What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-06 compared with 2026-05-06 · 125 added, 75 removed, 388 unchanged (34% of the section changed)

3 unchanged sentences

(Dollars in thousands)

March 31, 2026 March 31, 2025 Dec.

June 30, 2026 June 30, 2025 Dec.

(unaudited) (unaudited)

31 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

For the three months ended March 31, 2026 and 2025

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

For the three and six months ended June 30, 2026 and 2025

(Dollars in thousands, except per share amounts)

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Net sales $ 1,643,269 $ 1,539,161 $ 3,204,527 $ 3,005,822

17 unchanged sentences

Diluted net income per share $ 0.72 $ 0.83 $ 1.31 $ 1.46

Weighted average number of shares:

Basic 105,590 106,915

Effect of dilutive securities 266 420

Diluted 105,856 107,335

See accompanying notes.

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the three months ended March 31, 2026 and 2025

For the three and six months ended June 30, 2026 and 2025

(Dollars in thousands)

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Net income $ 75,758 $ 88,944 $ 138,797 $ 156,906

3 unchanged sentences

Foreign currency translation 1,526 71,669 ( 27 ) 117,169

Other comprehensive income 7,347 49,971

Other comprehensive (loss) income ( 922 ) 68,007 6,425 117,978

Comprehensive income $ 74,836 $ 156,951 $ 145,222 $ 274,884

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the three months ended March 31, 2026 and 2025

For the six months ended June 30, 2026 and 2025

(Dollars in thousands)

40 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the three months ended March 31, 2026 and 2025

For the three and six months ended June 30, 2026 and 2025

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

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Common stock - shares outstanding

11 unchanged sentences

Stock compensation expense

6,466 3,375 12,165 7,755

Net issuance of treasury stock for vested restricted stock units

13 unchanged sentences

( 206,209 ) ( 303,386 ) ( 213,556 ) ( 353,357 )

Other comprehensive income 7,347 49,971

Other comprehensive (loss) income ( 922 ) 68,007 6,425 117,978

Balance at end of period

12 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2026 and 2025 and for the

three months then ended is unaudited)

(Information at June 30, 2026 and 2025 and for the

three and six months then ended is unaudited)

Significant Accounting Policies

8 unchanged sentences

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 for the three months ended March 31 were as follows:

Revenues by segment were as follows:

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

(Dollars in thousands)

3 unchanged sentences

$ 1,643,269 $ 1,539,161 $ 3,204,527 $ 3,005,822

Revenues by geography for the three months ended March 31 were as follows:

Revenues by geography were as follows:

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

(Dollars in thousands)

2 unchanged sentences

$ 1,643,269 $ 1,539,161 $ 3,204,527 $ 3,005,822

Our contract assets primarily consist of unbilled accounts receivable related to over time revenue recognition and were $ 114.0 million, $ 115.3 million, and $ 112.5 million as of March 31, 2026 and 2025 and December 31, 2025, respectively.

Our contract assets primarily consist of unbilled accounts receivable related to over time revenue recognition and were $ 106.8 million, $ 121.7 million, and $ 112.5 million as of June 30, 2026 and 2025 and December 31, 2025, respectively.

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

We have entered into various supply chain financing, or SCF, arrangements with financial institutions pursuant to which we sell receivables of certain customers to such financial institutions without recourse and accelerate payment in respect of such receivables sooner than provided in the applicable supply agreements with such customers.

Receivables sold under these arrangements totaled $ 216.1 million and $ 225.7 million for the three months ended March 31, 2026 and 2025, respectively.

Receivables sold under these arrangements totaled $ 314.9 million and $ 265.8 million for the three months ended June 30, 2026 and 2025, respectively, and $ 531.0 million and $ 491.5 million for the six months ended June 30, 2026 and 2025, respectively.

SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2026 and 2025 and for the

three months then ended is unaudited)

(Information at June 30, 2026 and 2025 and for the

three and six months then ended is unaudited)

Rationalization Charges

1 unchanged sentence

We use a disciplined approach to identify opportunities that generate attractive cash returns.

Rationalization charges by segment for the three months ended March 31 were as follows:

Rationalization charges by segment were as follows:

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

(Dollars in thousands)

12 unchanged sentences

Utilized and currency translation ( 13,816 ) ( 6,964 ) ( 8,276 ) ( 29,056 )

Balance at March 31, 2026

Balance at June 30, 2026

$ 43,304 $ — $ — $ 43,304

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 March 31, 2026 were recorded in our Condensed Consolidated Balance Sheet as accrued liabilities of $ 21.0 million and other liabilities of $ 24.0 million.

