What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-17 compared with 2025-02-18 · 90 added, 96 removed, 166 unchanged (53% of the section changed)

United Parcel Service, Inc.

UPS, founded in 1907, is a global package delivery and logistics provider.

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Total revenue in 2025 was $88.7 billion.

Our strategy focuses on growing in the parts of our market that value our end-to-end network, including healthcare, business to business (“B2B”), small- and medium-sized businesses (“SMBs”), and international.

We are continuing our journey to execute our Customer First, People Led, Innovation Driven strategy.

We are continuing to execute our Customer First, People Led, Innovation Driven strategy, which focuses on growing in the parts of our market that value our end-to-end solutions, including healthcare, business-to-business ("B2B"), small- and medium-sized businesses ("SMBs"), and international.

Customer First is about reducing friction in the customer experience by anticipating and solving for customers' needs.

We are focused on providing differentiated value through our capabilities and service.

We strive to enable our customers to better compete and succeed by delivering what they tell us matters the most:

We strive to enable our customers to better

compete and succeed by taking complexity out of their business and delivering what they tell us matters to them the most:

speed, ease and service reliability.

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Innovation Driven is our focus on leveraging technology to optimize the volume that flows through our network.

We continually seek to improve the productivity and efficiency of our global integrated network by using technology to move from a scanning to a sensing network, including using RFID technology in our Smart Package Smart Facilities .

In the first quarter of 2025, we entered into an agreement in principle with our largest customer to significantly reduce the volume we deliver for them.

We are making a deliberate shift to increase our focus on growing higher yielding volume.

For additional information on the expected operational and financial impacts of this agreement, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations”.

In 2025, we took several steps in furtherance of this strategy, including continuing to deliberately shift our business to increase our focus on higher yielding volume, which allowed us to increase SMB penetration to over 30% of total U.S.

volume from 2024.

We also completed the acquisitions of Frigo-Trans and Biotech & Pharma Logistics ("Frigo-Trans") and Andlauer Healthcare Group ("AHG"), further expanding our healthcare cold chain capabilities.

In 2025, our global healthcare portfolio generated more than $11 billion in revenue, furthering our progress towards our goal to become the number one complex healthcare logistics provider in the world.

Additionally, we extended our RFID labeling solution to 5,500 UPS store locations and completed the installation of RFID readers across U.S.

package cars.

This label technology allows customers to generate shipping labels with embedded RFID, streamlining processes and improving tracking capabilities.

Furthermore, in December 2025, we entered into an agreement with the United States Postal Service ("USPS") to support final-mile delivery for a portion of our Ground Saver and Mail Innovations volumes starting in 2026.

This agreement is expected to allow us to more cost efficiently serve our customers across these offerings while maintaining our industry-leading service levels.

Competitive Strengths

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Global Smart Logistics Network .

We believe that our integrated global air and ground network is the most extensive in the industry.

We provide all types of package services (air, ground, domestic, international, commercial and residential) through a single pickup and delivery network that can be configured to meet customers' needs.

Our sophisticated systems, including our RFID-enabled Smart Package Smart Facility technology, enable us to optimize network efficiency, asset utilization and enhance end-to-end visibility.

We believe that our integrated global air and ground network is the broadest in the industry.

We provide all types of package services (air, ground, domestic, international, commercial and residential) through a single pickup and delivery network that is configured to meet customers' needs.

Our sophisticated systems, including our RFID-enabled Smart Package Smart Facility technology, enable us to optimize network efficiency asset utilization, and to enhance end-to-end visibility.

Global Presence .

We serve more than 200 countries and territories.

We have a significant presence in all of the world’s major economies, allowing us to effectively and efficiently operate around the world.

We have a significant presence in all major economies, allowing us to effectively and efficiently operate globally.

Cutting-Edge Technologies .

We are a global leader in developing technologies that help customers enhance their shipping and logistics business processes to lower costs, improve service and increase efficiency.

We offer a variety of digital tools and capabilities that enable customers to integrate UPS functionality into their distribution channels, intended to deepen customer relationships.

These tools allow customers to send, manage and track their shipments, and also provide their customers with value-added data about their shipments.

Broad Portfolio of Services .

Our service portfolio allows customers of all sizes to choose their most appropriate option.

Increasingly, our customers benefit from UPS capabilities and solutions that integrate our services beyond package delivery.

We continue to invest in specialized capabilities like our cold chain and thermal monitoring technologies, which we believe allow us to better serve our healthcare customers.

