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Item 9A. Controls and Procedures

2024-02-05 compared with 2023-02-07 · 51 added, 93 removed, 228 unchanged (39% of the section changed)

CONTROLS AND PROCEDURES

As required by Rule 13a-15 under the Securities Exchange Act of 1934, as amended, we carried out an evaluation under the supervision and with the participation of our management, including the Chairman, President and Chief Executive Officer (CEO), the Executive Vice President and Chief Financial Officer (CFO) and the Corporate Vice President and Controller (Controller), of the effectiveness of the design and operation of our disclosure controls and procedures.

As required by Rule 13a-15 under the Securities Exchange Act of 1934, as amended, we carried out an evaluation under the supervision and with the participation of our management, including the Chairman and Chief Executive Officer (CEO), the Executive Vice President and Chief Financial Officer (CFO) and the Corporate Vice President and Controller (Controller), of the effectiveness of the design and operation of our disclosure controls and procedures.

There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.

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Our management has concluded that based on its assessment, our internal control over financial reporting was effective as of December 31, 2023.

The effectiveness of our internal control over financial reporting as of December 31, 2022 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in its report which is set forth in Item 8 of this Annual Report on Form 10-K .

The effectiveness of our internal control over financial reporting as of December 31, 2023 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in its report which is set forth within Item 8 of this Annual Report on Form 10-K .

There were no changes in our internal control over financial reporting during the quarter ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

OTHER INFORMATION

During the quarter ended December 31, 2023, no director or “officer” (as defined in Rule 16a-1(f)) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

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Information about our Executive Officers

The following persons are executive officers of Raytheon Technologies Corporation:

The following persons are executive officers of RTX Corporation:

Name Title Other Business Experience Since 1/1/2019

Christopher T.

Calio Chief Operating Officer, (since March 2022) President, Pratt & Whitney;

Calio President (since March 2023), Chief Operating Officer (since March 2022) and Director, RTX Corporation (since December 2023) President, Pratt & Whitney;

President, Commercial Engines, Pratt & Whitney 50

Executive Assistant to the Chairman & CEO, United Technologies Corporation 49

DaSilva Corporate Vice President, Treasurer, Raytheon Technologies Corporation (since April 2020) Vice President and Treasurer, Raytheon Company 59

Eddy President, Pratt & Whitney (since March 2022) Chief Operations Officer, Pratt & Whitney;

DaSilva Corporate Vice President, Treasurer, RTX Corporation (since April 2020) Vice President and Treasurer, Raytheon Company 60

Eddy President, Pratt & Whitney (since March 2022) Senior Vice President and Chief Operations Officer, Pratt & Whitney;

Senior Vice President, Operations, Pratt & Whitney

Hayes Chairman (since June 2021) President and Chief Executive Officer, Raytheon Technologies Corporation (since November 2014) President, Chief Executive Officer and Director, Raytheon Technologies Corporation;

Hayes Chairman (since June 2021) and Chief Executive Officer, RTX Corporation (since November 2014) Chairman, President and Chief Executive Officer, Raytheon Technologies Corporation;

President, Chief Executive Officer and Director, Raytheon Technologies Corporation;

Chairman, President and Chief Executive Officer, United Technologies Corporation 63

Johnson Corporate Vice President, Controller, Raytheon Technologies Corporation (since September 2021) Vice President, Finance, Pratt & Whitney Commercial Engines;

Jasper President, Raytheon (since January 2024) President, Mission Systems, Collins Aerospace

Johnson Corporate Vice President, Controller, RTX Corporation (since September 2021) Vice President, Finance, Pratt & Whitney Commercial Engines;

Vice President and Controller, Pratt & Whitney 49

Kremer President, Raytheon Missiles & Defense (since April 2020) Vice President of Raytheon Company and President of its Missile Systems business unit;

President, Integrated Defense Systems, Raytheon Company 58

Ramsaran Maharajh, Jr.

Executive Vice President and General Counsel, Raytheon Technologies Corporation (since December 2021) Vice President, Legal, Raytheon Technologies Corporation;

Executive Vice President and General Counsel, RTX Corporation (since December 2021) Vice President, Legal, Raytheon Technologies Corporation;

Chief of Staff, Office of the Chief Executive Officer, Raytheon Technologies Corporation;

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Mitchill, Jr.

