What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2022-03-02 compared with 2021-03-03 · 73 added, 59 removed, 192 unchanged (41% of the section changed)

1 unchanged sentence

and its subsidiaries or any of them, unless the context requires otherwise.

Interface is a global flooring company specializing in carpet tile and resilient flooring, including luxury vinyl tile (“LVT”) and rubber flooring.

We are a worldwide leader in design, production and sales of modular carpet, also known as carpet tile.

As a global company with a reputation for high quality, reliability and premium positioning, we market modular carpet under the established brand names Interface® and FLOR® , and we market LVT under the brand Interface®.

Interface is a global flooring company specializing in carbon neutral carpet tile and resilient flooring, including luxury vinyl tile (“LVT”), vinyl sheet, and nora® rubber flooring.

We help our customers create high-performance interior spaces that support well-being, productivity, and creativity, as well as the sustainability of the planet.

On August 7, 2018, the Company acquired nora Holding GmbH (“nora”), a worldwide leader in the rubber flooring category under the established nora brands norament ® and noraplan ®.

Reportable Segments

In the first quarter of 2021, the Company largely completed its integration of the nora acquisition, and integration of its European and Asia-Pacific commercial areas, and determined that it has two operating and reportable segments – namely Americas (“AMS”) and Europe, Africa, Asia and Australia (collectively “EAAA”).

The AMS operating segment is unchanged from prior year and continues to include the United States, Canada and Latin America geographic areas.

See Note 20 entitled “Segment Information” included in Item 8 of this Annual Report on Form 10-K for additional information .

Below is a summary of total net sales percentages by reportable segment for the last three fiscal years.

Prior year amounts have been restated to reflect the current reportable segment structure:

2021 2020 2019

AMS 54 % 54 % 56 %

EAAA 46 % 46 % 44 %

Market Segmentation

Our business, as well as the commercial interiors industry in general, is cyclical in nature and is impacted by economic conditions and trends that affect the markets for commercial and institutional business space.

We believe the appeal and utilization of modular carpet and resilient flooring will continue to grow in corporate office and non-corporate office market segments, and we are using our considerable skills and experience with designing, producing and marketing modular products that make us a market leader in the corporate office segment to support and facilitate our penetration into more non-corporate office market segments around the world.

The nora acquisition continues to advance the Company’s growth strategy to expand into new market segments, particularly in the healthcare, life sciences and education market segments.

In 2020, t he COVID-19 pandemic impacted areas where we operate and sell our products and services.

We believe the appeal and utilization of modular carpet and resilient flooring will continue to grow in corporate office and non-corporate office market segments, and we are using our considerable skills and experience with designing, producing and marketing modular products that make us a market leader in the corporate office market segment to support and facilitate our penetration into more non-corporate office market segments around the world.

During fiscal years 2021 and 2020, t he COVID-19 pandemic impacted areas where we operate and sell our products and services.

Government restrictions and shutdowns around the world resulted in lower corporate reinvestment and impacted sales in the corporate office market segment.

To mitigate the effects of COVID-19 on our business, we capitalized on our ongoing market diversification strategy to increase our presence and market penetration for modular carpet and resilient flooring sales in non-corporate office market segments.

As a result, our sales mix of corporate office versus non-corporate office market segments in the Americas and on a company-wide basis shifted more towards non-corporate office markets compared to prior years.

Below is a summary of our sales mix between corporate office and non-corporate office market segments for the last three fiscal years:

Tab le of Contents

Below is a summary of our sales mix between corporate office and non-corporate office market segments for the last three fiscal years by reportable segment:

2021 2020 2019

Corporate Office Non-Corporate Office Corporate Office Non-Corporate Office Corporate Office Non-Corporate Office

Americas 37 % 63 % 47 % 53 % 45 % 55 %

Company-wide 47 % 53 % 61 % 39 % 60 % 40 %

Geographic Markets

We operate and sell our modular carpet and resilient flooring products and services in three principal geographic markets, the Americas, Europe and Asia-Pacific, where the percentages of our total net sales were approximately 54%, 32% and 14%, respectively, for fiscal year 2020.

The percentages of our total net sales for Americas, Europe and Asia-Pacific in 2019 were 57%, 29% and 14%, respectively, and for 2018 those percentages were 58%, 27% and 15%, respectively.

