What changed in this filing

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Item 1. Financial Statements

2024-11-07 compared with 2024-08-08 · 133 added, 85 removed, 390 unchanged (36% of the section changed)

3 unchanged sentences

(Dollars in thousands)

June 30, 2024 June 30, 2023 Dec.

30, 2024 Sept.

30, 2023 Dec.

(unaudited) (unaudited)

31 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

For the three and six months ended June 30, 2024 and 2023

For the three and nine months ended September 30, 2024 and 2023

(Dollars and shares in thousands, except per share amounts)

Three Months Ended Six Months Ended

June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023

Three Months Ended Nine Months Ended

30, 2024 Sept.

30, 2023 Sept.

30, 2024 Sept.

Net sales $ 1,745,124 $ 1,803,101 $ 4,443,527 $ 4,648,109

3 unchanged sentences

Rationalization charges 19,483 6,424 38,033 13,212

Other pension and postretirement (income) expense ( 409 ) 1,295 ( 816 ) 2,581

Other pension and postretirement expense (income) 118 1,083 ( 698 ) 3,664

Income before interest and income taxes 167,287 194,091 420,859 469,312

13 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the three and six months ended June 30, 2024 and 2023

For the three and nine months ended September 30, 2024 and 2023

(Dollars in thousands)

Three Months Ended Six Months Ended

June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023

Three Months Ended Nine Months Ended

30, 2024 Sept.

30, 2023 Sept.

30, 2024 Sept.

Net income $ 100,053 $ 110,617 $ 231,314 $ 261,536

3 unchanged sentences

Foreign currency translation 38,981 ( 33,892 ) ( 12,954 ) 24,976

Other comprehensive (loss) income ( 25,540 ) 45,016 ( 46,169 ) 65,756

Other comprehensive income (loss) 36,933 ( 30,032 ) ( 9,236 ) 35,724

Comprehensive income $ 136,986 $ 80,585 $ 222,078 $ 297,260

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the six months ended June 30, 2024 and 2023

For the nine months ended September 30, 2024 and 2023

(Dollars in thousands)

39 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the three and six months ended June 30, 2024 and 2023

For the three and nine months ended September 30, 2024 and 2023

(Dollars and shares in thousands, except per share amounts)

Three Months Ended Six Months Ended

June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023

Three Months Ended Nine Months Ended

30, 2024 Sept.

30, 2023 Sept.

30, 2024 Sept.

Common stock - shares outstanding

29 unchanged sentences

( 297,530 ) ( 279,554 ) ( 251,361 ) ( 345,310 )

Other comprehensive (loss) income ( 25,540 ) 45,016 ( 46,169 ) 65,756

Other comprehensive income (loss) 36,933 ( 30,032 ) ( 9,236 ) 35,724

Balance at end of period

14 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at June 30, 2024 and 2023 and for the

three and six months then ended is unaudited)

(Information at September 30, 2024 and 2023 and for the

three and nine months then ended is unaudited)

Significant Accounting Policies

8 unchanged sentences

Certain prior year amounts have been reclassified to conform with the current year's presentation.

Goodwill and Other Intangible Assets.

We review goodwill and other indefinite-lived intangible assets for impairment as of July 1 of each year and more frequently if circumstances indicate a possible impairment.

We determined that our goodwill and other indefinite-lived intangible assets were not impaired in our annual 2024 assessment performed during the third quarter.

The following tables present our revenues disaggregated by reportable segment and geography as they best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

Revenues by segment were as follows:

Three Months Ended Six Months Ended

June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023

Three Months Ended Nine Months Ended

30, 2024 Sept.

30, 2023 Sept.

30, 2024 Sept.

(Dollars in thousands)

4 unchanged sentences

Revenues by geography were as follows:

Three Months Ended Six Months Ended

June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023

Three Months Ended Nine Months Ended

30, 2024 Sept.

30, 2023 Sept.

30, 2024 Sept.

(Dollars in thousands)

2 unchanged sentences

$ 1,745,124 $ 1,803,101 $ 4,443,527 $ 4,648,109

Our contract assets primarily consist of unbilled accounts receivable related to over time revenue recognition and were $ 101.4 million, $ 109.7 million, and $ 100.0 million as of June 30, 2024 and 2023 and December 31, 2023, respectively.

Our contract assets primarily consist of unbilled accounts receivable related to over time revenue recognition and were $ 110.7 million, $ 104.2 million, and $ 100.0 million as of September 30, 2024 and 2023 and December 31, 2023, respectively.

