What changed in this filing

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Item 1. Financial Statements

2023-04-26 compared with 2022-10-26 · 84 added, 154 removed, 331 unchanged (42% of the section changed)

Financial statements

For Three Months Ended For Nine Months Ended

Consolidated Statements of Income September 30, September 30,

For Three Months Ended

Consolidated Statements of Income March 31,

(In millions, except per-share amounts) 2023 2022

4 unchanged sentences

Selling, general and administrative (SG&A) 474 422

Acquisition charges — 47 — 142

Restructuring charges/other — 66

18 unchanged sentences

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

For Three Months Ended For Nine Months Ended

Consolidated Statements of Comprehensive Income September 30, September 30,

For Three Months Ended

Consolidated Statements of Comprehensive Income March 31,

(In millions) 2023 2022

3 unchanged sentences

Adjustments, net of tax effect of $ 1 and ($ 2 )

$ 2 and ($ 8 )

11 3 ( 23 ) 24

Recognized within net income, net of tax effect of ($ 1 ) and ($ 1 )

($ 9 ) and ($ 7 )

Prior service credit of defined benefit plans:

Adjustments, net of tax effect of $ 0 and $ 0 ;

Recognized within net income, net of tax effect of $ 0 and $ 0 ;

( 1 ) ( 1 ) ( 1 ) ( 1 )

Derivative instruments:

1 unchanged sentence

Available-for-sale investments:

Unrealized losses, net of tax effect of $ 0 and $ 0 ;

( 1 ) — ( 8 ) —

Unrealized gains (losses), net of tax effect of $ 0 and $ 1

Other comprehensive income (loss), net of taxes 2 4

2 unchanged sentences

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

September 30, December 31,

March 31, December 31,

Consolidated Balance Sheets 2023 2022

41 unchanged sentences

Treasury common stock at cost

September 30, 2022 – 831 ;

March 31, 2023 – 833 ;

December 31, 2022 – 835

5 unchanged sentences

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

For Nine Months Ended

Consolidated Statements of Cash Flows September 30,

For Three Months Ended

Consolidated Statements of Cash Flows March 31,

(In millions) 2023 2022

3 unchanged sentences

Depreciation 265 200

Amortization of acquisition-related intangibles — 142

Amortization of capitalized software 16 14

21 unchanged sentences

Proceeds from issuance of long-term debt 1,397 —

Repayment of debt ( 500 ) ( 550 )

Dividends paid ( 1,125 ) ( 1,063 )

10 unchanged sentences

Description of business, including segment and geographic area information

We design, make and sell semiconductors to electronics designers and manufacturers all over the world.

We design and manufacture semiconductors that we sell to electronics designers and manufacturers all over the world.

We have two reportable segments, Analog and Embedded Processing, each of which represents groups of similar products that are combined on the basis of similar design and development requirements, product characteristics, manufacturing processes and distribution channels.

Our segments also reflect how management allocates resources and measures results.

• Analog semiconductors change real-world signals, such as sound, temperature, pressure or images, by conditioning them, amplifying them and often converting them to a stream of digital data that can be processed by other semiconductors, such as embedded processors.

11 unchanged sentences

Segment information

For Three Months Ended For Nine Months Ended

September 30, September 30,

2022 2021 2022 2021

For Three Months Ended

Analog $ 3,289 $ 3,816

7 unchanged sentences

Total operating profit $ 1,934 $ 2,563

(a) Includes acquisition charges and restructuring charges/other

(a) Includes restructuring charges/other

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Geographic area information

The following geographic area information includes revenue, based on product shipment destination.

The geographic revenue information does not necessarily reflect end demand by geography because our products tend to be shipped to the locations where our customers manufacture their products.

For Three Months Ended For Nine Months Ended

September 30, September 30,

2022 2021 2022 2021

The following geographic area information is based on product shipment destination, which does not reflect end demand by geography.

