What changed in this filing

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Item 1. Financial Statements

2025-04-24 compared with 2024-10-23 · 77 added, 172 removed, 345 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) 2025 2024

23 unchanged sentences

See accompanying notes.

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) 2025 2024

3 unchanged sentences

Adjustments, net of tax effect of $ 3 and ($ 2 )

$ 2 and ($ 4 )

( 11 ) 6 ( 5 ) 6

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

($ 3 ) and ($ 3 )

Prior service cost (credit) of defined benefit plans:

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

Derivative instruments:

2 unchanged sentences

Unrealized gains (losses), net of tax effect of $ 0 and $ 2

($ 2 ) and $ 0

Other comprehensive income (loss), net of taxes ( 7 ) 2

1 unchanged sentence

See accompanying notes.

September 30, December 31,

March 31, December 31,

Consolidated Balance Sheets 2025 2024

41 unchanged sentences

Treasury common stock at cost

September 30, 2024 – 829 ;

March 31, 2025 – 832 ;

December 31, 2024 – 830

4 unchanged sentences

See accompanying notes.

For Nine Months Ended

Consolidated Statements of Cash Flows September 30,

For Three Months Ended

Consolidated Statements of Cash Flows March 31,

(In millions) 2025 2024

19 unchanged sentences

Capital expenditures ( 1,123 ) ( 1,248 )

Proceeds from U.S.

CHIPS and Science Act (CHIPS Act) incentives 260 —

Proceeds from asset sales — 192

16 unchanged sentences

Investment tax credit (ITC) used to reduce income taxes payable $ — $ —

Total cash benefit related to the U.S.

CHIPS and Science Act $ 532 $ —

Proceeds from CHIPS Act incentives 260 —

Total cash benefit related to the CHIPS Act $ 260 $ —

See accompanying notes.

2 unchanged sentences

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.

We have two reportable segments, Analog and Embedded Processing, each of which represents groups of products that have similar design and development requirements, product characteristics and manufacturing processes.

Our segments reflect how our chief operating decision maker (CODM), which is our chief executive officer, 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.

7 unchanged sentences

Other includes DLP ® products, calculators and custom ASIC products.

Our centralized manufacturing and support organizations, such as facilities, procurement and logistics, provide support to our operating segments, including those in Other.

Costs incurred by these organizations, including depreciation, are charged to the segments on a per-unit basis.

In Other, we also include items that are not used in evaluating the results of or in allocating resources to our segments.

Examples of these items include acquisition, integration and restructuring charges, and certain corporate-level items, such as litigation expenses, environmental costs, insurance settlements, and gains and losses from other activities, including asset dispositions.

We allocate the remainder of our expenses associated with corporate activities to our operating segments based on specific methodologies, such as percentage of operating expenses or headcount.

Costs incurred by our centralized manufacturing and support organizations, including depreciation, are charged to the operating segments, including those in Other, on a per-unit basis.

Consequently, depreciation expense is not an independently identifiable component within the segments’ results and, therefore, is not provided.

With the exception of goodwill, we do not identify or allocate assets by operating segment, nor does the CODM evaluate operating segments using discrete asset information.

We have no material intersegment revenue.

The accounting policies of the segments are consistent with those described in the significant accounting policies and practices.

Segment information

For Three Months Ended For Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

Analog $ 3,223 $ 3,353 $ 8,987 $ 9,920

Embedded Processing 653 890 1,920 2,616

Other 275 289 727 906

Total revenue $ 4,151 $ 4,532 $ 11,634 $ 13,442

For Three Months Ended March 31, 2025

Analog Embedded Processing Other Total

Revenue $ 3,210 $ 647 $ 212 $ 4,069

Cost of revenue 1,296 375 85 1,756

Gross profit 1,914 272 127 2,313

Research and development 369 128 20 517

Selling, general and administrative 339 104 29 472

Operating profit $ 1,206 $ 40 $ 78 $ 1,324

Analog $ 1,316 $ 1,504 $ 3,371 $ 4,541

Embedded Processing 109 258 294 813

Other (a) 129 130 423 444

Total operating profit $ 1,554 $ 1,892 $ 4,088 $ 5,798

(a) Includes restructuring charges/other

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

For Three Months Ended March 31, 2024

Analog Embedded Processing Other Total

Revenue $ 2,836 $ 652 $ 173 $ 3,661

Cost of revenue 1,154 335 77 1,566

Gross profit 1,682 317 96 2,095

Research and development 349 114 15 478

Selling, general and administrative 325 98 32 455

Restructuring charges/other — — ( 124 ) ( 124 )