Unbilled receivables are included in trade accounts receivable, net on our Condensed Consolidated Balance Sheets.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at June 30, 2024 and 2023 and for the

three and six months then ended is unaudited)

(Information at September 30, 2024 and 2023 and for the

three and nine months then ended is unaudited)

Rationalization Charges

2 unchanged sentences

Rationalization charges by segment were as follows:

Three Months Ended Six Months Ended

June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023

Three Months Ended Nine Months Ended

30, 2024 Sept.

30, 2023 Sept.

30, 2024 Sept.

(Dollars in thousands)

6 unchanged sentences

Costs Non-Cash

Write-Down Total

Write-Downs Total

(Dollars in thousands)

3 unchanged sentences

Utilized and currency translation ( 10,842 ) ( 20,407 ) ( 11,368 ) ( 42,617 )

Balance at June 30, 2024

Balance at September 30, 2024

$ 29,436 $ — $ — $ 29,436

Rationalization reserves as of June 30, 2024 were recorded in our Condensed Consolidated Balance Sheet as accrued liabilities of $ 3.8 million and other liabilities of $ 26.1 million.

Non-cash asset write-downs were the result of comparing the carrying value of certain facilities and production related equipment to their fair value using estimated future discounted cash flows, a Level 3 fair value measurement (see Note 7 for information regarding a Level 3 fair value measurement).

Rationalization reserves as of September 30, 2024 were recorded in our Condensed Consolidated Balance Sheet as accrued liabilities of $ 3.6 million and other liabilities of $ 25.8 million.

Excluding the impact of our withdrawal from the Central States, Southeast and Southwest Areas Pension Plan, or the Central States Pension Plan, in 2019, remaining expenses and cash expenditures for our rationalization plans are expected to be $ 6.9 million and $ 9.5 million, respectively.

2 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at June 30, 2024 and 2023 and for the

three and six months then ended is unaudited)

(Information at September 30, 2024 and 2023 and for the

three and nine months then ended is unaudited)

Accumulated Other Comprehensive Loss

14 unchanged sentences

Other comprehensive loss 4,533 ( 815 ) ( 12,954 ) ( 9,236 )

Balance at June 30, 2024

Balance at September 30, 2024

$ ( 128,990 ) $ ( 1,031 ) $ ( 130,576 ) $ ( 260,597 )

The amounts reclassified to earnings from the unrecognized net defined benefit plan costs component of accumulated other comprehensive loss for the three and six months ended June 30, 2024 were net (losses) of $( 1.8 ) million and $( 3.6 ) million, respectively, excluding income tax benefits of $ 0.4 million and $ 0.8 million, respectively.

For the three and six months ended June 30, 2024, these net (losses) consisted primarily of amortization of net actuarial (losses) of $( 1.8 ) million and $( 3.6 ) million, respectively.

The amounts reclassified to earnings from the unrecognized net defined benefit plan costs component of accumulated other comprehensive loss for the three and nine months ended September 30, 2024 were net (losses) of $( 2.2 ) million and $( 5.7 ) million, respectively, excluding income tax benefits of $ 0.4 million and $ 1.2 million, respectively.

For the three and nine months ended September 30, 2024, these net (losses) consisted primarily of amortization of net actuarial (losses) of $( 2.1 ) million and $( 5.7 ) million, respectively.

Amortization of net actuarial losses and net prior service cost was recorded in other pension and postretirement income in our Condensed Consolidated Statements of Income.

See Note 10 for further information.

The amounts reclassified to earnings from the change in fair value of derivatives component of accumulated other comprehensive loss for the three and six months ended June 30, 2024 were not significant.

Other comprehensive loss before reclassifications related to foreign currency translation for the three and six months ended June 30, 2024 consisted of (i) foreign currency (losses) related to translation of quarter end financial statements of foreign subsidiaries utilizing a functional currency other than the U.S.

dollar of $( 30.3 ) million and $( 63.7 ) million, respectively, and (ii) foreign currency gains related to our net investment hedges of $ 3.9 million and $ 15.5 million, respectively, excluding income tax (provisions) of $( 1.0 ) million and $( 3.7 ) million, respectively.

The amounts reclassified to earnings from the change in fair value of derivatives component of accumulated other comprehensive loss for the three and nine months ended September 30, 2024 were not significant.

Other comprehensive loss before reclassifications related to foreign currency translation for the three and nine months ended September 30, 2024 consisted of (i) foreign currency gains (losses) related to translation of quarter end financial statements of foreign subsidiaries utilizing a functional currency other than the U.S.

dollar of $ 54.8 million and $( 8.9 ) million, respectively, and (ii) foreign currency (losses) related to our net investment hedges of $( 20.9 ) million and $( 5.4 ) million, respectively, excluding income tax benefits of $ 5.0 million and $ 1.3 million, respectively.