Rationalization reserves as of June 30, 2026 were recorded in our Condensed Consolidated Balance Sheet as accrued liabilities of $ 16.8 million and other liabilities of $ 26.5 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 $ 14.1 million and $ 32.6 million, respectively.

2 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2026 and 2025 and for the

three months then ended is unaudited)

(Information at June 30, 2026 and 2025 and for the

three and six months then ended is unaudited)

Accumulated Other Comprehensive Loss

13 unchanged sentences

Other comprehensive income 2,673 3,779 ( 27 ) 6,425

Balance at March 31, 2026

Balance at June 30, 2026

$ ( 114,167 ) $ 2,813 $ ( 95,777 ) $ ( 207,131 )

The amounts reclassified to earnings from the unrecognized net defined benefit plan costs component of accumulated other comprehensive loss for the three months ended March 31, 2026 were net (losses) of $( 1.6 ) million, excluding income tax benefits of $ 0.3 million.

For the three months ended March 31, 2026, these net (losses) consisted primarily of amortization of net actuarial (losses) of $( 1.6 ) million.

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.

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, 2026 were net (losses) of $( 1.6 ) million and $( 3.2 ) million, respectively, excluding income tax benefits of $ 0.3 million and $ 0.5 million, respectively.

For the three and six months ended June 30, 2026, these net (losses) consisted primarily of amortization of net actuarial (losses) of $( 1.6 ) million and $( 3.2 ) million, respectively.

Amortization of net actuarial losses and net prior service credit 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 months ended March 31, 2026 were not significant.

Other comprehensive income before reclassifications related to foreign currency translation for the three months ended March 31, 2026 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 $( 25.2 ) million and (ii) foreign currency gains related to our net investment hedges of $ 31.3 million, excluding an income tax provision of $( 7.6 ) million.

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, 2026 were not significant.

Other comprehensive income before reclassifications related to foreign currency translation for the three and six months ended June 30, 2026 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 $( 8.8 ) million and $( 34.0 ) million, respectively, and (ii) foreign currency gains related to our net investment hedges of $ 13.7 million and $ 45.0 million, respectively, excluding an income tax provision of $( 3.3 ) million and $( 10.9 ) million, respectively.

See Note 7 for further discussion.

Inventories consisted of the following:

March 31, 2026 March 31, 2025 Dec.

June 30, 2026 June 30, 2025 Dec.

(Dollars in thousands)

8 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2026 and 2025 and for the

three months then ended is unaudited)

(Information at June 30, 2026 and 2025 and for the

three and six months then ended is unaudited)

Long-Term Debt

Long-term debt consisted of the following:

March 31, 2026 March 31, 2025 Dec.

June 30, 2026 June 30, 2025 Dec.

(Dollars in thousands)

15 unchanged sentences

$ 3,655,557 $ 3,114,693 $ 3,715,216

At March 31, 2026, the current portion of long-term debt consisted of $ 405.0 million of U.S.

At June 30, 2026, the current portion of long-term debt consisted of $ 590.0 million of U.S.

revolving loans, $ 485.9 million of Euro revolving loans and $ 51.4 million of Euro term loans under our amended and restated senior secured credit facility, as amended, or the Credit Agreement, $ 47.5 million of other foreign bank revolving and term loans and $ 3.4 million of finance leases.

3 unchanged sentences

The Sixth Amendment amended the Credit Agreement to improve the interest rate margin grid for term loans and eliminate the credit spread adjustments effective March 6, 2026 for Term SOFR Loans, Daily Simple RFR Loans and Term CORRA Loans (each as defined in the Credit Agreement).

Effective with the Sixth Amendment, the margin for term loans maintained as Eurocurrency Rate Loans and RFR Loans (each as defined in the Credit Agreement) was 1.25 percent, and the margin for term loans maintained as Base Rate Loans (as defined in the Credit Agreement) was 0.25 percent.

In accordance with the Sixth Amendment, the margin for term loans and revolving loans will be reset quarterly after March 31, 2026 based upon our Total Net Leverage Ratio (as defined in the Credit Agreement) as provided in the Credit Agreement.

The range for the applicable margin for term loans will be 0.00 percent to 0.50 percent for Base Rate Loans and 1.00 percent to 1.50 percent for Eurocurrency Rate Loans and RFR Loans.

In accordance with the Credit Agreement, the applicable margin for term loans is reset quarterly using the interest rate margin grid for term loans based on our Total Net Leverage Ratio (as defined in the Credit Agreement), and the range for the applicable margin for term loans is 0.00 percent to 0.50 percent for Base Rate Loans and 1.00 percent to 1.50 percent for Eurocurrency Rate Loans and RFR Loans (each as defined in the Credit Agreement).