AMS 39 % 61 % 37 % 63 % 47 % 53 %

EAAA 57 % 43 % 60 % 40 % 63 % 37 %

Products and Services

Modular Carpet

Our AMS and EAAA reportable segments sell the same products within their respective geographical regions.

We produce carpet tiles in a wide variety of colors, patterns, textures, pile heights and densities.

These varieties are designed to meet both the practical and aesthetic needs of a broad spectrum of commercial interiors — particularly offices, healthcare facilities, airports, educational and other institutions, hospitality spaces, and retail facilities — and residential interiors.

Our carpet tile systems permit distinctive styling and patterning that can be used to complement interior designs, to set off areas for particular purposes, create visual cues, and to convey graphic information.

While we continue to manufacture and sell a substantial portion of our carpet tile in standard styles, most of our modular carpet sales in the Americas and Asia-Pacific are made-to-order products designed to meet customer specifications.

While we continue to manufacture and sell a substantial portion of our carpet tile in standard styles, most of our modular carpet sales in the Americas and Asia-Pacific regions are made-to-order products designed to meet customer specifications.

Our modular carpet systems are marketed under the established brands Interface and FLOR .

1 unchanged sentence

Our GlasBac® technology employs a fiberglass-reinforced polymeric composite backing that provides dimensional stability and reduces the need for adhesives or fasteners.

We also make carpet tiles with a backing containing post-industrial and/or post-consumer recycled materials, which we market under the GlasBacRE brand.

We also make carpet tiles with a backing containing post-industrial and/or post-consumer recycled materials, which we now market under the CQuest™GB name (formerly known as GlasBacRE ).

In addition, we make carpet tile with yarn containing varying degrees of post-consumer nylon, depending on the style and color.

In 2021, we introduced our Open Air™ collection of more affordable carpet tiles — an expansive platform of hard-working carpet tile styles designed with open spaces in mind.

Innovations in both design and manufacturing allow us to create high-quality, high-performance carpet products at a lower price point.

In 2020, we introduced the next generation of our carpet tile backings called CQuest™ backings.

2 unchanged sentences

The new CQuest backings are:

• CQuest™GB - The next evolution of our GlasBac backing.

• CQuest™GB - The next evolution of our GlasBacRE backing.

It features the same superior performance with a construction of post-consumer recycled content from carpet tiles, bio-based additives, and pre-consumer recycled materials.

6 unchanged sentences

Our carpet tile possesses characteristics — such as the use of the Intersept® antimicrobial, static-controlling nylon yarns, and thermally pigmented, colorfast yarns — which make it suitable for use in these facilities in place of hard surface flooring.

Moreover, we launched our FLOR line of products to specifically target modular carpet sales to the residential market segment, and in recent years FLOR products have had crossover success in commercial markets.

Moreover, we sell our FLOR line of products to specifically target modular carpet sales to the residential market segment, and in recent years FLOR products have had crossover success in commercial markets.

In addition, we have created modular carpet products specifically designed for each of the education, hospitality and retail market segments.

Tab le of Contents

The award-winning design firm David Oakey Designs has had a pivotal role in developing many of our innovative product designs.

7 unchanged sentences

Embodied carbon is distinct from operational carbon, which refers to the carbon footprint of everything that happens after the product leaves our factory, such as shipment, customer use, and end of life.

The Embodied Beauty ™ collection was expanded into our EAAA geographical regions in 2021.

In addition, through our third party verified Carbon Neutral Floors ™ program, all of our carpet tile, LVT and norament and noraplan rubber flooring products are made carbon neutral across their entire life cycle, including both embodied carbon and operational carbon, by our purchase and retirement of third party verified carbon offsets.

1 unchanged sentence

Modular Resilient Flooring

In 2016, we began offering a category of products we call modular resilient flooring, and our first product introductions into this category were LVT products in the U.S.

LVT shares many of the same attributes and benefits as carpet tile.

In 2016, we began offering a category of products we call modular resilient flooring, and our first product introductions into this category were LVT products in the United States.

LVT shares many of the same attributes and benefits as carpet tile, but has a resilient or hard surface instead of a soft surface of yarn.

In 2017, we launched our LVT products globally, beginning with the Level Set ™ collection which is available in styles with printed top layers in a variety of aesthetic looks, including natural woodgrains and stones, textured woodgrains, and patterns.

