What changed in this filing

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Item 1. Financial Statements

2021-11-03 compared with 2021-08-04 · 111 added, 89 removed, 395 unchanged (34% of the section changed)

3 unchanged sentences

Condensed Consolidated Balance Sheets

September 30,

2021 December 31,

33 unchanged sentences

Condensed Consolidated Statements of Operations (Unaudited)

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2021 2020 2021 2020

8 unchanged sentences

Interest expense, net ( 7.6 ) ( 7.4 ) ( 22.4 ) ( 22.9 )

Loss before income taxes ( 8.3 ) ( 26.6 ) ( 1.0 ) ( 19.8 )

Income tax benefit 2.8 9.6 0.9 4.1

Net loss ( 5.5 ) ( 17.0 ) ( 0.1 ) ( 15.7 )

(Loss) income before income taxes ( 10.2 ) 5.5 ( 11.2 ) ( 14.3 )

Income tax benefit (expense) 2.8 ( 0.3 ) 3.7 3.8

Net (loss) income ( 7.4 ) 5.2 ( 7.5 ) ( 10.5 )

Net loss attributable to noncontrolling interests 0.2 0.1 0.5 0.4

12 unchanged sentences

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2021 2020 2021 2020

(In millions)

Net loss $ ( 5.5 ) $ ( 17.0 ) $ ( 0.1 ) $ ( 15.7 )

Other comprehensive income (loss), net of tax:

Net (loss) income $ ( 7.4 ) $ 5.2 $ ( 7.5 ) $ ( 10.5 )

Other comprehensive (loss) income, net of tax:

Currency translation ( 5.5 ) 12.6 ( 8.2 ) ( 1.1 )

Pension and other postretirement benefits 0.2 0.3 0.6 1.2

Total other comprehensive income (loss) 1.8 3.3 ( 2.3 ) ( 12.8 )

Total comprehensive loss, net of tax ( 3.7 ) ( 13.7 ) ( 2.4 ) ( 28.5 )

Total other comprehensive (loss) income ( 5.3 ) 12.9 ( 7.6 ) 0.1

Total comprehensive (loss) income, net of tax ( 12.7 ) 18.1 ( 15.1 ) ( 10.4 )

Comprehensive loss attributable to noncontrolling interests 0.2 0.1 0.5 0.4

Comprehensive loss attributable to Park-Ohio Holdings Corp.

Comprehensive (loss) income attributable to Park-Ohio Holdings Corp.

common shareholders $ ( 12.5 ) $ 18.2 $ ( 14.6 ) $ ( 10.0 )

25 unchanged sentences

Balance at June 30, 2021 16,316,870 16.3 139.4 287.6 ( 82.0 ) ( 20.4 ) 12.3 353.2

Other comprehensive (loss) income — — — ( 7.2 ) — ( 5.3 ) ( 0.2 ) ( 12.7 )

Stock-based compensation expense — — 1.7 — — — — 1.7

Stock-based compensation activity 2,500 — — — — — — —

Dividends — — — ( 1.6 ) — — — ( 1.6 )

Purchases of treasury stock ( 99,661 shares)

— — — — ( 2.5 ) — — ( 2.5 )

Payments of withholding taxes on share awards

— — — — ( 0.4 ) — — ( 0.4 )

Balance at September 30, 2020 16,319,370 $ 16.3 $ 141.1 $ 278.8 $ ( 84.9 ) $ ( 25.7 ) $ 12.1 $ 337.7

Shares Amount Additional

22 unchanged sentences

Balance at June 30, 2020 15,991,391 16.0 132.2 281.2 ( 77.1 ) ( 49.8 ) 13.7 316.2

Three Months Ended June 30, Six Months Ended June 30,

Other comprehensive income (loss) — — — 5.3 — 12.9 ( 0.1 ) 18.1

Stock-based compensation expense — — 1.6 — — — — 1.6

Stock-based compensation activity 157,400 0.2 ( 0.2 ) — — — — —

Purchases of treasury stock ( 119,831 shares)