Operating profit $ 1,008 $ 105 $ 173 $ 1,286

Geographic area information

Our estimate for revenue based on the geographic location of our end customers’ headquarters, which represents where critical decisions are made, is as follows:

For Three Months Ended For Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

For Three Months Ended

United States $ 1,518 37 % $ 1,288 35 %

5 unchanged sentences

Total revenue $ 4,069 100 % $ 3,661 100 %

(a) Revenue from end customers headquartered in Germany was 11 % and 13 % in the third quarters of 2024 and 2023, respectively, and 12 % and 13 % in the first nine months of 2024 and 2023, respectively.

(a) Revenue from end customers headquartered in Germany was 11 % and 13 % in the first quarters of 2025 and 2024, respectively .

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, 2024.

The Consolidated Statements of Income, Comprehensive Income and Cash Flows for the periods ended September 30, 2024 and 2023, and the Consolidated Balance Sheet as of September 30, 2024, 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, 2025 and 2024, and the Consolidated Balance Sheet as of March 31, 2025, 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, 2024.

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.

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

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 $ 1,362 $ 1,709

Income allocated to RSUs ( 7 ) ( 9 )

Income allocated to common stock $ 1,355 913 $ 1.48 $ 1,700 908 $ 1.87

Dilutive effect of stock compensation plans 7 8

Net income $ 1,362 $ 1,709

Income allocated to RSUs ( 7 ) ( 10 )

Income allocated to common stock $ 1,355 920 $ 1.47 $ 1,699 916 $ 1.85

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 $ 1,173 916 $ 1.28 $ 1,100 917 $ 1.20

Potentially dilutive securities representing 3 million and 9 million shares of common stock that were outstanding during the third quarters of 2024 and 2023, respectively, and 9 million and 9 million shares outstanding during the first nine months of 2024 and 2023, 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 10 million and 14 million shares of common stock that were outstanding during the first quarters of 2025 and 2024, 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

5 unchanged sentences

We are exposed to variability in compensation charges related to certain deferred compensation obligations to employees.

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.

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

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, 2024.

The fair values of our derivative financial instruments were not material as of March 31, 2025.

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, 2024, the carrying value of long-term debt, including the current portion, was $ 13.89 billion, and the estimated fair value was $ 13.46 billion.

As of March 31, 2025, the carrying value of long-term debt was $ 12.85 billion, and the estimated fair value was $ 11.89 billion.

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

See Note 4 for a description of fair value and the definition of Level 2 inputs.

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Provision for income taxes is based on the following:

For Three Months Ended For Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

For Three Months Ended

Taxes calculated using the estimated annual effective tax rate $ 166 $ 176

21 unchanged sentences

Details of our investments are as follows:

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

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

12 unchanged sentences

Total $ 2,763 $ 2,242 $ 20 $ 3,200 $ 4,380 $ 23

As of September 30, 2024, and December 31, 2023, 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 nine months of 2024 and 2023.

The following table presents the aggregate maturities of our available-for-sale debt investments as of September 30, 2024:

As of March 31, 2025, and December 31, 2024, 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 2025 and 2024.

The following table presents the aggregate maturities of our debt investments as of March 31, 2025:

One year or less $ 3,520

One to two years 549

Proceeds from sales, redemptions and maturities of short-term available-for-sale investments were $ 2.70 billion and $ 2.89 billion for the third quarters of 2024 and 2023, respectively, and $ 8.46 billion and $ 9.98 billion for the first nine months of 2024 and 2023, respectively.

Proceeds from sales, redemptions and maturities of short-term debt investments were $ 2.81 billion and $ 2.63 billion for the first quarters of 2025 and 2024, respectively.

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

1 unchanged sentence

We measure and report certain financial assets and liabilities at fair value on a recurring basis.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

The three-level hierarchy described below indicates the extent and level of judgment used to estimate fair-value measurements.

• Level 1 – Uses unadjusted quoted prices that are available in active markets for identical assets or liabilities as of the reporting date.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

The three-level hierarchy described below indicates the inputs used to estimate fair-value measurements.