These LVT products are modular and come in sizes that match certain of our modular carpet tile planks and squares.

Our LVT products are modular and come in sizes that match certain of our modular carpet tile squares and planks.

Some of them are engineered to the same or similar height as our modular carpet, which means our customers have the ability to install our LVT and modular carpet products side by side without transition strips or layering.

In addition, some of our LVT products include a backing system that provides acoustic insulation without the need for additional underlayment, which can reduce the impact of sound within a space.

In addition, some of our LVT products include a backing system that provides acoustic insulation without the need for additional underlayment, which can reduce the impact of sound in the space where the flooring is used.

Rubber Flooring

6 unchanged sentences

We also continue to provide “turnkey” project management services for a number of global accounts and other large customers through our InterfaceSERVICES™ business.

Tab le of Contents

Manufacturing and Raw Materials

We manufacture carpet tile at two locations in the United States and at facilities in the Netherlands, the United Kingdom, Thailand, China and Australia.

We manufacture carpet tile at two locations in the United States and at facilities in the Netherlands, the United Kingdom, China and Australia.

We also have manufactured carpet tile at a location in Thailand for many years, but in 2021 we announced that we are closing the Thailand plant (anticipated closure at the end of the first quarter of 2022).

We manufacture rubber flooring in Germany.

4 unchanged sentences

For rubber flooring, the key polymer raw materials are available from multiple sources, and we can source both synthetic and natural rubber depending on product specification and material availability.

We have a flexible-inputs carpet backing line, which we call Cool Blue™ , at our modular carpet manufacturing facility in LaGrange, Georgia.

This custom-designed backing line dramatically improves our ability to keep reclaimed and waste carpet in the production “technical loop,” and further permits us to explore other plastics and polymers as inputs.

For example, our knowledge and experience with the Cool Blue line helped us in the development of our new CQuest backings described above.

We also have technology that more cleanly separates the face fiber and backing of reclaimed and waste carpet, thus making it easier to recycle some of its components and providing a purer supply of inputs for the Cool Blue process.

This technology, which is part of our ReEntry ® 2.0 carpet reclamation program, allows us to send some of the reclaimed face fiber back to our fiber supplier to be blended with virgin or other post-industrial materials and extruded into new fiber.

The environmental management systems of our floorcovering manufacturing facilities in LaGrange, Georgia, West Point, Georgia, Northern Ireland, the Netherlands, Thailand, China and Australia are certified under International Standards Organization (ISO) Standard No.

The environmental management systems of our floorcovering manufacturing facilities in LaGrange, Georgia, West Point, Georgia, Northern Ireland, the Netherlands, Thailand (anticipated closure at the end of the first quarter of 2022), China and Australia are certified under International Standards Organization (ISO) Standard No.

Nora’s manufacturing facility, which is located in Weinheim, Germany, is ISO14001 certified as well and sells the majority of its products with the Blauer Engel label.

5 unchanged sentences

We have traditionally focused our carpet marketing strategy on major accounts, seeking to build lasting relationships with national and multinational end-users, and on architects, interior designers, engineers, contracting firms, and other specifiers who often make or significantly influence purchasing decisions.

While the corporate office market segment, including new construction and renovation, is our largest, we also emphasize sales in other market segments, including retail space, government institutions, schools and educational facilities, healthcare facilities, tenant improvement space, hospitality centers, residences and home office space.

While the corporate office market segment, including new construction and renovation, is our largest, we also emphasize sales in other market segments, including schools and educational facilities, government institutions, retail space, healthcare facilities, tenant improvement space, hospitality centers, residences and home office space.

Our marketing efforts are enhanced by the established and well-known brand names of our carpet products, including Interface and FLOR, as well as the strength of the nora rubber flooring brands of noraplan and norament.

4 unchanged sentences

We primarily use our internal marketing and sales force teams to market our flooring products.

In order to implement our global marketing efforts, we have product showrooms or design studios in the United States, Canada, Mexico, England, France, Germany, Spain, the Netherlands, India, Australia, Norway, United Arab Emirates, Russia, Singapore, Hong Kong, Thailand, China and elsewhere.

In order to implement our global marketing efforts, we have product showrooms or design studios in the United States, Mexico, England, France, Germany, Spain, the Netherlands, India, Australia, United Arab Emirates, Russia, Singapore, Hong Kong, Thailand, China and elsewhere.