— — — — ( 1.9 ) — — ( 1.9 )

Balance at September 30, 2020 16,148,791 $ 16.2 $ 133.6 $ 286.5 $ ( 79.0 ) $ ( 36.9 ) $ 13.6 $ 334.0

Three Months Ended September 30, Nine Months Ended September 30,

2021 2020 2021 2020

Dividends per common share $ 0.125 $ — $ 0.375 $ 0.125

3 unchanged sentences

Condensed Consolidated Statements of Cash Flows (Unaudited)

Six Months Ended June 30,

Nine Months Ended September 30,

(In millions)

17 unchanged sentences

FINANCING ACTIVITIES

Proceeds from revolving credit facility, net 55.0 8.7

Proceeds (payments) from revolving credit facility, net 78.4 ( 7.7 )

Payments on other debt ( 5.4 ) ( 8.1 )

10 unchanged sentences

Interest paid $ 15.6 $ 15.7

Income taxes paid $ 6.4 $ 1.2

Income taxes (received) paid, net $ ( 4.6 ) $ 2.0

Refer to the accompanying notes to these unaudited condensed consolidated financial statements.

2 unchanged sentences

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2021

September 30, 2021

NOTE 1 — Basis of Presentation

6 unchanged sentences

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.

Operating results for the three- and six- month periods ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.

Operating results for the three- and nine- month periods ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.

The balance sheet at December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

16 unchanged sentences

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2021

Three Months Ended June 30, Six Months Ended June 30,

September 30, 2021

Three Months Ended September 30, Nine Months Ended September 30,

2021 2020 2021 2020

12 unchanged sentences

(In millions)

Three Months Ended June 30, 2021

Three Months Ended September 30, 2021

GEOGRAPHIC REGION

6 unchanged sentences

Total $ 154.0 $ 120.2 $ 84.3 $ 358.5

Three Months Ended June 30, 2020

Three Months Ended September 30, 2020

GEOGRAPHIC REGION

9 unchanged sentences

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2021

September 30, 2021

Supply Technologies Segment Assembly Components Segment Engineered Products Segment Total Revenues

(In millions)

Six Months Ended June 30, 2021

Nine Months Ended September 30, 2021

GEOGRAPHIC REGION

6 unchanged sentences

Total $ 466.7 $ 355.7 $ 245.7 $ 1,068.1

Six Months Ended June 30, 2020

Nine Months Ended September 30, 2020

GEOGRAPHIC REGION

7 unchanged sentences

For over time arrangements, contract liabilities primarily relate to advances or deposits received from the Company’s customers before revenue is recognized.

These amounts, which totaled $ 39.4 million and $ 37.4 million at June 30, 2021 and December 31, 2020, respectively, are recorded in Accrued expenses and other in the Condensed Consolidated Balance Sheets.

These amounts, which totaled $ 38.6 million and $ 37.4 million at September 30, 2021 and December 31, 2020, respectively, are recorded in Accrued expenses and other in the Condensed Consolidated Balance Sheets.

For over time arrangements, contract assets primarily relate to revenue recognized in advance of billings to customers under long-term contracts accounted for under percentage of completion.

These amounts, which totaled $ 54.7 million and $ 56.9 million at June 30, 2021 and December 31, 2020, respectively, are recorded in Prepaid and other current assets in the Condensed Consolidated Balance Sheets.

These amounts, which totaled $ 50.0 million and $ 56.9 million at September 30, 2021 and December 31, 2020, respectively, are recorded in Prepaid and other current assets in the Condensed Consolidated Balance Sheets.

