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Item 9A. Controls and Procedures

2021-03-01 compared with 2020-02-27 · 191 added, 116 removed, 357 unchanged (46% of the section changed)

Controls and Procedures.

The duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, and with the participation of the Trustee, have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, as appropriate to allow timely decisions regarding required disclosure.

The duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, with the participation of the Trustee, have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, as appropriate to allow timely decisions regarding required disclosure.

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.

3 unchanged sentences

Internal control over financial reporting includes those policies and procedures that:

(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust’s assets;

(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust’s assets;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that the Trust’s receipts and expenditures are being made only in accordance with appropriate authorizations and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Trust’s assets that could have a material effect on the financial statements.

32 unchanged sentences

In June 2001, Mr.

Jensen joined Paul Capital, an investment firm focusing on the secondary private equity and healthcare markets, for which he presently serves as Partner and Chief Operating Officer.

Jensen joined Paul Capital, an investment firm focusing on the secondary private equity and healthcare markets, for which he presently serves as Partner and previously served as Chief Operating Officer from 2002 to 2020.

Jensen received his Bachelor of Science from San Francisco State University and is a certified public accountant (inactive).

Peter Landini, 69, is a member of the Sponsor’s audit committee.

In January 2003, Mr.

Landini joined RBP Investment Advisors, Inc., a financial planning consultancy firm, for which he presently serves as Partner and Wealth Manager.

2 unchanged sentences

Kimun Lee, 74, is a member of the Sponsor’s audit committee.

Lee is a California-registered investment adviser and has conducted his consulting business under the name Resources Consolidated since 1980.

Lee is a California-registered investment adviser and has conducted his consulting business under the name Resources Consolidated since January 1980.

Since September 2010, Mr.

14 unchanged sentences

The Trust is managed by the Sponsor and pays the Sponsor the Sponsor’s fee.

For the year ended December 31, 2019, the Trust has incurred Sponsor’s fees of $27,765,547.

For the year ended December 31, 2020, the Trust has incurred Sponsor’s fees of $50,643,408.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

8 unchanged sentences

The table below summarizes the fees for services performed by PricewaterhouseCoopers LLP for the years ended December 31, 2020 and 2019.

 61,800

Audit-related fees (a)

All other fees

(a)   

Amount represents fees billed for review of the regulatory filings.

8 unchanged sentences

The following documents are filed herewith or incorporated herein and made a part of this Annual Report:

Second Amended and Restated Depositary Trust Agreement is incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K filed by the Registrant on December 22, 2016

Standard Terms for Authorized Participant Agreements is incorporated by reference to Exhibit 4.2 of the Current Report on Form 8-K filed by the Registrant on December 22, 2016

Description of Securities Registered under Section 12 of the Securities Exchange Act of 1934

First Amended and Restated Custodian Agreement between The Bank of New York Mellon and JPMorgan Chase Bank N.A., London branch is incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed by the Registrant on December 22, 2016

Sub-license Agreement is incorporated by reference to Exhibit 10.2 of Registration Statement No.

333-156506 filed by the Registrant on December 30, 2008

Exhibit  

Second Amended and Restated Depositary Trust Agreement is incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K filed by the Registrant on December 22, 2016

Standard Terms for Authorized Participant Agreements is incorporated by reference to Exhibit 4.2 of the Current Report on Form 8-K filed by the Registrant on December 22, 2016

Description of Securities Registered under Section 12 of the Securities Exchange Act of 1934 is incorporated by reference to Exhibit 4.3 of the Annual Report on Form 10-K filed by the Registrant on February 27, 2020

Amendment Agreement to First Amended and Restated Custodian Agreement between The Bank of New York Mellon and JP Morgan Chase Bank N.A., London branch is incorporated by reference to Exhibit 10.2 filed with Registration Statement No.