We may open offices in other locations around the world as necessary to capitalize on emerging marketing opportunities.

Tab le of Contents

Business Strategy and Principal Initiatives

5 unchanged sentences

Develop a Substantial Resilient Flooring Business .

Building upon the success of our products into the high growth LVT market, we plan to expand our LVT product offerings while also seeking to introduce new products in the resilient flooring category.

Building upon the success of our products in the high growth LVT market, we plan to expand our LVT product offerings while also seeking to introduce new products in the resilient flooring category, such as rigid core LVT that was launched in early 2022.

We believe our ability to offer and sell our soft and hard surfaces in an integrated flooring design helps meet the needs of our customers by complementing and enhancing our carpet tile portfolio with true modular installation, no transition strips between surfaces, carpet tile and resilient products that are in some cases the same size and shape, and favorable acoustic properties.

1 unchanged sentence

Sustain Leadership in Product Design and Development.

Our CQuest backings and our plank, Skinny Plank , and i2 products and TacTiles installation system have confirmed our position as an innovation leader in modular carpet.

Our CQuest backings, Embodied Beauty collection, and our plank, Skinny Plank , and i2 products and TacTiles installation system have confirmed our position as an innovation leader in modular carpet.

We will continue initiatives to sustain, augment and capitalize upon that strength to continue to increase our market share in targeted market segments.

Our Climate Take Back initiative, which was advanced in 2020 with the launch of our first ever cradle-to-gate carbon negative carpet tile, and our Mission Zero initiative promote our sustainability commitment.

Historically, sales in our first quarter had typically been our lowest quarter while our fourth quarter sales had typically been our best quarter, as sales generally increased throughout the course of the fiscal year.

However, in recent years, as our sales efforts and results in the education and other non-corporate office market segments have increased, our second and third quarter sales have sometimes been the highest.

However, in more recent years up through 2019, as our sales efforts and results in the education and other non-corporate office market segments increased, our second and third quarter sales sometimes were the highest.

In 2020, our first quarter sales were the highest quarter, as the COVID-19 pandemic escalated and more severely impacted the remainder of the year.

In 2021, our fourth quarter sales were the highest quarter as certain countries rebounded from the economic impacts of the COVID-19 pandemic over the course of the year.

We compete, on a global basis, in the sale of our modular carpet products with other carpet manufacturers and manufacturers of vinyl and other types of floorcoverings, including broadloom carpet.

Although the industry has experienced significant consolidation, a large number of manufacturers remain in the industry.

We believe we are the largest manufacturer of modular carpet in the world.

However, a number of domestic and foreign competitors manufacture modular carpet as one segment of their business, and some of these competitors have financial resources greater than ours.

A number of domestic and foreign competitors manufacture modular carpet as one segment of their business, and some of these competitors have financial resources greater than ours.

In addition, some of the competing carpet manufacturers have the ability to extrude at least some of their requirements for fiber used in carpet products, which decreases their dependence on third party suppliers of fiber.

1 unchanged sentence

In the corporate office market segment, modular carpet competes with various floorcoverings including broadloom carpet, LVT and polished concrete.

We believe the quality, service, design, better and longer average product performance, flexibility (design options, selective rotation or replacement, use in combination with our resilient products), sustainability and convenience of our modular carpet are our principal competitive advantages.

We believe the quality, service, design, better and longer average product performance, flexibility (design options, selective rotation or replacement, use in combination with our resilient products), environmental footprint and convenience of our modular carpet are our principal competitive advantages.

Tab le of Contents

We believe we have competitive advantages in several other areas as well.

1 unchanged sentence

Additionally, we believe that our global carpet tile manufacturing capabilities are an important competitive advantage in serving the needs of multinational corporate customers.

We believe that the incorporation of the Intersept antimicrobial chemical agent into the backing of some modular carpet products enhances our ability to compete successfully across all of our market segments.

Our sustainability goals are a brand-enhancing, competitive strength as well as a strategic initiative.

2 unchanged sentences

Our modular carpet products historically have had inherent installation and maintenance advantages that have translated into greater efficiency and waste reduction.