Executive Vice President and Chief Financial Officer, Raytheon Technologies Corporation (since April 2021) Corporate Vice President, Financial Planning & Analysis & Investor Relations, Raytheon Technologies Corporation;

Executive Vice President and Chief Financial Officer, RTX Corporation (since April 2021) Corporate Vice President, Financial Planning & Analysis & Investor Relations, Raytheon Technologies Corporation;

Acting Senior Vice President & Chief Financial Officer, United Technologies Corporation;

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Vice President and General Manager, Avionics, Collins Aerospace

Vice President and General Manager, Avionics, Rockwell Collins, Inc.;

Vice President & General Manager, Air Transport Systems, Rockwell Collins, Inc.

Name Title Other Business Experience Since 1/1/2019

Williams Executive Vice President & Chief Human Resources Officer, Raytheon Technologies Corporation (since June 2020) Vice President, Human Resources, Pratt & Whitney Commercial Engines 48

All of the officers serve at the pleasure of the Board of Directors of Raytheon Technologies Corporation or the subsidiary designated.

Williams Executive Vice President & Chief Human Resources Officer, RTX Corporation (since June 2020) Vice President, Human Resources, Pratt & Whitney Commercial Engines 49

All of the officers serve at the pleasure of the Board of Directors of RTX Corporation or the subsidiary designated.

Information concerning Section 16(a) compliance is incorporated herein by reference to the section of our Proxy Statement for the 2024 Annual Meeting of Shareowners titled “Other Important Information” under the heading “Delinquent Section 16(a) Reports.” We have adopted a code of conduct that applies to all our directors, officers, employees, and representatives.

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Our Corporate Governance Guidelines and the charters of our Board of Directors’ Audit Committee, Finance Committee, Governance and Public Policy Committee, Human Capital and Compensation Committee, and Special Activities Committee are available on our website at https://www.rtx.com/Our-Company/corporate-governance.

These materials may also be requested in print free of charge by writing to our Investor Relations Department at Raytheon Technologies Corporation, 1000 Wilson Blvd., Arlington, VA 22209.

These materials may also be requested in print free of charge by writing to our Investor Relations Department at RTX Corporation, 1000 Wilson Blvd., Arlington, VA 22209.

EXECUTIVE COMPENSATION

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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The information relating to security ownership of certain beneficial owners and management is incorporated herein by reference to the sections of our Proxy Statement for the 2023 Annual Meeting of Shareowners titled “Share Ownership.”

Securities Authorized for Issuance Under Equity Compensation Plans

The following table provides information about our equity compensation plans that authorize the issuance of shares of our common stock as of December 31, 2022.

Number of securities to be issued upon exercise of outstanding options, warrants and rights (a)

Weighted average exercise price of outstanding options, warrants and right

($/share) (b) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c)

Equity compensation plans approved by shareowners 18,549,957 (1)

$ 81.00 81,186,868 (3)

Equity compensation plans not approved by shareowners 408,884 (2)

(1) Consists of the following issuable shares of Common Stock under the Raytheon Technologies Corporation 2018 Long-Term Incentive Plan, as amended and restated, effective April 26, 2021 (2018 LTIP) authorized for issuance:

(i) upon the exercise of outstanding non-qualified stock options;

(ii) upon the exercise of outstanding stock appreciation rights (SARs);

(iii) pursuant to outstanding restricted stock unit awards (RSUs) and performance share unit awards (PSUs), assuming performance at the target level (up to an additional 2,129,956 shares of Common Stock could be issued if performance goals are achieved above target);

and (iv) upon the settlement of outstanding deferred stock units and RSUs awarded under the Raytheon Technologies Corporation Board of Directors Deferred Stock Unit Plan, as amended and restated effective January 1, 2020.

Under the RTX LTIPs, each SAR referred to in clause (ii) is exercisable for a number of shares of Common Stock having a value equal to the difference between the market price of RTX on the exercise date and the exercise price.

For purposes of determining the total number of shares to be issued in respect of outstanding SARs as reflected in column (a) above, we have used the NYSE closing price for a share of Common Stock on the last trading day of 2022 of $100.92.

The weighted-average exercise price of outstanding options, warrants and rights shown in column (b) takes into account only the shares identified in clauses (i) and (ii).

(2) Consists of shares of Common Stock issuable pursuant to outstanding RSUs awards granted under the Raytheon Company 2019 Stock Plan and the Raytheon Company 2010 Stock Plan, as amended (RTN Stock Plans), that were assumed upon the merger of UTC and RTN.

(3) Represents the maximum number of shares of Common Stock available to be awarded under the Plan as of December 31, 2022.