On March 31, 2026, we repaid all $ 500.0 million aggregate principal amount of our outstanding 1.4 % Senior Secured Notes due 2026, or the 1.4 % Notes, at 100 percent of their principal amount plus accrued and unpaid interest to the repayment date.

5 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2026 and 2025 and for the

three months then ended is unaudited)

(Information at June 30, 2026 and 2025 and for the

three and six 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 March 31, 2026:

The following table summarizes the carrying amounts and estimated fair values of our other financial instruments at June 30, 2026:

(Dollars in thousands)

12 unchanged sentences

Financial Instruments Measured at Fair Value

The financial assets and liabilities that were measured on a recurring basis at March 31, 2026 consisted of our cash and cash equivalents and derivative instruments.

The financial assets and liabilities that were measured on a recurring basis at June 30, 2026 consisted of our cash and cash equivalents and derivative instruments.

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

8 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2026 and 2025 and for the

three months then ended is unaudited)

(Information at June 30, 2026 and 2025 and for the

three and six months then ended is unaudited)

Derivative Instruments and Hedging Activities

1 unchanged sentence

Changes in fair values of derivatives are recorded in each period in earnings or comprehensive income, depending on whether a derivative is designated as part of a hedge transaction and, if it is, the type of hedge transaction.

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

We generally limit our use of derivative financial instruments to interest rate and natural gas swap agreements.

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

We generally limit our use of derivative financial instruments to interest rate swap, natural gas swap and foreign exchange agreements.

We do not engage in trading or other speculative uses of these financial instruments.

4 unchanged sentences

Interest Rate Swap Agreements

As of March 31, 2026 and December 31, 2025, we had outstanding $ 300 million aggregate notional principal amount of U.S.

dollar interest rate swap agreements with a weighted average fixed rate of 3.90 percent and € 685.0 million aggregate notional principal amount of Euro interest rate swap agreements with a weighted average fixed rate of 2.43 percent.

As of June 30, 2026 and December 31, 2025, we had outstanding € 685.0 million aggregate notional principal amount of Euro interest rate swap agreements with a weighted average fixed rate of 2.43 percent.

These agreements 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 months ended March 31, 2026.

The total fair value of our interest rate swaps agreements in effect at March 31, 2026 was not significant.

The total fair value of our interest rate swaps agreements in effect at June 30, 2026 was not significant.

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 months ended March 31, 2026.

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 March 31, 2026 was not significant.

The total fair value of our natural gas swap agreements in effect at June 30, 2026 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 Euro term loans under the Credit Agreement which are Euro denominated.

Foreign currency gains related to our net investment hedges included in accumulated other comprehensive loss for the three months ended March 31, 2026 were $ 31.3 million.

Foreign currency gains related to our net investment hedges included in accumulated other comprehensive loss for the three and six months ended June 30, 2026 were $ 13.7 million and $ 45.0 million, respectively.

To a lesser extent, we have entered into foreign exchange forward agreements.

The total fair value of our foreign exchange forward agreements in effect at June 30, 2026 was not significant.

SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2026 and 2025 and for the

three months then ended is unaudited)

(Information at June 30, 2026 and 2025 and for the

three and six 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 $ 357.6 million, $ 262.9 million and $ 438.5 million at March 31, 2026 and 2025 and December 31, 2025, respectively, and were included in accounts payable in our Condensed Consolidated Balance Sheets.

Suppliers’ invoices included in this SCF program were $ 370.4 million, $ 248.4 million and $ 438.5 million at June 30, 2026 and 2025 and December 31, 2025, respectively, and were included in accounts payable in our Condensed Consolidated Balance Sheets.

Retirement Benefits

The components of the net periodic pension benefit cost for the three months ended March 31 were as follows:

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

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

(Dollars in thousands)

5 unchanged sentences

Net periodic benefit cost $ 525 $ 1,777 $ 1,148 $ 3,484

The components of the net periodic other postretirement benefit (credit) cost for the three months ended March 31 were as follows:

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

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

(Dollars in thousands)

6 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2026 and 2025 and for the

three months then ended is unaudited)

(Information at June 30, 2026 and 2025 and for the

three and six months then ended is unaudited)

Silgan and its subsidiaries file U.S.

4 unchanged sentences

On November 5, 2025, our Board of Directors authorized the repurchase by us of up to an aggregate of $ 500.0 million of our common stock by various means from time to time through and including December 31, 2029.

We did no t repurchase any shares of our common stock pursuant to this authorization during the three months ended March 31, 2026.

At March 31, 2026, we had $ 500.0 million remaining under this authorization for the repurchase of our common stock.

During the first three months of 2026, we issued 390,639 treasury shares which had an average cost of $ 3.13 per share for restricted stock units that vested during the period that had been previously issued under our stock-based compensation plans.