We are using raw materials and production technologies, such as our Cool Blue backing line, our ReEntry 2.0 reclaimed carpet separation process, and our new CQuest™ backings, that directly reduce the adverse impact of those operations on the environment and limit our dependence on petrochemicals.

We are using raw materials and production technologies, such as our ReEntry 2.0 reclaimed carpet separation process and our new CQuest backings, that directly reduce the adverse impact of those operations on the environment and limit our dependence on petrochemicals.

Product Design, Research and Development

We maintain an active research, development and design staff of approximately 90 people and also draw on the research and development efforts of our suppliers, particularly in the areas of fibers, yarns and modular carpet backing materials.

We maintain an active research and development, product development and design staff of approximately 150 people and also draw on the research and development efforts of our suppliers, particularly in the areas of fibers, yarns and modular carpet backing materials.

The research and development team provides us with technical support and advanced materials research and development.

Innovation and increased customization in product design and styling are the principal focus of our product development efforts, and this focus has led to several design breakthroughs such as our plank and Skinny Plank products, as well as our i2 product line.

Innovation and increased customization in product design and styling are the principal focus of our product development efforts, and this focus has led to several design breakthroughs such as our CQuest backings, plank and Skinny Plank products, as well as our i2 product line.

Our carpet design and development team is recognized as an industry leader in carpet design and product engineering for the commercial and institutional markets.

3 unchanged sentences

In 2020, we launched our first ever cradle-to-gate carbon negative carpet tile.

Our goal is to offer products with the lowest carbon footprint possible and products that go beyond neutral to help maintain a climate fit for life.

Our goal is to offer products with the lowest carbon footprint possible and products that help maintain a climate fit for life.

Our carbon negative carpet tile features carbon negative materials in the CQuestBioX backing in combination with specialty yarns and tufting processes.

5 unchanged sentences

Environmental and Sustainability Initiatives

Our sustainability strategy that we refer to as Mission Zero , is aimed at reducing waste, environmental footprint and costs.

With our Climate Take Back initiative we seek to lead industry in designing and making products in ways that will maintain a climate fit for life.

Our Mission Zero and Climate Take Back logos appear on many of our marketing and merchandising materials distributed throughout the world.

With our new CQuest™GB, CQuest™Bio and CQuest™BioX backings we are able to use more bio-based and recycled materials.

Our sustainability strategy began more than 25 years ago with initiatives aimed at reducing waste, environmental footprint and costs.

With our more recent Climate Take Back initiative, we seek to lead industry in designing and making products in ways that will maintain a climate fit for life.

Our Climate Take Back logo appears on many of our marketing and merchandising materials distributed throughout the world.

With our new CQuestGB, CQuestBio and CQuestBioX backings, we are able to use more bio-based and recycled materials.

As more customers in our target markets share our view that sustainability is an important factor, it will become a determining factor in purchasing and design decisions.

A high point in our pursuit of sustainability was our creation with the Zoological Society of London of a program called Net-Works® in which we’ve worked with communities in the Philippines to collect discarded fishing nets that are damaging a large coral reef, and divert them to our yarn supplier where they are recycled into new carpet fiber.

In 2021, we set a goal to reduce our CO2 emissions across our Company and supply chain by 2030 with a target validated by the Science Based Targets Initiative.

Our targets are to reduce our absolute Scope 1 and 2 greenhouse gas emissions 50% by 2030 from a 2019 base year, and to reduce our absolute Scope 3 greenhouse gas emissions from purchased goods and services 50% and from business travel and employee commuting 30% by 2030 from a 2019 base year.

Tab le of Contents

A highlight in our pursuit of sustainability was our creation with the Zoological Society of London of a program called Net-Works® in which we worked with communities in the Philippines to collect discarded fishing nets that are damaging a large coral reef, and divert them to our yarn supplier where they are recycled into new carpet fiber.

Net-Works provides a source of income for members of these communities in the Philippines, while also cleaning up the beaches and waters where they live and work.

2 unchanged sentences

Compliance with Government Regulations

We are subject to various federal, state and foreign laws and regulations that address various aspects of our business such as worker safety, privacy, trade sanctions and anticorruption.

We are subject to various federal, state and foreign laws and regulations that address various aspects of our business such as worker safety (including but not limited to safety measures in response to the COVID-19 pandemic), privacy, trade sanctions and anticorruption.