NOTE 4 — Segments

11 unchanged sentences

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2021

Three Months Ended June 30, Six Months Ended June 30,

September 30, 2021

Three Months Ended September 30, Nine Months Ended September 30,

2021 2020 2021 2020

8 unchanged sentences

Engineered Products 0.6 1.3 ( 1.3 ) 4.3

Total segment operating income (loss) 3.4 ( 15.1 ) 20.9 4.2

Total segment operating income 2.4 18.6 23.3 22.8

Corporate costs ( 7.4 ) ( 7.6 ) ( 19.4 ) ( 19.7 )

3 unchanged sentences

Interest expense, net ( 7.6 ) ( 7.4 ) ( 22.4 ) ( 22.9 )

Loss before income taxes $ ( 8.3 ) $ ( 26.6 ) $ ( 1.0 ) $ ( 19.8 )

(Loss) income before income taxes $ ( 10.2 ) $ 5.5 $ ( 11.2 ) $ ( 14.3 )

NOTE 5 — Plant Closure and Consolidation

In the three and six months ended June 30, 2021, the Company recorded expenses in cost of sales in the Condensed Consolidated Statements of Operations totaling $ 0.8 million and $ 1.3 million, respectively, in its Assembly Components segment in connection with actions taken to close and consolidate its extrusion operations in Tennessee and its fuel operations in Michigan, and to complete other cost reduction actions in this segment.

For the three months ended June 30, 2021, the expenses are comprised of severance costs of $ 0.1 million and other facility-related costs of $ 0.7 million.

For the six months ended June 30, 2021, the expenses are comprised of severance costs of $ 0.3 million and other facility-related costs of $ 1.0 million.

The Company expects to incur additional moving and other facility-related costs related to these initiatives of approximately $ 1.4 million in the remainder of 2021.

In the three and six months ended June 30, 2021, the Company also recorded expenses related to plant closure and consolidation in its Engineered Products segment totaling $ 0.6 million and $ 1.3 million, respectively, which are included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.

The Company expects to incur additional costs related to these initiatives of approximately $ 0.3 million in the remainder of 2021.

In the three and nine months ended September 30, 2021, the Company recorded expenses totaling $ 1.8 million and $ 3.1 million, respectively, in its Assembly Components segment.

These charges were recorded in connection with actions taken to close and consolidate its extrusion operations in Tennessee and its fuel operations in Michigan, and to complete other cost-reduction actions in this segment.

In the three and nine months ended September 30, 2021, the expenses included facility-related costs of $ 1.8 million and $ 2.8 million, respectively, which were included in cost of sales in the Condensed Consolidated Statements of Operations.

For the nine months ended September 30, 2021, expenses also included severance costs of $ 0.3 million, which were included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.

The Company expects to incur additional moving and other facility-related costs related to these initiatives of approximately $ 1.9 million in the fourth quarter of 2021.

In the three and nine months ended September 30, 2021, the Company recorded expenses related to plant closure and consolidation in its Engineered Products segment totaling $ 0.6 million and $ 1.9 million, respectively, which are included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.

The Company expects to incur additional costs related to these initiatives of approximately $ 1.6 million in the fourth quarter of 2021.

During the third quarter of 2021, in connection with the plant closure and consolidation activities in its Engineered Products segment, the Company committed to a plan to sell real estate at two operating locations.

The Company determined that these assets met the criteria to be classified as held for sale during the third quarter and, therefore, the aggregate carrying value of approximately $ 4.9 million is included in assets held for sale and presented in Prepaid and other current assets in the Condensed Consolidated Balance Sheet at September 30, 2021.

The Company believes that the fair value less costs to sell of these assets exceeds their respective carrying values.

Park-Ohio Holdings Corp.

and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

September 30, 2021

NOTE 6 — Acquisition

2 unchanged sentences

NYK provides complementary products to our existing products in Supply Technologies.

Park-Ohio Holdings Corp.

and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2021

The allocation of the purchase price of NYK is subject to finalization of the Company's determination of the fair values of the assets acquired and the liabilities assumed as of the acquisition date, and could be materially different than the estimates presented below.