We did no t repurchase any shares of our common stock pursuant to this authorization during the six months ended June 30, 2026.

At June 30, 2026, we had $ 500.0 million remaining under this authorization for the repurchase of our common stock.

During the first six months of 2026, we issued 392,901 treasury shares which had an average cost of $ 3.13 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 152,852 shares of our common stock at an average cost of $ 47.57 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 March 31, 2026, 69,432,738 shares of our common stock were held in treasury.

As of June 30, 2026, 69,430,476 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 three months of 2026, 777,600 restricted stock units were granted to certain of our officers and other key employees.

During the first six months of 2026, 803,632 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 $ 38.0 million, which is being amortized ratably over the respective vesting period from the grant date.

At our annual meeting of stockholders held on May 26, 2026, our stockholders approved the First Amendment to the Silgan Holdings Inc.

Second Amended and Restated 2004 Stock Incentive Plan, or, as amended, the Stock Incentive Plan, which among other things, increased the number of shares of our common stock available for awards under the Stock Incentive Plan by an additional 4,000,000 shares.

The total number of shares of our common stock available for issuance under the Stock Incentive Plan as of June 30, 2026 was 4,402,054 .

SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2026 and 2025 and for the

three months then ended is unaudited)

(Information at June 30, 2026 and 2025 and for the

three and six months then ended is unaudited)

Earnings Per Share

The components of the calculation of earnings per share were as follows:

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

(Dollars and shares in thousands)

Net income $ 75,758 $ 88,944 $ 138,797 $ 156,906

Weighted average number of shares used in:

Basic earnings per share 105,752 107,051 105,671 106,984

Dilutive common stock equivalents:

Restricted stock units 40 200 153 310

Diluted earnings per share 105,792 107,251 105,824 107,294

For the three and six months ended June 30, 2026, 1,498,860 and 945,698 restricted stock units, respectively, were excluded from the computation of diluted earnings per share because they were not dilutive.

Segment Information

4 unchanged sentences

Adjusted EBIT should not be considered in isolation or as a substitute for income before interest and income taxes or any other financial data prepared in accordance with GAAP and may not be comparable to calculations of similarly titled measures by other companies.

SILGAN HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at June 30, 2026 and 2025 and for the

three and six months then ended is unaudited)

Reportable segment information was as follows:

3 unchanged sentences

(Dollars in thousands)

Three months ended March 31, 2026

Three Months Ended June 30, 2026

Net sales $ 713,862 $ 763,936 $ 165,471 $ — $ 1,643,269

4 unchanged sentences

Depreciation 39,266 20,260 8,022 119 67,667

Capital expenditures 36,345 21,208 6,684 7 64,244

Three Months Ended June 30, 2025

Net sales $ 702,187 $ 676,056 $ 160,918 $ — $ 1,539,161

Segment expenses and other (a)

594,817 605,285 135,989 10,654 1,346,745

Equity in earnings of affiliates, net of tax 555 — — — 555

Adjusted EBIT 107,925 70,771 24,929 ( 10,654 ) 192,971

Depreciation 37,633 13,607 8,684 102 60,026

Capital expenditures 48,707 17,728 5,826 508 72,769

Six Months Ended June 30, 2026

Net sales $ 1,399,184 $ 1,488,806 $ 316,537 $ — $ 3,204,527

Segment expenses and other (a)

1,197,694 1,373,102 267,670 31,027 2,869,493

Equity in earnings of affiliates, net of tax 2,180 — — — 2,180

Adjusted EBIT 203,670 115,704 48,867 ( 31,027 ) 337,214

Depreciation 79,934 40,251 16,061 237 136,483

Segment assets 5,777,536 2,956,843 746,513 50,318 9,531,210

Capital expenditures 84,831 50,318 11,532 7 146,688

Three months ended March 31, 2025

Six Months Ended June 30, 2025

Net sales $ 1,373,290 $ 1,304,483 $ 328,049 $ — $ 3,005,822

10 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Information at March 31, 2026 and 2025 and for the

three months then ended is unaudited)

Total adjusted EBIT is reconciled to income before income taxes for the three months ended March 31 as follows:

(Information at June 30, 2026 and 2025 and for the

three and six 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, 2026 June 30, 2025 June 30, 2026 June 30, 2025

(Dollars in thousands)

2 unchanged sentences

Other pension (income) for U.S.

pension plans and closed facilities ( 1,007 ) ( 925 )

pension plans and closed

facilities ( 1,003 ) ( 925 ) ( 2,010 ) ( 1,850 )

Equity in earnings of affiliates, net of tax 982 555 2,180 1,717

8 unchanged sentences

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