In addition, our operations are subject to laws and regulations relating to the generation, storage, handling, emission, transportation and discharge of materials into the environment.

The costs of complying with these laws and regulations have not had a material adverse impact on our financial condition or results of operations in the past and are not expected to have a material adverse impact in the future.

The environmental management systems of our floorcovering manufacturing facilities in LaGrange, Georgia, West Point, Georgia, Northern Ireland, the Netherlands, Thailand, China, Germany and Australia are certified under ISO Standard No.

The environmental management systems of our floorcovering manufacturing facilities in LaGrange, Georgia, West Point, Georgia, Northern Ireland, the Netherlands, Thailand (anticipated closure at the end of the first quarter of 2022), China, Germany and Australia are certified under ISO Standard No.

Our backlog of unshipped orders was approximately $215.6 million at February 6, 2022, compared with approximately $177.7 million at February 7, 2021.

Historically, backlog is subject to significant fluctuations due to the timing of orders for individual large projects and currency fluctuations.

Disruptions in supply and distribution chains, global travel restrictions and government shelter in place orders due to the impact of COVID-19 have resulted in delays of construction projects and flooring installations in many regions worldwide.

Patents and Trademarks

7 unchanged sentences

Some of our more prominent registered trademarks include:

Interface, FLOR, Intersept, GlasBac, Mission Zero, norament, noraplan, nTX solution, noraplan unita, noraplan valua and Net-Works.

Interface, FLOR, GlasBac, CQuest, Climate Take Back, nora, norament, noraplan, nTX solution, noraplan unita, noraplan valua, and TacTiles.

Trademark registrations in the United States are valid for a period of 10 years and are renewable for additional 10-year periods as long as the mark remains in actual use.

1 unchanged sentence

Human Capital

In response to the COVID-19 pandemic, we have implemented various measures to protect the physical health, mental health, and productivity of our workforce.

These measures include, but are not limited to, daily health self-assessments prior to entering an office or manufacturing facility, enhanced cleaning and sanitizing within our facilities, and face covering requirements.

In addition, we have adopted new policies and procedures for our employees and have taken steps within our workplaces to promote social distancing.

Almost all of our salesforce and administrative employees globally continue to work remotely.

Interface is a purpose-driven company with a passionate team that shares a unique set of values.

We strive to do the right thing and to be generous to people and the planet.

We are committed to an equitable and inclusive culture and achieve this by living our values.

Our core values represent who we are, how we see the world, how we treat each other and our external customers and stakeholders, and how we approach our work every day.

5 unchanged sentences

• Embrace tomorrow, today.

Tab le of Contents

At January 2, 2022, we employed a total of 3,646 employees worldwide.

3 unchanged sentences

In the Netherlands, a Works Council, the members of which are Interface employees, is required to be consulted by management with respect to certain matters relating to our operations in that country, such as a change in control of Interface Europe B.V.

(our modular carpet subsidiary based in the Netherlands), and the approval of the Council is required for some of our actions, including changes in compensation scales or employee benefits.

The majority of our employees in Germany are members of a Works Council as well.

Our management believes that its relations with the Works Councils, the unions and all of our employees are good.

(our modular carpet subsidiary based in the Netherlands), and the approval of the Works Council is required for some of our actions, including changes in compensation scales or employee benefits.

The majority of our employees in Germany are represented by a Works Council as well.

Our management believes that its relations with the Works Councils, the unions and our employees are good.

Information About Our Executive Officers

19 unchanged sentences

He has also previously held finance and controller positions with several software and internet companies and is a certified public accountant (inactive status) in the State of California.

Poppens joined us in 2017 to lead the restructuring of our FLOR business and most recently served as Vice President of Corporate Marketing and was responsible for the global Interface brand, digital strategy, global product commercialization planning and leading the FLOR business.

Poppens joined us in 2017 to lead the restructuring of our FLOR business and then served as Vice President of Corporate Marketing and was responsible for the global Interface brand, digital strategy, global product commercialization planning as well as leading the FLOR business.

He was named President for our Americas business in February 2020.

1 unchanged sentence

Poppens held leadership roles at Newell Rubbermaid, Kellogg Company, REI, and Coca-Cola.

Tab le of Contents

Stansfield was the Operations Manager for Firth Carpets (our former European broadloom operations) at the time it was acquired by us in 1997.

20 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-K

Item 1. Business