For Three Months Ended

United States $ 555 13 % $ 494 10 %

Asia (a) 3,135 3,082 9,733 8,933

China (a) 1,831 41 2,548 52

Rest of Asia 549 13 655 13

Europe, Middle East and Africa 986 23 814 17

2 unchanged sentences

Total revenue $ 4,379 100 % $ 4,905 100 %

(a) Revenue from products shipped into China was $ 2.4 billion and $ 2.5 billion in the third quarters of 2022 and 2021, respectively, and $ 7.7 billion and $ 7.3 billion in the first nine months of 2022 and 2021, respectively, which includes shipments to customers that manufacture in China and then export end products to their customers around the world, as well as distributors that transship inventory through China to service other countries.

(a) Revenue from products shipped into China includes shipments to customers that manufacture in China and then export end products to their customers around the world, as well as distributors that transship inventory through China to service other countries.

The following additional geographic information includes our estimate for revenue based on the location of our end customers’ headquarters, providing a better representation of the geographic profile for where critical decisions are made.

For Three Months Ended

United States $ 1,357 31 % $ 1,570 32 %

China 876 20 1,275 26

Rest of Asia 394 9 540 11

Europe, Middle East and Africa (a) 1,270 29 1,079 22

Japan 438 10 392 8

Rest of world 44 1 49 1

Total revenue $ 4,379 100 % $ 4,905 100 %

(a) Revenue from end customers headquartered in Germany was 13 % and 10 % in the first quarters of 2023 and 2022, respectively.

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Basis of presentation and significant accounting policies and practices

1 unchanged sentence

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) and on the same basis as the audited financial statements included in our annual report on Form 10-K for the year ended December 31, 2022.

The Consolidated Statements of Income, Comprehensive Income and Cash Flows for the periods ended September 30, 2022 and 2021, and the Consolidated Balance Sheet as of September 30, 2022, are not audited but reflect all adjustments that are of a normal recurring nature and are necessary for a fair statement of the results of the periods shown.

The Consolidated Statements of Income, Comprehensive Income and Cash Flows for the periods ended March 31, 2023 and 2022, and the Consolidated Balance Sheet as of March 31, 2023, are not audited but reflect all adjustments that are of a normal recurring nature and are necessary for a fair statement of the results of the periods shown.

Certain information and note disclosures normally included in annual consolidated financial statements have been omitted pursuant to the rules and regulations of the U.S.

1 unchanged sentence

Because the consolidated interim financial statements do not include all of the information and notes required by GAAP for a complete set of financial statements, they should be read in conjunction with the audited consolidated financial statements and notes included in our annual report on Form 10-K for the year ended December 31, 2022.

Certain amounts in prior periods' financial statements have been reclassified to conform to the current presentation.

The results for the three- and nine-month periods are not necessarily indicative of a full year’s results.

The results for the three-month periods are not necessarily indicative of a full year’s results.

Significant accounting policies and practices

2 unchanged sentences

Under the two-class method, a portion of net income is allocated to RSUs and excluded from the calculation of income allocated to common stock.

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Computation and reconciliation of earnings per common share are as follows:

For Three Months Ended September 30,

Net Income Shares EPS Net Income Shares EPS

Net income $ 2,295 $ 1,947

Income allocated to RSUs ( 11 ) ( 9 )

Income allocated to common stock $ 2,284 913 $ 2.50 $ 1,938 923 $ 2.10

Dilutive effect of stock compensation plans 10 13

Net income $ 2,295 $ 1,947

Income allocated to RSUs ( 11 ) ( 9 )

Income allocated to common stock $ 2,284 923 $ 2.47 $ 1,938 936 $ 2.07

For Nine Months Ended September 30,

For Three Months Ended March 31,

Net Income Shares EPS Net Income Shares EPS

6 unchanged sentences

Income allocated to common stock $ 1,699 916 $ 1.85 $ 2,192 934 $ 2.35

Potentially dilutive securities representing 6 million and 2 million shares of common stock that were outstanding during the third quarters of 2022 and 2021, respectively, and 5 million and 3 million shares outstanding during the first nine months of 2022 and 2021, respectively, were excluded from the computation of diluted earnings per common share during these periods because their effect would have been anti-dilutive.

Potentially dilutive securities representing 8 million and 5 million shares of common stock that were outstanding during the first quarters of 2023 and 2022, respectively, were excluded from the computation of diluted earnings per common share during these periods because their effect would have been anti-dilutive.

