florida, and New Jersey comprise the majority in 2023.
A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits (all of which would affect the effective income tax rate if recognized) is as follows:
2 unchanged sentences
Balance at beginning of year $ 20 $ 11 $ 6
−Removed: Increases in tax positions for prior years 10 — 1
+Added: Increases (decreases) in tax positions for prior years
Increases in tax positions for current years
4 unchanged sentences
We accrue interest and penalties related to uncertain tax positions in income tax expense.
−Removed: The amount of any change in the balance of uncertain tax liabilities over the next 12 months is not expected to be material to our consolidated financial statements.
−Removed: We are under examination by various states for the years 2017 to 2022.
+Added: We are periodically subject to examination by various tax authorities.
+Added: We are currently under examination for the years 2021 to 2023.
Management believes it has adequately provided for taxes for such years.
14 unchanged sentences
Debt fair value adjustment 42 43
+Added: Fixed assets 32 2
Total 409 340
26 unchanged sentences
Some of the actual or threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages.
+Added: Additionally, we are, from time to time, in the normal course of business, subject to inquiries and investigations by federal, state, and local governmental authorities regarding our products and our operations.
+Added: These inquiries and investigations may result in fines, restitution, or other penalties, including injunctive relief that may result in restrictions on our business.
While we will continue to evaluate legal actions to determine whether a loss is reasonably possible or probable and is reasonably estimable, there can be no assurance that material losses will not be incurred from pending, threatened or future litigation, investigations, examinations, or other claims.
12 unchanged sentences
employees for 2025, 2024, and 2023.
−Removed: The salaries and benefits expense associated with this plan was $ 19 million in 2024, 2023, and 2022.
+Added: The salaries and benefits expense associated with this plan was $ 20 million in 2025 and $ 19 million in 2024 and 2023.
In addition, the Company may make a discretionary profit sharing contribution to the 401(k) Plan.
49 unchanged sentences
Net plan assets recognized in our consolidated balance sheets (b)
+Added: $ 22 $ 16 $ 6
Pretax net loss recognized in Accumulated other comprehensive loss
12 unchanged sentences
Net actuarial (gain) loss
+Added: ( 1 ) ( 6 ) —
Total recognized in other comprehensive income
+Added: ( 1 ) ( 6 ) —
Total recognized in net periodic benefit cost and other comprehensive income
36 unchanged sentences
Equity securities:
−Removed: International (b) 1 — — 1
Fixed income securities:
−Removed: investment grade (c) 7 178 — 185
−Removed: high yield (d) — 1 — 1
+Added: investment grade (b)
Total $ 11 $ 188 $ — $ 199
−Removed: Investments measured at NAV (e) 79
+Added: Investments measured at NAV (c)
Total investments at fair value $ 276
2 unchanged sentences
Equity securities:
−Removed: International (b) 1 — — 1
+Added: International (d)
Fixed income securities:
−Removed: investment grade (c) 10 186 — 196
−Removed: high yield (d) — 3 — 3
+Added: investment grade (b)
+Added: high yield (e)
Total $ 12 $ 179 $ — $ 191
−Removed: Investments measured at NAV (e) 81
+Added: Investments measured at NAV (c)
Total investments at fair value $ 270
(a) Includes mutual funds that track common market indexes such as the S&P 500, as well as other indexes comprised of investments in small and large cap companies.
−Removed: (b) Includes mutual funds that track common market indexes comprised of investments in companies in emerging and developed markets.
−Removed: (c) Includes mutual funds and collective investment trusts invested in U.S.
+Added: (b) Includes mutual funds and collective investment trusts invested in U.S.
government issued bonds, U.S.
government agency or sponsored agency bonds, and investment grade corporate bonds.
−Removed: (d) Includes mutual funds and collective investment trusts invested in securities or debt obligations that have a rating below investment grade.
−Removed: (e) We have elected the practical expedient to exclude certain investments that were measured at net asset value ("NAV") per share (or equivalent) from the fair value hierarchy.
+Added: (c) We have elected the practical expedient to exclude certain investments that were measured at net asset value ("NAV") per share (or equivalent) from the fair value hierarchy.
+Added: (d) Includes mutual funds that track common market indexes comprised of investments in companies in emerging and developed markets.
+Added: (e) Includes mutual funds and collective investment trusts invested in securities or debt obligations that have a rating below investment grade.
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities.
48 unchanged sentences
OTHER STOCK-BASED PLANS
−Removed: Cash-settled Stock-based Awards
−Removed: OMH has previously granted cash-settled stock-based awards to certain executives.
−Removed: These awards were granted with vesting conditions relating to the trading price of OMH’s common stock and certain other terms and conditions.
−Removed: The awards provided for the right to accrue cash dividend equivalents.
−Removed: The grant date fair value of the cash-settled stock-based awards was zero because the satisfaction of the required event-based performance conditions was not considered probable as of the grant dates.
−Removed: No vesting conditions were satisfied during 2024, 2023, or 2022 related to these awards.
−Removed: The remaining unvested awards expired during 2024.
−Removed: Additional salaries and benefits expense related to the unvested cash-settled stock-based awards was immaterial during 2024, 2023 and 2022.
Employee Stock Purchase Plan
69 unchanged sentences
Other operating expenses
−Removed: 668 9 ( 2 ) 675
Insurance policy benefits and claims
10 unchanged sentences
Other operating expenses
+Added: 668 9 ( 2 ) 675
Insurance policy benefits and claims
28 unchanged sentences
Long-term debt $ — $ 21,531 $ — $ 21,531 $ 21,438
−Removed: * Other assets at December 31, 2024 and 2023 primarily consists of finance receivables held for sale.
+Added: * Other assets at December 31, 2025 and December 31, 2024 primarily consists of finance receivables held for sale.
FAIR VALUE MEASUREMENTS — RECURRING BASIS
−Removed: The following tables present information about our assets measured at fair value on a recurring basis and indicates the fair value hierarchy based on the levels of inputs we utilized to determine such fair value:
+Added: The following tables present information about our assets measured at fair value on a recurring basis and indicate the fair value hierarchy based on the levels of inputs we utilized to determine such fair value:
Fair Value Measurements Using Total Carried At Fair Value
7 unchanged sentences
Obligations of states, municipalities, and political subdivisions
−Removed: Commercial paper — 9 — 9
government and government sponsored entities — 157 — 157
13 unchanged sentences
Restricted cash equivalents in mutual funds 620 — — 620
−Removed: Restricted cash equivalents in securities — 7 — 7
Total $ 725 $ 1,583 $ 3 $ 2,311
3 unchanged sentences
Cash equivalents in mutual funds $ 55 $ — $ — $ 55
+Added: Cash equivalents in securities — 5 — 5
Investment securities:
18 unchanged sentences
Restricted cash equivalents in mutual funds 672 — — 672
+Added: Restricted cash equivalents in securities — 7 — 7
Total $ 781 $ 1,562 $ 3 $ 2,346
32 unchanged sentences
We either receive fair value measurements of our long-term debt from market participants and pricing services or we estimate the fair values of long-term debt using projected cash flows discounted at the market-observable implicit-credit spread rates at each balance sheet date.
−Removed: We estimate the fair values associated with variable rate private secured term funding facilities, revolving conduit facilities, and credit card revolving VFN facilities to be equal to par.
+Added: We estimate the fair values associated with the variable rate private secured term funding facility, revolving conduit facilities, and credit card revolving VFN facilities to be equal to par.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
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.