RSUs and PSUs (full-value awards) will result in a reduction in the number of shares of Common Stock available for delivery under the 2018 LTIP in an amount equal to 4.03 times the number of shares subject to the awards.

SARs and stock options are not full-value awards and will result in a reduction in the number of shares of Common Stock available for delivery under the Plan on a one-for-one basis.

The information relating to security ownership of certain beneficial owners and management and the Equity Compensation Plan Information required by Item 12 is incorporated herein by reference to the sections of our Proxy Statement for the 2024 Annual Meeting of Shareowners titled “Share Ownership” and “Executive Compensation”.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

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PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information required by Item 14 is incorporated by reference to the section of our Proxy Statement for the 2023 Annual Meeting of Shareowners titled “Appoint PwC LLP to Serve as Independent Auditor for 2023,” including the information provided in that section with regard to “Audit Fees,” “Audit-Related Fees,” “Tax Fees” and “All Other Fees.”

The information required by Item 14 is incorporated by reference to the section of our Proxy Statement for the 2024 Annual Meeting of Shareowners titled “Appoint PricewaterhouseCoopers LLP to Serve as Independent Auditor for 2024,” including the information provided in that section with regard to “Audit Fees,” “Audit-Related Fees,” “Tax Fees,” and “All Other Fees.”

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a) Financial Statements and Schedules

(1) The following financial statements of Raytheon Technologies Corporation, supplemental information and report of independent registered public accounting firm are included in this Form 10-K:

(1) The following financial statements of RTX Corporation, supplemental information, and report of independent registered public accounting firm are included in this Form 10-K:

Report of Independent Registered Public Accounting Firm (PCAOB ID 238 )

Consolidated Statement of Operations for the Years Ended December 31, 2023, 2022, and 2021

Consolidated Statement of Comprehensive Income (Loss) for the Years Ended December 31, 2022, 2021 and 2020

Consolidated Statement of Comprehensive Income for the Years Ended December 31, 2023, 2022, and 2021

Consolidated Balance Sheet at December 31, 2023 and 2022

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(2) List of financial statement schedules:

Page Number in Form 10-K

SCHEDULE II—Valuation and Qualifying Accounts for the three years ended December 31, 2022

All schedules have been omitted because they are not required, not applicable, or the information is otherwise included.

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2.1 Separation and Distribution Agreement, dated as of April 2, 2020, by and among United Technologies Corporation, Otis Worldwide Corporation and Carrier Global Corporation (incorporated by reference to Exhibit 2.1 of the Company’s Current Report on Form 8-K (Commission file number 1-812) filed with the SEC on April 8, 2020).

3(i) Restated Certificate of Incorporation, restated as of April 26, 2022, incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (Commission file number 1-812) filed with the SEC on April 26, 2022.

3(ii) Bylaws as amended and restated effective April 2 5 , 2022, incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K (Commission file number 1-812) filed with the SEC on April 26, 2022.

3.1 Amended and Restated Certificate of Incorporation of Raytheon Technologies Corporation, effective as of May 3, 2023 (incorporated by reference to Exhibit 3.1 of Raytheon Technologies Corporation’s Current Report on Form 8-K (Commission file number 1-812) filed with the SEC on May 4, 2023).

3.2 Certificate of Amendment of Amended and Restated Certificate of Incorporation of Raytheon Technologies Corporation, effective as of July 17, 2023 (incorporated by reference to Exhibit 3.1 of RTX Corporation’s Current Report on Form 8-K (Commission file number 1-812) filed with the SEC on July 17, 2023).

3.3 Amended and Restated Bylaws of RTX Corporation effective as of July 17, 2023 (incorporated by reference to Exhibit 3.2 of RTX Corporation’s Current Report on Form 8-K (Commission file number 1-812) filed with the SEC on July 17, 2023).

4.1 Amended and Restated Indenture, dated as of May 1, 2001, between UTC and The Bank of New York, as trustee, incorporated by reference to Exhibit 4(a) to the Company’s Registration Statement on Form S-3 (Commission file number 333-60276) filed with the SEC on May 4, 2001.

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10.5 United Technologies Corporation Executive Leadership Group Program, as amended and restated, effective October 15, 2013, incorporated by reference to Exhibit 10.11 to the Company’s Quarterly Report on Form 10-Q (Commission file number 1-812) for the quarterly period ended September 30, 2013;

United Technologies Executive Leadership Group Program, effective April 1, 2019;

and Raytheon Technologies Corporation Executive Leadership Group Program, effective April 3, 2020, incorporated by reference to Exhibit 10.5 to the Company’s Annual Report on Form 10-K (Commission file number 1-812) for the fiscal year ended December 31, 2020.

and United Technologies Executive Leadership Group Program, effective April 1, 2019;

Raytheon Technologies Corporation Executive Leadership Group Program, effective April 3, 2020, incorporated by reference to Exhibit 10.5 to the Company's Annual Report on Form 10-K (Commission file number 1-812) for the fiscal year ended December 31, 2020.