We develop technologies that help customers enhance their shipping and logistics business processes, lowering costs, improving service and increasing efficiency.

We leverage advanced and emerging technologies, including artificial intelligence ("AI"), and offer a variety of digital tools and capabilities that enable customers to integrate UPS functionality into their distribution channels.

Our digital and automated tools support shipment creation, tracking and data management, and enable data‑analysis automation, automated agents, personalization and customized pricing.

We consistently deliver industry‑leading service, through engineering and operational excellence, particularly during peak times when our customers need reliability the most.

Broad Service Portfolio .

Our service portfolio offers customers of all sizes services to meet their logistics needs.

Increasingly, our customers benefit from UPS services beyond package delivery.

We continue to invest in specialized services like cold chain and thermal monitoring technologies, which we believe allow us to better serve our healthcare customers.

Customer Relationships .

We focus on building and maintaining long-term customer relationships.

We believe value-added services beyond package delivery and connecting our small package, supply chain, digital and on-demand services across our customer base, are important to customer retention and growth.

We seek to build and maintain long-term customer relationships.

As customer needs evolve, UPS continues to develop value-added services beyond package delivery.

Connecting our small package, supply chain, digital and on-demand services across our customer base is important to customer retention and growth.

Brand Equity .

We have built a leading and trusted brand that stands for service quality, reliability and innovation.

Our leading and trusted brand stands for service quality, reliability and innovation.

Our vehicles and the professional courtesy of our drivers are major contributors to our brand equity.

Distinctive Culture .

We believe that the dedication of our employees comes in large part from our strong, purpose-driven culture that fosters trust, partnership and empowerment.

Our strong, purpose-driven culture fosters trust, partnership and empowerment among our dedicated employees.

We encourage our people to bring their unique perspectives, background, talents and skills to work every day.

Financial Strength .

Our financial strength allows us to continue to pursue strategic opportunities that facilitate our growth.

This includes investing in digital technology, acquisitions, transportation equipment, facilities and employee development to generate value for shareholders.

We seek to maintain a strong credit rating to give us additional flexibility in running the business.

Our financial strength enables us to pursue strategic growth opportunities.

This includes investing in digital technology, acquisitions, equipment, facilities and employee development to generate value for shareholders.

Our strong credit rating provides additional flexibility in running the business.

Products and Services;

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Domestic Package and International Package.

Our remaining businesses are reported as Supply Chain Solutions.

Our remaining businesses are reported as Supply Chain Solutions ("SCS").

Domestic Package and International Package are together referred to as our global small package operations.

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Our global small package operations provide time-definite delivery services for express letters, documents, packages and palletized freight via air and ground services.

These services are supported by numerous shipping, visibility and billing technologies including our Digital Access Program, which embeds our shipping solutions directly into leading e-commerce platforms, enabling us to reach SMBs and e-commerce markets more broadly.

We combine all packages within our single, global network, unless dictated by specific service commitments.

These services are supported by numerous shipping, visibility and billing technologies including our Digital Access Program ("DAP"), which embeds our shipping solutions directly into leading e-commerce platforms, enabling us to reach SMBs and e-commerce markets more broadly.

All packages flow through our single, global network, unless dictated by specific service commitments.

This enables efficiently scheduled pick ups for any service level.

Our network provides unique operational and capital efficiencies that also have a smaller environmental impact than single service network designs.

We offer same-day pickup of air and ground packages seven days a week through a broad variety of network access points including, UPS drop boxes, UPS Access Point locations and The UPS Store locations.

Our network provides unique operational and capital efficiencies and has a smaller environmental impact than single service network designs.

We offer same-day pickup of air and ground packages seven days a week through a broad variety of network access points including, UPS Access Points, The UPS Stores and UPS drop boxes.

UPS drivers can also directly accept packages.

We offer a portfolio of returns services in approximately 150 countries.

These returns services are driven by the continued prevalence of e-commerce that has increased our customers' needs for efficient and reliable returns and are designed to promote efficiency and a friction-free consumer experience.

We offer returns services in approximately 150 countries, addressing customers' needs for efficient and reliable returns.

These services have been driven by e-commerce growth and are designed to promote efficiency and a friction-free consumer experience.

Our global air operations hub is located in Louisville, Kentucky, and is supported by air hubs across the United States ("U.S.") and internationally.

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Domestic Package

We are a leader in time-definite, guaranteed small package delivery services in the United States.