The Company has not yet completed its analysis of the fair value of intangible assets, deferred income taxes and the contingent consideration.

The final allocation is expected to be completed in 2021, but no later than one year after the acquisition date.

The Company has not yet completed its analysis of the fair value of the intangible assets or the contingent consideration.

The final allocation is expected to be completed in the fourth quarter of 2021, but no later than one year after the acquisition date.

Below is the estimated purchase price allocation related to the acquisition of NYK;

7 unchanged sentences

Intangible assets 2.8

Goodwill $ 2.8

Deferred income tax liability ( 0.5 )

2 unchanged sentences

Inventories, net consist of the following:

June 30, 2021 December 31, 2020

September 30, 2021 December 31, 2020

(In millions)

3 unchanged sentences

Inventories, net $ 386.4 $ 310.9

Park-Ohio Holdings Corp.

and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

September 30, 2021

NOTE 8 — Accrued Warranty Costs

1 unchanged sentence

Actual warranty expense could differ from the estimates made by the Company based on product performance.

The following table presents changes in the Company’s product warranty liability for the three and six months ended June 30, 2021 and 2020:

Three Months Ended June 30, Six Months Ended June 30,

The following table presents changes in the Company’s product warranty liability for the three and nine months ended September 30, 2021 and 2020:

Three Months Ended September 30, Nine Months Ended September 30,

2021 2020 2021 2020

5 unchanged sentences

NOTE 9 — Income Taxes

Park-Ohio Holdings Corp.

and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2021

The Company’s tax provision for interim periods is determined using an estimate of its annual effective rate, adjusted for discrete items, if any, in each period.

2 unchanged sentences

The Company is assessing the potential impact of global relief packages and the CARES Act.

Income tax benefit for the three months ended June 30, 2021 was $ 2.8 million, representing an effective rate of 34 %, compared to $ 9.6 million, or 36 %, for the three months ended June 30, 2020.

The rate in the 2021 period is higher than the U.S.

statutory rate of 21% due primarily to the additional benefit recorded as result of the net operating loss carryback claim under the CARES Act and amended returns filed during the quarter.

Income tax benefit for the three months ended September 30, 2021 was $ 2.8 million, representing an effective rate of 27 %, compared to income tax expense of $ 0.3 million, or 5 %, for the three months ended September 30, 2020.

The rate in the 2021 period is higher than the U.S.

statutory rate of 21% due to an earnings mix that yields an increase in the Global Intangible Low-Taxed Income (“GILTI”) inclusion, and also reduces the benefit of foreign tax credits and the Foreign Derived Intangible Income (“FDII”) deduction.

Income tax benefit for the six months ended June 30, 2021 was $ 0.9 million, representing an effective rate of 90 %, compared to $ 4.1 million, or 21 %, for the six months ended June 30, 2020.

statutory rate of 21% due primarily to the additional tax benefit recorded as result of stock compensation that vested and state and local taxes during the quarter.

The rate in the 2020 period is lower than the U.S.

statutory rate of 21% due primarily to a U.S.

net operating loss carryback to a prior year under the CARES Act, a tax benefit from the favorable impact of final Global Intangible Low-Taxed Income (“GILTI”) regulations and a decrease in our Transition Tax liability.

Income tax benefit for the nine months ended September 30, 2021 was $ 3.7 million, representing an effective rate of 33 %, compared to $ 3.8 million, or 27 %, for the nine months ended September 30, 2020.

The rate in the 2021 period is higher than the U.S.

statutory rate of 21% due primarily to the additional benefit recorded as result of the net operating loss carryback claim under the CARES Act and the composition of earnings.

The rate in the 2020 period is higher than the U.S.

statutory rate due to the impact of earnings in foreign jurisdictions with statutory income tax rates higher than the U.S.