10.6 Schedule of Terms for Restricted Share Unit Retention Awards relating to the United Technologies Corporation Executive Leadership Group Program (referred to above in Exhibit 10.6), incorporated by reference to Exhibit 10.12 to the Company’s Quarterly Report on Form 10-Q (Commission file number 1-812) for the quarterly period ended September 30, 2013;

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2 to Rockwell Collins’ Master Trust, as amended;

and Amendment No.3 to Rockwell Collins’ Master Trus t, as amended, incorporated by reference to Exhibit 10.35 to the Company’s Annual Report on Form 10-K (Commission file number 1-812) for the fiscal year ended December 31, 2018.

and Amendment No.3 to Rockwell Collins’ Master Trust, as amended, incorporated by reference to Exhibit 10.35 to the Company’s Annual Report on Form 10-K (Commission file number 1-812) for the fiscal year ended December 31, 2018.

10.37 Rockwell Collins’ Short-term Relocation Benefit to Rockwell Collin’s CEO, CFO and two other executive officers, incorporated by reference to Exhibit 10-e-1 to Rockwell Collins’ Quarterly Report on Form 10-Q (Commission file number 0001-16445) for the quarterly period ended March 31, 2018;

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10.47 Intellectual Property Agreement, dated as of April 2, 2020, by and among United Technologies Corporation, Otis Worldwide Corporation and Carrier Global Corporation (incorporated by reference to Exhibit 10.4 of the Company’s Current Report on Form 8-K (Commission file number 1-812) filed with the SEC on April 8, 2020).

10.48 Employment Agreement, dated as of June 9, 2019, between Thomas A.

Kennedy and United Technologies Corporation, incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q (Commission file number 1-812) for the quarterly period ended March 31, 2021.

10.49 First Amendment, dated March 4, 2021, to Employment Agreement between Thomas A.

Kennedy and Raytheon Technologies Corporation (referred to above in Exhibit 10.48), incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021.

10.48 Separation Agreement, dated as of May 24, 2021, between Thomas A.

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10.57 Form of Change in Control Severance Agreement between Raytheon Company and certain executive officers (providing for benefits in the event of a qualified termination upon a change in control of one times base salary and bonus), incorporated by reference to Exhibit 10.4 to Raytheon Company’s Quarterly Report on Form 10-Q for the quarter ended April 3, 2016.

10.60 Letter Agreement dated January 21, 2015 by and between Raytheon Company and Anthony F.

O’Brien, incorporated by reference to Exhibit 10.1 to Raytheon Company’s Quarterly Report on Form 10-Q for the quarter ended April 3, 2016.

10.61 Letter Agreement dated December 16, 2014 by and between Raytheon Company and Frank R.

Jimenez, incorporated by reference to Exhibit 10.2 to Raytheon Company’s Quarterly Report on Form 10-Q for the quarter ended April 3, 2016.

10.62 Amendment to Letter Agreement dated January 23, 2015 by and between Raytheon Company and Frank R.

Jimenez, incorporated by reference to Exhibit 10.3 to Raytheon Company’s Quarterly Report on Form 10-Q for the quarter ended April 3, 2016.

10.58 Enhanced Severance Plan for Senior Leadership Team Members, incorporated by reference to Exhibit 10.1 to Raytheon Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019.

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Dumais, incorporated by reference to Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q (Commission file number 1-812) for the quarterly period ended March 31, 2022.

10.72 Raytheon Technologies Corporation Compensation Deferral Plan, effective as of January 1, 2023.*

10.67 Raytheon Technologies Corporation Compensation Deferral Plan, effective as of January 1, 2023, incorporated by reference to Exhibit 10.72 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

10.68 2023 Schedule of Terms for restricted stock unit awards relating to the Raytheon Technologies Corporation 2018 Long-Term Incentive Plan, as amended and restated, incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023.

10.69 2023 Schedule of Terms for performance share unit awards relating to the Raytheon Technologies Corporation 2018 Long-Term Incentive Plan, as amended and restated, incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023.