333-239613 on July 1, 2020

Sub-license Agreement is incorporated by reference to Exhibit 10.2 of Registration Statement No. 333-156506 filed by the Registrant on December 30, 2008

Consent of PricewaterhouseCoopers LLP

5 unchanged sentences

Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002

Inline 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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Inline XBRL Taxonomy Extension Schema Document

5 unchanged sentences

Form 10-K Summary.

iShares Silver Trust

iShares ®

Financial Statements

Report of Independent Registered Public Accounting Firm

Statements of Assets and Liabilities at December 31, 2019 and 2018

Statements of Operations for the years ended December 31, 2019, 2018 and 2017

Statements of Changes in Net Assets for the years ended December 31, 2019, 2018 and 2017

Statements of Cash Flows for the years ended December 31, 2019, 2018 and 2017

Schedules of Investments at December 31, 2019 and 2018

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Statements of Assets and Liabilities at December 31, 2020 and 2019

Statements of Operations for the years ended December 31, 2020, 2019 and 2018

Statements of Changes in Net Assets for the years ended December 31, 2020, 2019 and 2018

Statements of Cash Flows for the years ended December 31, 2020, 2019 and 2018

Schedules of Investments at December 31, 2020 and 2019

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

We have served as the Trust’s auditor since 2006.

To the Sponsor and Shareholders of iShares ®

2 unchanged sentences

Silver Trust (the “Trust”) as of December 31, 2020 and 2019, and the related statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2020, including the related notes (collectively referred to as the “financial statements”).

We also have audited the Trust’s internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). 

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Trust as of December 31, 2019 and 2018 , and the results of its operations, changes in its net assets, and its cash flows for each of the three years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America. 

We also have audited the Trust’s internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Trust as of December 31, 2020 and 2019 , and the results of its operations, changes in its net assets, and its cash flows for each of the three years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

1 unchanged sentence

The Sponsor’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control over Financial Reporting appearing under Item 9A.

Our responsibility is to express opinions on the Trust’s financial statements and on the Trust’s internal control over financial reporting based on our audits. 

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. 

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. 

Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. 

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. 

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. 

Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 

Our audits also included performing such other procedures as we considered necessary in the circumstances. 

We conducted our audits in accordance with the standards of the PCAOB.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

Our audits also included performing such other procedures as we considered necessary in the circumstances.

We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A trust’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. 

A trust’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Trust;

1 unchanged sentence

and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. 

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

4 unchanged sentences

Philadelphia, Pennsylvania

February 27, 2020

March 1, 2021

We have served as the Trust’s auditor since 2006.

iShares Silver Trust

iShares ®

Statements of Assets and Liabilities

1 unchanged sentence

Investment in silver bullion, at fair value (a)

6,543,418,555

4,906,017,787

6,543,418,555

4,906,017,787

$ 14,797,590,146  

$ 6,543,418,555  

14,797,590,146  

6,543,418,555  

Sponsor’s fees payable

5,797,426  

2,659,990  

Total Liabilities

5,797,426  

2,659,990  

Commitments and contingent liabilities (Note 6)

6,540,758,565

4,904,036,623

$ 14,791,792,720  

$ 6,540,758,565  

Shares issued and outstanding (b)

600,950,000  

388,100,000  

Net asset value per Share (Note 2C)

Cost of investment in silver bullion:

$6,294,157,046 and $5,641,558,156, respectively .

No par value, unlimited amount authorized .

$ 24.61  

$ 16.85  

Cost of investment in silver bullion: $10,472,474,303 and $6,294,157,046, respectively.

No par value, unlimited amount authorized.

See notes to financial statements.

iShares Silver Trust

iShares ®

Statements of Operations

9 unchanged sentences

( 132,049,264

Net realized loss

Net realized gain (loss)

( 135,779,475

1 unchanged sentence

4,075,854,334

( 311,211,423

Net realized and unrealized gain (loss)

5,005,182,190

( 446,990,898

Net increase (decrease) in net assets resulting from operations

4,954,538,782

( 472,326,421

Net increase (decrease) in net assets per Share (a)

1 unchanged sentence

See notes to financial statements.

iShares Silver Trust

iShares ®

Statements of Changes in Net Assets

6 unchanged sentences

Net investment loss

Net realized loss

Net realized gain (loss)

( 135,779,475

1 unchanged sentence

4,075,854,334

( 311,211,423

Net increase (decrease) in net assets resulting from operations

4,954,538,782

( 472,326,421

Capital Share Transactions:

1 unchanged sentence

7,299,222,832

1,836,353,140

Distributions for Shares redeemed

15 unchanged sentences

Shares redeemed

( 185,850,000

Net increase (decrease) in Shares issued and outstanding

See notes to financial statements.