See Note 7 for further discussion.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at June 30, 2024 and 2023 and for the

three and six months then ended is unaudited)

(Information at September 30, 2024 and 2023 and for the

three and nine months then ended is unaudited)

Inventories consisted of the following:

June 30, 2024 June 30, 2023 Dec.

30, 2024 Sept.

30, 2023 Dec.

(Dollars in thousands)

8 unchanged sentences

Long-term debt consisted of the following:

June 30, 2024 June 30, 2023 Dec.

30, 2024 Sept.

30, 2023 Dec.

(Dollars in thousands)

15 unchanged sentences

$ 2,553,659 $ 3,312,685 $ 2,546,451

At June 30, 2024, the current portion of long-term debt consisted of $ 696.6 million of 3¼% Senior Notes due 2025, $ 665.0 million of U.S.

At September 30, 2024, the current portion of long-term debt consisted of $ 725.4 million of 3¼% Senior Notes due 2025, or the 3¼% Senior Notes, $ 505.0 million of U.S.

revolving loans under our amended and restated senior secured credit facility, as amended, or the Credit Agreement, $ 22.3 million of other foreign bank revolving and term loans and $ 1.7 million of finance leases.

See Note 15 for further information.

SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at June 30, 2024 and 2023 and for the

three and six months then ended is unaudited)

(Information at September 30, 2024 and 2023 and for the

three and nine months then ended is unaudited)

Financial Instruments

1 unchanged sentence

Due to their short-term maturity, the carrying amounts of trade accounts receivable and trade accounts payable approximate their fair market values.

The following table summarizes the carrying amounts and estimated fair values of our other financial instruments at June 30, 2024:

The following table summarizes the carrying amounts and estimated fair values of our other financial instruments at September 30, 2024:

(Dollars in thousands)

14 unchanged sentences

Financial Instruments Measured at Fair Value

The financial assets and liabilities that were measured on a recurring basis at June 30, 2024 consisted of our cash and cash equivalents and derivative instruments.

The financial assets and liabilities that were measured on a recurring basis at September 30, 2024 consisted of our cash and cash equivalents and derivative instruments.

We measured the fair value of cash and cash equivalents using Level 1 inputs.

11 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at June 30, 2024 and 2023 and for the

three and six months then ended is unaudited)

(Information at September 30, 2024 and 2023 and for the

three and nine months then ended is unaudited)

We utilize certain derivative financial instruments to manage a portion of our interest rate and natural gas cost exposures.

6 unchanged sentences

Interest Rate Swap Agreements

In March 2023, we entered into four U.S.

dollar interest rate swap agreements, each for $ 75.0 million notional principal amount, to manage a portion of our exposure to interest rate fluctuations.

These agreements have a fixed rate ranging from 3.889 percent to 3.905 percent, mature on April 3, 2026, and were entered into with financial institutions which are expected to fully perform under the terms thereof.

The difference between amounts to be paid or received on our interest rate swap agreements is recorded in interest and other debt expense in our Condensed Consolidated Statements of Income and was not significant for the three and six months ended June 30, 2024.

The total fair value of our interest rate swaps agreements in effect at June 30, 2024 was not significant.

In March 2023, we entered into $ 300 million aggregate notional principal amount of U.S.

dollar interest rate swap agreements to manage a portion of our exposure to interest rate fluctuations.

These agreements have a weighted average fixed rate of 3.90 percent, mature in April 2026 and were entered into with financial institutions which are expected to fully perform under the terms thereof.

The total fair value of our interest rate swaps agreements in effect at September 30, 2024 was not significant.

See Note 15 for further information.

Natural Gas Swap Agreements

We have entered into natural gas swap agreements to manage a portion of our exposure to fluctuations in natural gas prices.

The difference between amounts to be paid or received on our natural gas swap agreements is recorded in cost of goods sold in our Condensed Consolidated Statements of Income and was not significant for the three and six months ended June 30, 2024.

These agreements are with a financial institution which is expected to fully perform under the terms thereof.

The total fair value of our natural gas swap agreements in effect at June 30, 2024 was not significant.

The total fair value of our natural gas swap agreements in effect at September 30, 2024 was not significant.

Foreign Currency Exchange Rate Risk

1 unchanged sentence

In addition, where available, we have borrowed funds in local currency or implemented certain internal hedging strategies to minimize our foreign currency exchange rate risk related to foreign operations, including net investment hedges related to the 3¼% Senior Notes which are Euro denominated.

Foreign currency gains related to our net investment hedges included in accumulated other comprehensive loss for the three and six months ended June 30, 2024 were $ 3.9 million and $ 15.5 million, respectively.