• Level 1 – Uses unadjusted quoted prices that are available in active markets for identical assets or liabilities as of the measurement date.

• Level 2 – Uses inputs other than Level 1 that are either directly or indirectly observable as of the measurement date through correlation with market data.

Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active and models or other pricing methodologies that do not require significant judgment.

We utilize a third-party data service to provide Level 2 valuations, and we verify these valuations for reasonableness.

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

• Level 2 – Uses inputs other than Level 1 that are either directly or indirectly observable as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active.

Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data.

We utilize a third-party data service to provide Level 2 valuations.

We verify these valuations for reasonableness relative to unadjusted quotes obtained from brokers or dealers based on observable prices for similar assets in active markets.

• Level 3 – Uses inputs that are unobservable, supported by little or no market activity and reflect the use of significant management judgment.

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

As of September 30, 2024, and December 31, 2023, we had no Level 3 assets or liabilities.

As of March 31, 2025, and December 31, 2024, 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, 2024 December 31, 2023

March 31, 2025 December 31, 2024

Level 1 Level 2 Total Level 1 Level 2 Total

7 unchanged sentences

Total liabilities $ 402 $ — $ 402 $ 443 $ — $ 443

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Postretirement benefit plans

3 unchanged sentences

Defined Benefit

For Three Months Ended September 30, 2024 2023 2024 2023 2024 2023

Service cost $ 2 $ 2 $ — $ — $ 4 $ 4

Interest cost 7 7 4 4 15 14

Expected return on plan assets ( 7 ) ( 6 ) ( 4 ) ( 4 ) ( 22 ) ( 16 )

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

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

Net periodic benefit costs (credits) 3 5 ( 1 ) ( 1 ) 1 6

Total, including other postretirement losses (gains) $ 3 $ 5 $ ( 1 ) $ ( 1 ) $ 1 $ 6

Defined Benefit U.S.

Retiree Health Care Non-U.S.

Defined Benefit

For Nine Months Ended September 30, 2024 2023 2024 2023 2024 2023

For Three Months Ended March 31, 2025 2024 2025 2024 2025 2024

Service cost $ 2 $ 2 $ — $ — $ 4 $ 4

2 unchanged sentences

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

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

Net periodic benefit costs (credits) $ 6 $ 3 $ — $ ( 1 ) $ 1 $ 2

Settlement losses — 1 — — — 1

Total, including other postretirement losses (gains) $ 10 $ 16 $ ( 4 ) $ ( 5 ) $ 4 $ 18

Debt and lines of credit

1 unchanged sentence

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

As of September 30, 2024, 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 2025.

As of March 31, 2025, 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 2026.

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, 2024, our credit facility was undrawn, and we had no commercial paper outstanding.

As of March 31, 2025, our credit facility was undrawn, and we had no commercial paper outstanding.

Long-term debt

In May 2024, we retired $ 300 million of maturing debt.

In February 2024, we issued five series of senior unsecured notes for an aggregate principal amount of $ 3.00 billion, consisting of:

• $ 650 million of 4.60 % notes due in 2027;

• $ 650 million of 4.60 % notes due in 2029;

• $ 600 million of 4.85 % notes due in 2034;

• $ 750 million of 5.15 % notes due in 2054;

• $ 350 million further issuance of existing 5.05 % notes due in 2063.

We incurred $ 16 million of issuance and other related costs.

The proceeds of the offering were $ 2.98 billion, net of the original issuance discounts, which will be used for general corporate purposes.

In March 2025, we retired $ 750 million of maturing debt.

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Long-term debt outstanding is as follows:

September 30, December 31,

Notes due 2024 at 2.625 %

Notes due 2024 at 4.70 %

March 31, December 31,

Notes due 2025 at 1.375 %

22 unchanged sentences

Long-term debt $ 12,848 $ 12,846

Interest and debt expense was $ 131 million and $ 98 million for the third quarters of 2024 and 2023, respectively, and $ 378 million and $ 255 million for the first nine months of 2024 and 2023, respectively.

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

Capitalized interest was $ 5 million and $ 3 million for the third quarters of 2024 and 2023, respectively, and $ 16 million and $ 8 million for the first nine months of 2024 and 2023, respectively.

Interest and debt expense was $ 128 million and $ 116 million for the first quarters of 2025 and 2024, respectively.