NOTE 10 — Financing Arrangements

Debt consists of the following:

Park-Ohio Holdings Corp.

and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

September 30, 2021

Carrying Value at

Maturity Date Interest Rate at

June 30, 2021 June 30, 2021 December 31, 2020

September 30, 2021 September 30, 2021 December 31, 2020

(In millions)

13 unchanged sentences

4 to the Credit Agreement, extending the maturity of the Credit Agreement to November 26, 2024.

We had outstanding bank guarantees and letters of credit under the Credit Agreement of approximately $ 34.5 million at June 30, 2021 and $ 34.9 million at December 31, 2020.

Park-Ohio Holdings Corp.

and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2021

We had outstanding bank guarantees and letters of credit under the Credit Agreement of approximately $ 35.3 million at September 30, 2021 and $ 34.9 million at December 31, 2020.

In 2017, Park-Ohio completed the issuance, in a private placement, of $ 350.0 million aggregate principal amount of 6.625 % Senior Notes due 2027 (the “Notes”).

1 unchanged sentence

In 2016, the Company, through its subsidiary, IEGE Industrial Equipment Holding Company Limited, entered into a financing agreement with Banco Bilbao Vizcaya Argentaria, S.A.

The financing agreement provides the Company a loan up to $ 29.7 million as of June 30, 2021, as well as a revolving credit facility for up to $ 11.9 million to fund working capital and general corporate needs.

No amounts were outstanding under the loan agreement or the revolving credit facility as of June 30, 2021.

The financing agreement provides the Company a loan up to $ 28.9 million as of September 30, 2021, as well as a revolving credit facility for up to $ 11.6 million to fund working capital and general corporate needs.

No amounts were outstanding under the loan agreement or the revolving credit facility as of September 30, 2021.

In 2015, the Company entered into a finance lease agreement (the “Lease Agreement”).

The Lease Agreement provides the Company up to $ 50.0 million for finance leases.

Finance lease obligations of $ 15.4 million were borrowed under the Lease Agreement to acquire machinery and equipment as of June 30, 2021.

Finance lease obligations of $ 15.2 million were borrowed under the Lease Agreement to acquire machinery and equipment as of September 30, 2021.

In 2015, the Company, through its Southwest Steel Processing LLC subsidiary, entered into a financing agreement with the Arkansas Development Finance Authority which matures in September 2025.

The financing agreement provides the Company the ability to borrow up to $ 11.0 million for expansion of its manufacturing facility in Arkansas.

The Company had $ 6.5 million of borrowings outstanding under this agreement as of June 30, 2021, which is included in Other above.

The Company had $ 6.1 million of borrowings outstanding under this agreement as of September 30, 2021, which is included in Other above.

The following table represents fair value information of the Notes, classified as Level 1 using estimated quoted market prices.

June 30, 2021 December 31, 2020

Park-Ohio Holdings Corp.

and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

September 30, 2021

September 30, 2021 December 31, 2020

(In millions)

2 unchanged sentences

NOTE 11 — Stock-Based Compensation

A summary of restricted share activity for the six months ended June 30, 2021 is as follows:

A summary of restricted share activity for the nine months ended September 30, 2021 is as follows:

Time-Based Performance-Based

9 unchanged sentences

Stock-based compensation is included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.

Total stock-based compensation expense for the three months ended June 30, 2021 and 2020 was $ 1.4 million and $ 1.3 million, respectively.

Total stock-based compensation expense for the six months ended June 30, 2021

Park-Ohio Holdings Corp.

and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2021

and 2020 was $ 3.0 million and $ 2.7 million, respectively.

As of June 30, 2021, there was $ 12.9 million of unrecognized compensation cost related to non-vested stock-based compensation, which cost is expected to be recognized over a weighted-average period of 2.2 years.

Total stock-based compensation expense for the three months ended September 30, 2021 and 2020 was $ 1.7 million and $ 1.6 million, respectively.