iShares Silver Trust

iShares ®

Statements of Cash Flows

3 unchanged sentences

Proceeds from silver bullion sold to pay expenses

Expenses –

Sponsor’s fees paid

Expenses – Sponsor’s fees paid

Net cash provided by operating activities

5 unchanged sentences

4,954,538,782

( 472,326,421

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:

1 unchanged sentence

Net realized (gain) loss

( 929,327,856

Net change in unrealized appreciation/depreciation

7 unchanged sentences

7,299,222,832

1,836,353,140

Silver bullion distributed for Shares redeemed

3 unchanged sentences

See notes to financial statements.

iShares Silver Trust

iShares ®

Schedules of Investments

At December 31, 2020 and 2019

December 31, 2019

December  

Silver bullion

6,294,157,046

6,543,418,555

Total Investment – 100.04%

6,543,418,555

558,715,882  

$ 10,472,474,303  

$ 14,797,590,146  

Total Investments –

14,797,590,146  

Less Liabilities – 

Net Assets – 100.00%

( 5,797,426 )

December 31, 2018

Net Assets – 

$ 14,791,792,720  

December  

Silver bullion

5,641,558,156

4,906,017,787

Total Investment – 100.04%

4,906,017,787

362,616,711  

$ 6,294,157,046  

$ 6,543,418,555  

Total Investments – 

6,543,418,555  

Less Liabilities – 

Net Assets – 100.00%

( 2,659,990 )

Net Assets – 

$ 6,540,758,565  

See notes to financial statements.

iShares Silver Trust

iShares ®

Notes to Financial Statements

December 31, 2020

1 - Organization

The iShares Silver Trust (the “Trust”) was organized on April 21, 2006 as a New York trust.

1  - Organization

The iShares ®

Silver Trust (the “Trust”) was organized on April 21, 2006 as a New York trust.

The trustee is The Bank of New York Mellon (the “Trustee”), which is responsible for the day-to-day administration of the Trust.

6 unchanged sentences

The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting and reporting guidance under the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.

2 - Significant Accounting Policies

2  - Significant  

Accounting  

Basis of Accounting

14 unchanged sentences

Beginning balance

5,641,558,156

4,906,017,787

362,616,711  

$ 6,294,157,046  

$ 6,543,418,555  

Silver bullion contributed

1,836,353,140

371,438,229  

7,299,222,832  

Silver bullion distributed

( 1,154,479,083

( 1,101,564,648

( 173,055,462 )  

( 3,080,813,670 )  

( 4,002,727,459 )  

921,913,789  

Silver bullion sold to pay expenses

Net realized loss

( 2,283,596 )  

( 40,091,905 )  

( 47,505,972 )  

7,414,067  

Net realized gain

929,327,856  

Net change in unrealized appreciation/depreciation

4,075,854,334  

Ending balance

6,294,157,046

6,543,418,555

558,715,882  

$ 10,472,474,303  

$ 14,797,590,146  

$ 929,327,856  

Year Ended December 31, 2019

Beginning balance

5,831,748,196

5,407,419,250

317,233,610  

$ 5,641,558,156  

$ 4,906,017,787  

Silver bullion contributed

113,045,188  

1,836,353,140  

Silver bullion distributed

( 1,114,932,000

( 982,882,736

( 65,991,660 )  

( 1,154,479,083 )  

( 1,101,564,648 )  

( 52,914,435 )

Silver bullion sold to pay expenses

Net realized loss

( 1,670,427 )  

( 29,275,167 )  

( 27,086,721 )  

( 2,188,446 )

Net realized loss

( 55,102,881 )  

Net change in unrealized appreciation/depreciation

( 311,211,423

984,801,878  

Ending balance

5,641,558,156

4,906,017,787

362,616,711  

$ 6,294,157,046  

$ 6,543,418,555  

$ ( 55,102,881 )

1 unchanged sentence

Beginning balance

6,305,715,839

5,543,495,441

320,629,662  

$ 5,831,748,196  

$ 5,407,419,250  

Silver bullion contributed

60,236,118  

954,051,929  

Silver bullion distributed

( 1,316,488,192

( 62,004,144 )  

( 1,114,932,000 )  

( 982,882,736 )  

( 132,049,264 )

Silver bullion sold to pay expenses

( 1,628,026 )  

( 29,309,969 )  

( 25,579,758 )  

( 3,730,211 )