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

Capitalized interest was $ 4 million and $ 6 million for the first quarters of 2025 and 2024, respectively.

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

13 unchanged sentences

Balance, March 31, 2025 $ 1,741 $ 4,058 $ 52,196 $ ( 41,442 ) $ ( 147 )

Net income — — 1,127 — —

Dividends declared and paid ($ 1.30 per share)

— — ( 1,185 ) — —

Common stock issued for stock-based awards — 111 — 137 —

Stock repurchases — — — ( 72 ) —

Stock compensation — 116 — — —

Other comprehensive income (loss), net of taxes — — — — 3

Dividend equivalents on RSUs — — ( 6 ) — —

Balance, June 30, 2024 1,741 3,666 52,135 ( 40,128 ) ( 200 )

Net income — — 1,362 — —

Dividends declared and paid ($ 1.30 per share)

— — ( 1,187 ) — —

Common stock issued for stock-based awards — 62 — 55 —

Stock repurchases — — — ( 322 ) —

Stock compensation — 87 — — —

Other comprehensive income (loss), net of taxes — — — — 5

Dividend equivalents on RSUs — — ( 6 ) — —

Other — ( 2 ) — — —

Balance, September 30, 2024 $ 1,741 $ 3,813 $ 52,304 $ ( 40,395 ) $ ( 195 )

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

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

10 unchanged sentences

Balance, March 31, 2024 $ 1,741 $ 3,439 $ 52,199 $ ( 40,193 ) $ ( 203 )

Net income — — 1,722 — —

Dividends declared and paid ($ 1.24 per share)

— — ( 1,125 ) — —

Common stock issued for stock-based awards — 36 — 29 —

Stock repurchases — — — ( 77 ) —

Stock compensation — 111 — — —

Other comprehensive income (loss), net of taxes — — — — 6

Dividend equivalents on RSUs — — ( 5 ) — —

Balance, June 30, 2023 1,741 3,163 51,522 ( 40,240 ) ( 246 )

Net income — — 1,709 — —

Dividends declared and paid ($ 1.24 per share)

— — ( 1,126 ) — —

Common stock issued for stock-based awards — 38 — 35 —

Stock repurchases — — — ( 48 ) —

Stock compensation — 79 — — —

Other comprehensive income (loss), net of taxes — — — — 11

Dividend equivalents on RSUs — — ( 6 ) — —

Other — — ( 1 ) — —

Balance, September 30, 2023 $ 1,741 $ 3,280 $ 52,098 $ ( 40,253 ) $ ( 235 )

Contingencies

3 unchanged sentences

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

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Warranty costs/product liabilities

5 unchanged sentences

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.

1 unchanged sentence

Supplemental financial information

Restructuring charges/other

During the first nine months of 2024, restructuring charges/other was a credit of $ 124 million primarily due to a gain on the sale of a property.

Prepaid expenses and other current assets

September 30, December 31,

CHIPS and Science Act investment tax credit $ 621 $ 497

March 31, December 31,

CHIPS Act incentives $ 1,195 $ 904

Other 339 296

1 unchanged sentence

Other long-term assets

September 30, December 31,

CHIPS and Science Act investment tax credit $ 806 $ 859

Operating lease right-of-use assets 800 579

Other 325 274

Total $ 1,931 $ 1,712

Other long-term liabilities

September 30, December 31,

Operating lease liabilities $ 681 $ 478

March 31, December 31,

CHIPS Act incentives $ 1,869 $ 2,246

Other 1,096 1,102

Total $ 2,965 $ 3,348

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

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 2024 and 2023.

Our Consolidated Statements of Comprehensive Income include items that have been recognized within net income during the first quarters of 2025 and 2024.

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,

2024 2023 2024 2023

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 $ 2 $ 2 Decrease to net income

Prior service cost (credit) of defined benefit plans:

Amortization of prior service cost (credit) (a) $ 1 $ 1 $ 1 $ 1 Decrease (increase) to OI&E

Tax effect — — — — (Decrease) increase to provision for income taxes

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

(a) Detailed in Note 5

5 unchanged sentences

Balance, March 31 832

Repurchases —

Shares issued for stock compensation ( 3 )

Balance, June 30 828

Repurchases 2

Shares issued for stock compensation ( 1 )

Balance, September 30 829

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