We offer a full spectrum of U.S.

domestic air and ground package transportation services.

ground fleet serves all business and residential zip codes in the contiguous United States.

We are a leader in time-definite, guaranteed small package delivery services in the U.S.

We offer a full spectrum of air and ground package transportation services.

Our ground fleet serves substantially all business and residential zip codes in the contiguous U.S.

• Our air portfolio offers time-definite, same-day, next-day, two-day and three-day delivery alternatives as well as air cargo services.

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We deliver approximately 15 million ground packages per day, most within one to three business days.

• UPS SurePost provides residential ground service for customers with non-urgent, lightweight residential shipments.

Through 2024, final delivery was often provided by the United States Postal Service ("USPS").

Beginning January 1, 2025, in order to have more control over our ability to provide our customers industry-leading service, we have insourced this product.

For additional information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations”.

• Ground Saver (formerly UPS SurePost) provides residential ground service for customers with non-urgent, lightweight residential shipments.

In December 2025, we entered into an agreement with the USPS to support final-mile delivery for a portion of Ground Saver volume beginning in 2026.

International Package

International Package consists of our small package operations in Europe, the Indian sub-continent, Middle East and Africa (together "EMEA"), Canada and Latin America (together "Americas") and Asia.

We offer a wide selection of guaranteed day- and time-definite international shipping services.

International Package consists of our small package operations in Europe, Middle East and Africa (together "EMEA"), Canada and Latin America (together "Americas") and Asia.

We offer a wide selection of guaranteed day and time-definite international transportation services supported by our brokerage capabilities that facilitate cross‑border clearance for international shipments.

For international package shipments that do not require express services, UPS Worldwide Expedited offers a reliable, deferred, day-definite service option.

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UPS Worldwide Express Freight is a premium international service for urgent, palletized shipments over 150 pounds.

Supply Chain Solutions

Supply Chain Solutions consists of our forwarding, logistics, digital and other businesses.

Serving more than 200 countries and territories, we strategically seek to provide integration across increasingly complex, specialized and fragmented supply chains.

SCS consists of our Forwarding, Logistics, digital and other businesses.

As a global service provider, we strategically seek to provide integration across increasingly complex, specialized and fragmented supply chains.

We are one of the largest U.S.

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We also provide customs brokerage as well as various related services.

In September 2024, we completed the divestiture of our truckload brokerage business ("Coyote").

In 2024, we completed the divestiture of our truckload brokerage business ("Coyote").

For additional information on this divestiture, see note 8 to the audited, consolidated financial statements.

Our global logistics and distribution business provides value-added fulfillment and transportation management services.

We operate both multi-client and dedicated facilities across our network, many of which are strategically located near UPS air

and ground transportation hubs to support rapid delivery to business and consumer markets.

We operate both multi-client and dedicated facilities across our network, many of which are strategically located near UPS air and ground transportation hubs to support rapid delivery to business and consumer markets.

We continue to invest in facility automation to enhance operational efficiency.

We offer world-class technology, deep expertise and a highly sophisticated suite of healthcare logistics services.

We offer world-class technology, deep expertise and highly sophisticated healthcare logistics services.

With a strategic focus on serving the unique, priority-handling needs of healthcare and life sciences customers, we continue to increase our complex cold-chain logistics capabilities both in the U.S.

and internationally.

In furtherance of this strategy, we have continued to grow organically, making investments in facilities to expand our network, and inorganically, including through the acquisitions of Frigo-Trans and Biotech & Pharma Logistics in January 2025.

Digital and other Supply Chain Solutions businesses

Our digital businesses leverage technology to enable a range of on-demand services.

Digital and Other SCS Businesses

Our digital and other SCS businesses leverage technology to enable a range of on-demand services.

Roadie, our crowdsourced delivery platform, offers the convenience of same-day delivery and efficient service for packages that are not compatible with our small package network.

Happy Returns offers innovative end-to-end return services that leverage The UPS Store network.

We also offer integrated supply chain and high-value shipment insurance solutions through UPS Capital, as well as a range of services through our other Supply Chain Solutions businesses.

We also offer integrated supply chain and high-value shipment insurance solutions through UPS Capital, as well as a range of services through our other SCS businesses.

We believe these services better enable us to meet customers' needs and deepen customer relationships.

Human Capital

Our success is dependent upon our people, working together with a shared purpose.