Foreign currency (losses) related to our net investment hedges included in accumulated other comprehensive loss for the three and nine months ended September 30, 2024 were $( 20.9 ) million and $( 5.4 ) million, respectively.

SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at June 30, 2024 and 2023 and for the

three and six months then ended is unaudited)

(Information at September 30, 2024 and 2023 and for the

three and nine months then ended is unaudited)

Commitments and Contingencies

8 unchanged sentences

The suppliers' invoices sold under this SCF program can be outstanding up to 210 days from the invoice date.

Suppliers’ invoices included in this SCF program were $ 251.0 million, $ 321.9 million and $ 330.2 million at June 30, 2024 and 2023 and December 31, 2023, respectively, and were included in accounts payable in our Condensed Consolidated Balance Sheets.

Suppliers’ invoices included in this SCF program were $ 284.2 million, $ 294.1 million and $ 330.2 million at September 30, 2024 and 2023 and December 31, 2023, respectively, and were included in accounts payable in our Condensed Consolidated Balance Sheets.

Retirement Benefits

The components of the net periodic pension benefit cost were as follows:

Three Months Ended Six Months Ended

June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023

Three Months Ended Nine Months Ended

30, 2024 Sept.

30, 2023 Sept.

30, 2024 Sept.

(Dollars in thousands)

6 unchanged sentences

The components of the net periodic other postretirement benefit cost (credit) were as follows:

Three Months Ended Six Months Ended

June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023

Three Months Ended Nine Months Ended

30, 2024 Sept.

30, 2023 Sept.

30, 2024 Sept.

(Dollars in thousands)

6 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at June 30, 2024 and 2023 and for the

three and six months then ended is unaudited)

(Information at September 30, 2024 and 2023 and for the

three and nine months then ended is unaudited)

Silgan and its subsidiaries file U.S.

4 unchanged sentences

On March 4, 2022, our Board of Directors authorized the repurchase by us of up to an aggregate of $ 300.0 million of our common stock by various means from time to time through and including December 31, 2026.

We did not repurchase any shares of our common stock pursuant to this authorization during the six months ended June 30, 2024.

At June 30, 2024, we had approximately $ 93.3 million remaining under this authorization for the repurchase of our common stock.

During the first six months of 2024, we issued 455,494 treasury shares which had an average cost of $ 3.19 per share for restricted stock units that vested during the period that had been previously issued under our stock-based compensation plans.

We did not repurchase any shares of our common stock pursuant to this authorization during the nine months ended September 30, 2024.

At September 30, 2024, we had approximately $ 93.3 million remaining under this authorization for the repurchase of our common stock.

During the first nine months of 2024, we issued 470,788 treasury shares which had an average cost of $ 3.19 per share for restricted stock units that vested during the period that had been previously issued under our stock-based compensation plans.

In accordance with the applicable agreements for such restricted stock units, we repurchased 176,093 shares of our common stock at an average cost of $ 43.92 to satisfy minimum employee withholding tax requirements resulting from the vesting of such restricted stock units.

We account for treasury shares using the first-in, first-out (FIFO) cost method.

As of June 30, 2024, 68,333,140 shares of our common stock were held in treasury.

As of September 30, 2024, 68,317,846 shares of our common stock were held in treasury.

Stock-Based Compensation

We currently have one stock-based compensation plan in effect under which we have issued restricted stock units to our officers, other key employees and outside directors.

During the first six months of 2024, 476,872 restricted stock units were granted to certain of our officers, other key employees and outside directors.

During the first nine months of 2024, 490,672 restricted stock units were granted to certain of our officers, other key employees and outside directors.

The fair value of these restricted stock units at the grant date was $ 21.6 million, which is being amortized ratably over the respective vesting period from the grant date.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at June 30, 2024 and 2023 and for the

three and six months then ended is unaudited)

(Information at September 30, 2024 and 2023 and for the

three and nine months then ended is unaudited)

Segment Information

9 unchanged sentences

(Dollars in thousands)

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Net sales $ 563,669 $ 1,022,605 $ 158,850 $ — $ 1,745,124

2 unchanged sentences

Depreciation 25,755 19,801 8,747 47 54,350

Three Months Ended June 30, 2023

Three Months Ended September 30, 2023

Net sales $ 559,081 $ 1,094,609 $ 149,411 $ — $ 1,803,101

2 unchanged sentences

Depreciation 25,691 18,177 8,089 8 51,965

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Net sales $ 1,664,966 $ 2,290,530 $ 488,031 $ — $ 4,443,527

2 unchanged sentences

Depreciation 76,290 57,606 26,634 115 160,645

Six Months Ended June 30, 2023

Nine Months Ended September 30, 2023

Net sales $ 1,699,109 $ 2,475,569 $ 473,431 $ — $ 4,648,109

4 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at June 30, 2024 and 2023 and for the

three and six months then ended is unaudited)

(Information at September 30, 2024 and 2023 and for the

three and nine months then ended is unaudited)

Total adjusted EBIT is reconciled to income before income taxes as follows:

Three Months Ended Six Months Ended

June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023

Three Months Ended Nine Months Ended

30, 2024 Sept.