Derivatives and hedging

6 unchanged sentences

We use total return swaps to economically hedge this exposure and offset the related compensation expense, recognizing changes in the value of the swaps and the related deferred compensation liabilities in SG&A.

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

In connection with the issuance of long-term debt, we may use financial derivatives such as treasury-rate lock agreements that are recognized in AOCI and amortized over the life of the related debt.

1 unchanged sentence

We do not use derivatives for speculative or trading purposes.

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Fair values of financial instruments

The fair values of our derivative financial instruments were not material as of September 30, 2022.

The fair values of our derivative financial instruments were not material as of March 31, 2023.

Our investments in cash equivalents, short-term investments and certain long-term investments, as well as our deferred compensation liabilities, are carried at fair value.

The carrying values for other current financial assets and liabilities, such as accounts receivable and accounts payable, approximate fair value due to the short maturity of such instruments.

As of September 30, 2022, the carrying value of long-term debt, including the current portion, was $ 7.94 billion, and the estimated fair value was $ 6.91 billion.

As of March 31, 2023, the carrying value of long-term debt, including the current portion, was $ 10.13 billion, and the estimated fair value was $ 9.53 billion.

The estimated fair value is measured using broker-dealer quotes, which are Level 2 inputs.

1 unchanged sentence

Provision for income taxes is based on the following:

For Three Months Ended For Nine Months Ended

September 30, September 30,

2022 2021 2022 2021

For Three Months Ended

Taxes calculated using the estimated annual effective tax rate $ 276 $ 361

5 unchanged sentences

tax benefits.

On August 16, 2022, the U.S.

government enacted the Inflation Reduction Act (IRA), which introduces a new 15% corporate minimum tax effective January 1, 2023, based on adjusted financial statement income.

Based on our current analysis of the provisions, we do not believe this legislation will have a material impact on our consolidated financial statements.

Valuation of debt and equity investments and certain liabilities

Investments measured at fair value

Money market funds, available-for-sale debt investments and mutual funds are stated at fair value, which is generally based on market prices or broker quotes.

Money market funds, debt investments and mutual funds are stated at fair value, which is generally based on market prices or broker quotes.

We classify all debt investments as available-for-sale.

See Fair-value considerations .

Unrealized gains and losses from available-for-sale debt securities are recorded as an increase or decrease, net of taxes, in AOCI on our Consolidated Balance Sheets, and any credit losses on available-for-sale debt securities are recorded as an allowance for credit losses with an offset recognized in OI&E in our Consolidated Statements of Income.

Unrealized gains and losses are recorded as an increase or decrease, net of taxes, in AOCI on our Consolidated Balance Sheets, and any credit losses are recorded as an allowance for credit losses with an offset recognized in OI&E in our Consolidated Statements of Income.

Our mutual funds hold a variety of debt and equity investments intended to generate returns that offset changes in certain deferred compensation liabilities.

1 unchanged sentence

Other investments

Our other investments include equity-method investments and non-marketable equity investments, which are not measured at fair value.

These investments consist of interests in venture capital funds and other non-marketable equity securities.

Our other investments include equity-method investments and non-marketable investments, which are not measured at fair value.

These investments consist of interests in venture capital funds and other non-marketable securities.

Gains and losses from equity-method investments are recognized in OI&E based on our ownership share of the investee’s financial results.

Non-marketable equity securities are measured at cost with adjustments for observable changes in price or impairments.

Gains and losses on non-marketable equity investments are recognized in OI&E.

Non-marketable securities are measured at cost with adjustments for observable changes in price or impairments.

Gains and losses on non-marketable investments are recognized in OI&E.

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Details of our investments are as follows:

September 30, 2022 December 31, 2021

March 31, 2023 December 31, 2022

Cash and Cash Equivalents Short-Term Investments Long-Term Investments Cash and Cash Equivalents Short-Term Investments Long-Term Investments

11 unchanged sentences

Total $ 4,477 $ 5,068 $ 29 $ 3,050 $ 6,017 $ 34

As of September 30, 2022, and December 31, 2021, unrealized gains and losses associated with our available-for-sale investments were not material.