10.70 2023 Schedule of Terms for stock appreciation right awards relating to the Raytheon Technologies Corporation 2018 Long-Term Incentive Plan, as amended and restated, incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023.

10.71 2023 Schedule of Terms for stock option awards relating to the Raytheon Technologies Corporation 2018 Long-Term Incentive Plan, as amended and restated, incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023.

10.72 RTX Corporation Compensation Deferral Plan, as Amended and Restated, effective October 1, 2023, incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023.

10.73 RTX Corporation 2018 Long-Term Incentive Plan, as Amended and Restated, effective October 1, 2023, incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023.

10.74 RTX Corporation Board of Directors Deferred Stock Unit Plan, as Amended and Restated, effective October 1, 2023, incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023.

10.75 RTX Corporation Executive Annual Incentive Plan, as Amended and Restated, effective October 1, 2023, incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023.

10.76 RTX Corporation Executive Severance Plan, as Amended and Restated, effective October 1, 2023, incorporated by reference to Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023.

10.77 RTX Corporation Performance Share Unit Deferral Plan, as Amended and Restated, effective October 1, 2023, incorporated by reference to Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023.

10.78 Form of ASR Agreements, incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K (Commission file number 1-812) filed with the SEC on October 25, 2023.

10.79 Bridge Credit Agreement, dated as of October 24, 2023, among RTX Corporation, as borrower, the lenders from time to time party thereto and Citibank, N.A., as administrative agent, incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K (Commission file number 1-812) filed with the SEC on October 25, 2023.

10.80 Term Loan Credit Agreement, dated November 7, 2023, among RTX Corporation, as borrower, the lenders from time to time party thereto and Citibank, N.A., as administrative agent, incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K (Commission file number 1-812) filed with the SEC on November 8, 2023.

14 Code of Conduct.

The RTC Code of Conduct may be accessed via RTC’s website at https://www.rtx.com/our-company/ethics-and-compliance.

21 Subsidiaries of Raytheon Technologies Corporation.*

The RTX Code of Conduct may be accessed via RTX’s website at https://www.rtx.com/our-company/ethics-and-compliance.

21 Subsidiaries of RTX Corporation.*

23 Consent of PricewaterhouseCoopers LLP.*

24 Powers of Attorney of Tracy A.

Atkinson, Leanne G.

Atkinson, Christopher T.

Calio, Leanne G.

Caret, Bernard A.

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Oliver, Robert K.

Ortberg, Margaret L.

O’Sullivan, Dinesh C.

Paliwal, Ellen M.

Ortberg, Ellen M.

Pawlikowski, Denise L.

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32 Section 1350 Certifications.*

97 RTX Corporation Executive Officer Clawback Policy, effective as of October 2, 2023.*

101.INS eXtensible Business Reporting Language (XBRL) Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

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Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

RAYTHEON TECHNOLOGIES CORPORATION

RTX CORPORATION

February 5, 2024 By:

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/s/ GREGORY J.

HAYES Chairman, President and Chief Executive Officer (Principal Executive Officer)

HAYES Chairman and Chief Executive Officer (Principal Executive Officer)

February 5, 2024

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ATKINSON * Director February 5, 2024

/s/ CHRISTOPHER T.

CALIO* Director February 5, 2024

(Christopher T.

/s/ LEANNE G.

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ORTBERG * Director February 5, 2024

/s/ MARGARET L.

O’SULLIVAN * Director February 6, 2023

/s/ DINESH C.

PALIWAL * Director February 6, 2023

PAWLIKOWSKI * Director February 5, 2024

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February 5, 2024

RAYTHEON TECHNOLOGIES CORPORATION AND SUBSIDIARIES

SCHEDULE II - Valuation and Qualifying Accounts

Three years ended December 31, 2022

(dollars in millions)

Future Income Tax Benefits—Valuation allowance:

Balance, December 31, 2019 (1)

Additions charged to income tax expense 581

Additions charged to goodwill, due to acquisitions 29

Reductions credited to income tax expense (36)

Other adjustments, including the Separation of Carrier and Otis (433)

Balance, December 31, 2020

Additions charged to income tax expense 136

Reductions credited to goodwill, due to acquisitions (19)

Reductions credited to income tax expense (37)

Other adjustments (12)

Balance, December 31, 2021

Additions charged to income tax expense 54

Reductions credited to income tax expense (82)

Other adjustments 45

Balance, December 31, 2022

(1) Amounts prior to 2020 within this schedule include valuation allowances related to discontinued operations.

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-K

Item 9A. Controls and Procedures