30, 2023 Sept.

30, 2024 Sept.

(Dollars in thousands)

11 unchanged sentences

Because of the seasonality of the harvests, we have historically experienced higher unit sales volume in the third quarter of our fiscal year and generated a disproportionate amount of our annual adjusted EBIT during that quarter.

Subsequent Event

On July 24, 2024, the Company announced it entered into a sale and purchase agreement to acquire Weener Plastics Holding B.V., or Weener, a leading producer of differentiated dispensing solutions for personal care, food and healthcare products, for an enterprise value of € 838 million.

Subsequent Events

Weener Plastics Holding B.V.

On October 15, 2024, we acquired Weener Plastics Holding B.V., or Weener, a leading producer of differentiated dispensing solutions for personal care, food and healthcare products.

Weener operates a global network of 19 facilities predominantly in Europe and the Americas, with approximately 4,000 employees and proprietary manufacturing technologies including significant clean room capabilities.

For the year ended December 31, 2023, Weener generated sales of approximately $ 471 million.

This proposed acquisition is expected to close in the fourth quarter of 2024 and is subject to applicable regulatory approvals and certain other customary conditions.

The purchase price for this proposed acquisition is subject to certain adjustments set forth in the sale and purchase agreement.

The Company expects to fund the purchase price for this proposed acquisition with a combination of cash on hand and borrowings under the Credit Agreement.

The purchase price for this acquisition of approximately € 844.2 million, net of cash acquired, was funded with term and revolving loan borrowings under the Credit Agreement, including a new € 700.0 million incremental term loan, and cash on hand.

Euro Interest Rate Swap Agreements

In October 2024, we entered into € 685.0 million aggregate notional principal amount of Euro interest rate swap agreements to manage a portion of our exposure to interest rate fluctuations for our Euro term loans under the Credit Agreement, which mature as follows:

€ 35.0 million in October 2026, € 70.0 million in October 2027 and € 580.0 million in October 2030.

These agreements have a weighted average fixed rate of 2.43 percent and were entered into with financial institutions which are expected to fully perform under the terms thereof.

Amendment to Bank Credit Agreement

On November 4, 2024, we and certain of our wholly owned subsidiaries amended the Credit Agreement by entering into a Fifth Amendment to Amended and Restated Credit Agreement (the “Fifth Amendment”) with the Lenders therein and Wells Fargo Bank, National Association, as Administrative Agent.

The Fifth Amendment:

• refinanced outstanding term loans and revolving loans thereunder and extended the maturity dates to (i) November 4, 2029 with respect to revolving loans and (ii) November 4, 2030 with respect to term loans;

• increased the aggregate amount of Euro term loans thereunder from € 700.0 million to € 900.0 million, with the additional € 200.0 million of Euro term loans being used to repay revolving loans under the Credit Agreement that were

SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at September 30, 2024 and 2023 and for the

three and nine months then ended is unaudited)

used to fund a portion of the purchase price for Weener and to pay fees, expenses and costs associated with the Fifth Amendment.

• removed the springing maturity date provisions that would have shortened the maturity dates under the Credit Agreement to the date that is 91 days prior to the maturity dates of the 3¼% Senior Notes and 1.4 % Senior Secured Notes due 2026 (unless such notes were refinanced or repaid prior thereto);

• improved the interest rate margin grid for term loans;

• increased the uncommitted multi-currency incremental loan facility from $ 1.25 billion to $ 1.5 billion;

• amended certain covenants to provide additional flexibility;

• amended certain other terms of the Credit Agreement.

Pursuant to the Fifth Amendment, U.S.

term loans are repayable in installments as follows:

$ 8.5 million on December 31, 2025, $ 42.5 million on December 31, 2026, $ 85.0 million on each of December 31, 2027, 2028 and 2029 and $ 544.0 million on November 4, 2030, and Euro term loans are repayable in installments as follows:

€ 9.0 million on December 31, 2025, € 45.0 million on December 31, 2026, € 90.0 million on each of December 31, 2027, 2028 and 2029 and € 576.0 million on November 4, 2030.

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