Net realized loss

( 135,779,475 )  

Net change in unrealized appreciation/depreciation

( 311,211,423 )  

Ending balance

5,831,748,196

317,233,610  

$ 5,641,558,156  

$ 4,906,017,787  

$ ( 135,779,475 )

14 unchanged sentences

Shares issued

1,836,353,140

398,700,000  

$ 7,299,222,832  

120,750,000  

$ 1,836,353,140  

64,000,000  

$ 954,051,929  

Shares redeemed

( 1,101,564,648

( 982,882,736

( 185,850,000 )  

( 4,002,727,459 )  

( 70,500,000 )  

( 1,101,564,648 )  

( 65,900,000 )  

( 982,882,736 )

Net increase (decrease)

212,850,000  

$ 3,296,495,373  

50,250,000  

$ 734,788,492  

( 1,900,000 )  

$ ( 28,830,807 )

3 unchanged sentences

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of December 31, 2020 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

3 - Trust Expenses

- Trust  

The Trust pays to the Sponsor a Sponsor’s fee that accrues daily at an annualized rate equal to 0.50 % of the net asset value of the Trust, paid monthly in arrears.

1 unchanged sentence

the Trustee’s fee, the Custodian’s fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $ 100,000 per annum in legal fees and expenses.

4 - Related Parties

- Related  

The Sponsor and the Trustee are considered to be related parties to the Trust.

The Trustee’s fee is paid by the Sponsor and is not a separate expense of the Trust.

5 - Indemnification

- Indemnification

The Trust Agreement provides that the Trustee shall indemnify the Sponsor, its directors, employees and agents against, and hold each of them harmless from, any loss, liability, cost, expense or judgment (including reasonable fees and expenses of counsel) (i) caused by the negligence or bad faith of the Trustee or (ii) arising out of any information furnished in writing to the Sponsor by the Trustee expressly for use in the registration statement, or any amendment thereto or periodic or other report filed with the SEC relating to the Shares that is not materially altered by the Sponsor.

The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act, as amended) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability or expense incurred without their ( 1 ) negligence, bad faith, willful misconduct or willful malfeasance arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement or ( 2 ) reckless disregard of their obligations and duties under the Trust Agreement.

The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability or expense incurred without their ( 1 ) negligence, bad faith, willful misconduct or willful malfeasance arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement or ( 2 ) reckless disregard of their obligations and duties under the Trust Agreement.

The Trust has agreed that the Custodian will only be responsible for any loss or damage suffered by the Trust as a direct result of the Custodian’s negligence, fraud or willful default in the performance of its duties.

6 - Commitments and Contingent Liabilities

- Commitments  

Contingent  

In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses.

The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

7 - Concentration Risk

- Concentration  

Substantially all of the Trust’s assets are holdings of silver bullion, which creates a concentration risk associated with fluctuations in the price of silver.

11 unchanged sentences

and investor confidence.

8 - Financial Highlights

- Financial  

The following financial highlights relate to investment performance and operations for a Share outstanding for the years ended December 31, 2020, 2019 and 2018.

7 unchanged sentences

Net investment loss

Based on average Shares outstanding during the year .

The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust’s underlying investment .

Based on the change in net asset value of a Share during the year .

9 - Investment Valuation

Based on average Shares outstanding during the year.

The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust’s underlying investment.

Based on the change in net asset value of a Share during the year.

- Investment  

GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date.

5 unchanged sentences

The three levels of the fair value hierarchy are as follows:

Level 1 –

Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 –

Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means;

Level 3 –

Level 1  −

Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2  −

Level 3 − 

Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

6 unchanged sentences

(Principal executive officer)

February 27, 2020

March 1, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities* and on the dates indicated.

2 unchanged sentences

(Principal executive officer)

February 27, 2020

March 1, 2021

/s/ Mary Cronin

1 unchanged sentence

(Principal financial and accounting officer)

February 27, 2020

March 1, 2021

/s/ Philip Jensen

Philip Jensen

February 27, 2020

March 1, 2021

/s/ Peter Landini

Peter Landini

February 27, 2020

March 1, 2021

/s/ Kimun Lee

February 27, 2020

March 1, 2021

The registrant is a trust and the persons are signing in their respective capacities as officers or directors of iShares Delaware Trust Sponsor LLC, the Sponsor of the registrant.

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