We did no t recognize any credit losses related to available-for-sale investments for the first nine months of 2022 and 2021.

Proceeds from sales, redemptions and maturities of short-term available-for-sale investments were $ 3.03 billion and $ 1.32 billion for the third quarters of 2022 and 2021, respectively, and $ 10.01 billion and $ 5.77 billion for the first nine months of 2022 and 2021, respectively.

Gross realized gains and losses from these sales were not material.

The following table presents the aggregate maturities of our available-for-sale debt investments as of September 30, 2022:

As of March 31, 2023, and December 31, 2022, unrealized gains and losses associated with our debt investments were not material.

We did no t recognize any credit losses related to debt investments for the first three months of 2023 and 2022.

The following table presents the aggregate maturities of our available-for-sale debt investments as of March 31, 2023:

One year or less $ 6,089

One to two years 74

Proceeds from sales, redemptions and maturities of short-term available-for-sale investments were $ 4.03 billion and $ 2.77 billion for the first quarters of 2023 and 2022, respectively.

Gross realized gains and losses from these sales were not material.

Fair-value considerations

10 unchanged sentences

These values are generally determined using pricing models that utilize management estimates of market participant assumptions.

As of September 30, 2022, our Level 3 assets and liabilities were not material.

As of December 31, 2021, we had no Level 3 assets or liabilities.

As of March 31, 2023, and December 31, 2022, we had no Level 3 assets or liabilities.

The following are our assets and liabilities that were accounted for at fair value on a recurring basis.

These tables do not include cash on hand, assets held by our postretirement plans, or assets and liabilities that are measured at historical cost or any basis other than fair value.

September 30, 2022 December 31, 2021

March 31, 2023 December 31, 2022

Level 1 Level 2 Total Level 1 Level 2 Total

7 unchanged sentences

Total liabilities $ 328 $ — $ 328 $ 326 $ — $ 326

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Postretirement benefit plans

3 unchanged sentences

Defined Benefit

For Three Months Ended September 30, 2022 2021 2022 2021 2022 2021

Service cost $ 4 $ 5 $ 1 $ — $ 6 $ 9

Interest cost 8 8 3 3 7 9

Expected return on plan assets ( 6 ) ( 8 ) ( 3 ) ( 2 ) ( 15 ) ( 20 )

Recognized net actuarial loss 1 3 — — 1 2

Amortization of prior service cost (credit) — — ( 1 ) ( 1 ) — —

Net periodic benefit costs 7 8 — — ( 1 ) —

Settlement losses 16 4 — — 1 1

Total, including other postretirement losses $ 23 $ 12 $ — $ — $ — $ 1

Defined Benefit U.S.

Retiree Health Care Non-U.S.

Defined Benefit

For Nine Months Ended September 30, 2022 2021 2022 2021 2022 2021

For Three Months Ended March 31, 2023 2022 2023 2022 2023 2022

Service cost $ 2 $ 4 $ — $ 1 $ 4 $ 7

1 unchanged sentence

Expected return on plan assets ( 6 ) ( 8 ) ( 5 ) ( 4 ) ( 15 ) ( 18 )

Recognized net actuarial loss 2 11 — — 1 6

Amortization of prior service cost (credit) — — ( 1 ) ( 1 ) — —

Net periodic benefit costs 12 25 — 1 ( 4 ) —

Recognized net actuarial losses (gains) 2 — ( 1 ) — 3 —

Net periodic benefit costs (credits) 5 2 ( 2 ) — 6 ( 1 )

Settlement losses — 2 — — — 1

Total, including other postretirement losses $ 41 $ 37 $ — $ 1 $ 6 $ 2

Total, including other postretirement losses (gains) $ 5 $ 4 $ ( 2 ) $ — $ 6 $ —

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Debt and lines of credit

Short-term borrowings

We maintain a line of credit to support commercial paper borrowings, if any, and to provide additional liquidity through bank loans.

As of September 30, 2022, we had a variable-rate revolving credit facility from a consortium of investment-grade banks that allows us to borrow up to $ 1 billion until March 2023.