Total stock-based compensation expense for the nine months ended September 30, 2021 and 2020 was $ 4.7 million and $ 4.4 million, respectively.

As of September 30, 2021, there was $ 11.4 million of unrecognized compensation cost related to non-vested stock-based compensation, which cost is expected to be recognized over a weighted-average period of 2.0 years.

NOTE 12 — Commitments and Contingencies

11 unchanged sentences

We intend to vigorously defend these cases and believe we will continue to be successful in being dismissed from such cases.

Park-Ohio Holdings Corp.

and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

September 30, 2021

While it is not possible to predict the ultimate outcome of asbestos-related lawsuits, claims and proceedings due to the unpredictable nature of personal injury litigation, and although our results of operations and cash flows for a particular period could be adversely affected by asbestos-related lawsuits, claims and proceedings, management believes that the ultimate resolution of these matters will not have a material adverse effect on our financial condition, liquidity or results of operations.

NOTE 13 — Pension and Postretirement Benefits

The components of net periodic benefit (income) expense costs recognized for the three and six months ended June 30, 2021 and 2020 were as follows:

The components of net periodic benefit (income) expense costs recognized for the three and nine months ended September 30, 2021 and 2020 were as follows:

Pension Benefits Postretirement Benefits

Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30,

2021 2020 2021 2020 2021 2020 2021 2020

6 unchanged sentences

NOTE 14 — Accumulated Other Comprehensive (Loss) Income

The components of and changes in accumulated other comprehensive loss for the three and six months ended June 30, 2021 and 2020 were as follows:

Park-Ohio Holdings Corp.

and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2021

The components of and changes in accumulated other comprehensive loss for the three and nine months ended September 30, 2021 and 2020 were as follows:

Cumulative Translation Adjustment Pension and Postretirement Benefits Total Cumulative Translation Adjustment Pension and Postretirement Benefits Total

(In millions)

Three Months Ended June 30, 2021 Three Months Ended June 30, 2020

Three Months Ended September 30, 2021 Three Months Ended September 30, 2020

Beginning balance $ ( 11.0 ) $ ( 9.4 ) $ ( 20.4 ) $ ( 36.1 ) $ ( 13.7 ) $ ( 49.8 )

3 unchanged sentences

Ending balance $ ( 16.5 ) $ ( 9.2 ) $ ( 25.7 ) $ ( 23.5 ) $ ( 13.4 ) $ ( 36.9 )

Six Months Ended June 30, 2021 Six Months Ended June 30, 2020

Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020

Beginning balance $ ( 8.3 ) $ ( 9.8 ) $ ( 18.1 ) $ ( 22.4 ) $ ( 14.6 ) $ ( 37.0 )

6 unchanged sentences

The following table sets forth the weighted-average number of shares used in the computation of earnings per share:

Three Months Ended June 30, Six Months Ended June 30,

Park-Ohio Holdings Corp.

and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

September 30, 2021

Three Months Ended September 30, Nine Months Ended September 30,

2021 2020 2021 2020

4 unchanged sentences

Certain restricted stock awards are anti-dilutive and therefore excluded from the computation of diluted earnings per share.

Anti-dilutive shares were 0.4 million and 0.3 million for the three months ended June 30, 2021 and 2020, respectively.

Anti-dilutive shares were 0.0 million and 0.3 million for the six months ended June 30, 2021 and 2020, respectively.

NOTE 16 — Subsequent Event

On July 23, 2021, the Company's Board of Directors declared a quarterly dividend of $ 0.125 per common share.

The dividend will be paid on August 20, 2021 to shareholders of record as of the close of business on August 6, 2021 and will result in a cash outlay of approximately $ 1.6 million.

Anti-dilutive shares were 0.2 million and 0.5 million for the three months ended September 30, 2021 and 2020, respectively.

Anti-dilutive shares were 0.1 million and 0.3 million for the nine months ended September 30, 2021 and 2020, respectively.

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