We maintain a line of credit to provide additional liquidity through bank loans and, if necessary, to support commercial paper borrowings.

As of March 31, 2023, the aforementioned line of credit was a variable-rate, revolving credit facility from a consortium of investment-grade banks that allows us to borrow up to $ 1 billion until March 2024.

The interest rate on borrowings under this credit facility, if drawn, is indexed to the applicable Term Secured Overnight Financing Rate (Term SOFR).

As of September 30, 2022, our credit facility was undrawn, and we had no commercial paper outstanding.

As of March 31, 2023, our credit facility was undrawn, and we had no commercial paper outstanding.

Long-term debt

In August 2022, we issued two series of senior unsecured notes for an aggregate principal amount of $ 700 million, consisting of $ 400 million of 3.65 % notes due in 2032 and $ 300 million of 4.10 % notes due in 2052.

In March 2023, we issued two series of senior unsecured notes for an aggregate principal amount of $ 1.40 billion, consisting of $ 750 million of 4.90 % notes due in 2033 and $ 650 million of 5.00 % notes due in 2053.

We incurred $ 11 million of issuance and other related costs.

The proceeds of the offering were $ 695 million, net of the original issuance discounts, which will be used for general corporate purposes.

In April 2022, we retired $ 500 million of maturing debt.

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

The proceeds of the offering were $ 1.40 billion, net of the original issuance discounts, which will be used for general corporate purposes.

Long-term debt outstanding is as follows:

September 30, December 31,

March 31, December 31,

Notes due 2023 at 2.25 %

12 unchanged sentences

Notes due 2048 at 4.15 %

Notes due 2051 at 2.70 %

Notes due 2052 at 4.10 %

Notes due 2053 at 5.00 %

Total debt 10,200 8,800

3 unchanged sentences

Long-term debt $ 9,626 $ 8,235

Interest and debt expense was $ 53 million and $ 45 million for the third quarters of 2022 and 2021, respectively, and $ 154 million and $ 135 million for the first nine months of 2022 and 2021, respectively.

Interest and debt expense was $ 68 million and $ 52 million for the first quarters of 2023 and 2022, respectively.

This was net of the amortized discounts, premiums, issuance and other related costs.

15 unchanged sentences

Balance, March 31, 2023 $ 1,741 $ 3,016 $ 50,930 $ ( 40,192 ) $ ( 252 )

Net income — — 2,291 — —

Dividends declared and paid ($ 1.15 per share)

— — ( 1,060 ) — —

Common stock issued for stock-based awards — 31 — 25 —

Stock repurchases — — — ( 1,266 ) —

Stock compensation — 85 — — —

Other comprehensive income (loss), net of taxes — — — — ( 27 )

Dividend equivalents on RSUs — — ( 4 ) — —

Balance, June 30, 2022 1,741 2,783 48,280 ( 38,532 ) ( 180 )

Net income — — 2,295 — —

Dividends declared and paid ($ 1.15 per share)

— — ( 1,051 ) — —

Common stock issued for stock-based awards — 26 — 52 —

Stock repurchases — — — ( 996 ) —

Stock compensation — 68 — — —

Other comprehensive income (loss), net of taxes — — — — 26

Dividend equivalents on RSUs — — ( 5 ) — —

Balance, September 30, 2022 $ 1,741 $ 2,877 $ 49,519 $ ( 39,476 ) $ ( 154 )

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Common Stock Paid-in Capital Retained Earnings Treasury Common Stock AOCI

8 unchanged sentences

Dividend equivalents on RSUs — — ( 5 ) — —

Balance, March 31, 2021 1,741 2,391 42,860 ( 36,479 ) ( 347 )

Net income — — 1,931 — —

Dividends declared and paid ($ 1.02 per share)

— — ( 942 ) — —

Common stock issued for stock-based awards — 25 — 29 —

Stock repurchases — — — ( 146 ) —

Stock compensation — 69 — — —

Other comprehensive income (loss), net of taxes — — — — 24

Dividend equivalents on RSUs — — ( 4 ) — —

Other — ( 1 ) 1 — —

Balance, June 30, 2021 1,741 2,485 43,846 ( 36,596 ) ( 323 )

Net income — — 1,947 — —

Dividends declared and paid ($ 1.02 per share)

— — ( 942 ) — —

Common stock issued for stock-based awards — 27 — 48 —

Stock repurchases — — — ( 139 ) —

Stock compensation — 50 — — —

Other comprehensive income (loss), net of taxes — — — — 10

Dividend equivalents on RSUs — — ( 3 ) — —

Other — 1 ( 1 ) — —

Balance, September 30, 2021 $ 1,741 $ 2,563 $ 44,847 $ ( 36,687 ) $ ( 313 )

Balance, March 31, 2022 $ 1,741 $ 2,667 $ 47,053 $ ( 37,291 ) $ ( 153 )

Contingencies

3 unchanged sentences

Consequently, we cannot reasonably estimate any future liabilities that may result.

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Warranty costs/product liabilities

We accrue for known product-related claims if a loss is probable and can be reasonably estimated.

During the periods presented, there have been no material accruals or payments regarding product warranty or product liability.

Historically, we have experienced a low rate of payments on product claims.

Although we cannot predict the likelihood or amount of any future claims, we do not believe they will have a material adverse effect on our financial condition, results of operations or liquidity.

Our stated warranties for semiconductor products obligate us to repair, replace or credit the purchase price of a covered product back to the buyer.

Product claim consideration may exceed the price of our products.

Historically, we have experienced a low rate of payments on product claims.

Although we cannot predict the likelihood or amount of any future claims, we do not believe they will have a material adverse effect on our consolidated financial statements.

We accrue for known product-related claims if a loss is probable and can be reasonably estimated.

During the periods presented, there have been no material accruals or payments regarding product warranty or product liability.

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

We are subject to various legal and administrative proceedings.

Although it is not possible to predict the outcome of these matters, we believe that the results of these proceedings will not have a material adverse effect on our financial condition, results of operations or liquidity.

Although it is not possible to predict the outcome of these matters, we believe that the results of these proceedings will not have a material adverse effect on our consolidated financial statements.

Supplemental financial information

Restructuring charges/other

During the third quarter and first nine months of 2022, restructuring charges/other included $ 77 million and $ 209 million, respectively, related to integration charges at our Lehi, Utah, manufacturing facility.

These costs are included in Other for segment reporting purposes.

During the first quarter of 2022, restructuring charges/other included $ 66 million of preproduction costs at our Lehi, Utah, manufacturing facility, which were included in Other for segment reporting purposes.

These costs transitioned primarily to cost of revenue after production began in December 2022.

Other long-term assets

March 31, December 31,

CHIPS and Science Act investment tax credit $ 619 $ 395

Other 736 740

Total $ 1,355 $ 1,135

Details on amounts reclassified out of accumulated other comprehensive income (loss), net of taxes, to net income

Our Consolidated Statements of Comprehensive Income include items that have been recognized within net income during the third quarters and first nine months of 2022 and 2021.

Our Consolidated Statements of Comprehensive Income include items that have been recognized within net income during the first quarters of 2023 and 2022.

The table below details where these transactions are recorded in our Consolidated Statements of Income.

For Three Months Ended For Nine Months Ended Impact to Related Statement of Income Lines

September 30, September 30,

2022 2021 2022 2021

For Three Months Ended Impact to Related Statement of Income Lines

Net actuarial losses of defined benefit plans:

2 unchanged sentences

Recognized within net income, net of taxes $ 3 $ 2 Decrease to net income

Prior service credit of defined benefit plans:

Amortization of prior service credit (a) $ ( 1 ) $ ( 1 ) $ ( 1 ) $ ( 1 ) Increase to OI&E

Tax effect — — — — Increase to provision for income taxes

Recognized within net income, net of taxes $ ( 1 ) $ ( 1 ) $ ( 1 ) $ ( 1 ) Increase to net income

(a) Detailed in Note 5

Stock compensation

During the third quarter and first nine months of 2022, 1 million and 3 million shares, respectively, were issued from treasury related to stock compensation.

During the first quarter of 2023, 3 million shares were issued from treasury related to stock compensation.

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