As we seek to capture new opportunities and pursue growth, we are focused on maintaining the culture we have cultivated over our nearly 118-year history and incorporating the new perspectives we need to take the business into the future.

Our success comes from our people working together with a shared purpose.

As we seek to capture new opportunities and pursue growth, we are focused on maintaining the strengths we have cultivated over our nearly 119-year history while incorporating the new perspectives we need to take the business into the future.

To assist with employee recruitment and retention, we continue to review the competitiveness of our employee value proposition, including benefits and pay, training, talent development and advancement opportunities.

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and 90,000 are located internationally.

Our global workforce includes approximately 78,000 management employees (38% of whom are part-time) and 412,000 hourly employees (50% of whom are part-time).

More than 75% of our U.S.

Our global workforce includes approximately 75,000 management employees (nearly 35% of whom are part-time) and approximately 385,000 hourly employees (nearly 50% of whom are part-time).

Nearly 80% of our U.S.

employees are represented by unions, primarily those employees handling or transporting packages.

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In addition, approximately 3,400 of our pilots are represented by the Independent Pilots Association ("IPA").

Our agreement with the IPA becomes amendable September 1, 2025.

Our agreement with the IPA became amendable September 1, 2025.

We have approximately 2,000 airline mechanics who are covered by a collective bargaining agreement with Teamsters Local 2727 which becomes amendable November 1, 2026.

In addition, approximately 3,000 of our auto and maintenance mechanics who are not represented by the IBT are employed under a collective bargaining agreement with the International Association of Machinists and Aerospace Workers ("IAM").

In July 2024, the IAM ratified a new collective bargaining agreement that will expire on July 31, 2029.

During 2024, we executed under our "Fit to Serve" initiative, intended to right-size our business and create a more efficient operating model to enhance responsiveness to changing market dynamics.

During 2024, we reduced our workforce by approximately 14,000 positions, primarily within management.

Fit to Serve is expected to conclude in 2025.

In January 2025, we announced a reconfiguration of our U.S.

network and Efficiency Reimagined initiatives.

We expect these actions to result in decreases in the size of our operational and management workforce.

For additional information on the expected operational and financial impacts of these initiatives, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations”.

Oversight and management

Our board, directly and through the Compensation and Human Capital Committee, is responsible for oversight of human capital matters.

Effective oversight is accomplished through a variety of methods and processes including regular updates and discussions around human capital transformation efforts, technology initiatives impacting the workforce, health and safety matters, employee survey results related to culture and other matters, hiring and retention, employee backgrounds, labor relations and contract negotiations, compensation and benefits, succession planning and employee training initiatives.

Our Board of Directors (the "Board"), directly and through the Compensation and Human Capital Committee, is responsible for oversight of human capital matters.

Effective oversight is accomplished through a variety of methods and processes including regular updates and discussions around risks and benefits of strategic and technology initiatives impacting

the workforce, health and safety matters, employee survey results related to culture and other matters, hiring and retention, labor relations and contract negotiations, compensation and benefits, succession planning and employee training initiatives.

In addition, the Compensation and Human Capital Committee charter includes oversight responsibility for performance and talent management, workforce representation, work culture and employee development and retention.

We believe the board’s oversight of these matters helps identify and mitigate exposure to labor and human capital management risks and is part of the broader framework that guides how we attract, retain and develop a workforce that aligns with our values and strategies.

We believe the Board’s oversight of these matters, directly and through its committees, helps identify and mitigate exposure to labor and human capital management risks and is part of the broader framework that guides how we attract, retain and develop a workforce that aligns with our values and strategies.

Additional information on our human capital efforts is contained in our annual sustainability report, which describes our activities that support our commitment to acting responsibly and contributing to society.

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We bargain in good faith with the unions that represent our employees.

We frequently engage union leaders at the national level and at local chapters throughout the United States.

We participate in works councils and associations outside the U.S., which allows us to respond to emerging issues abroad.

This work helps our operations to build and maintain productive relationships with our employees.

We frequently engage union leaders at the national level and at local chapters throughout the U.S.

We participate in works councils and associations outside the U.S., allowing us to respond to emerging issues abroad.

These engagements help build and maintain productive relationships with our employees.

For additional information regarding employees employed under collective bargaining agreements, see note 6 to the audited, consolidated financial statements.

Employee health and safety

We seek to provide industry-leading employee health, safety and wellness programs across our workforce.

UPS's Comprehensive Health and Safety Program ("CHSP") is an occupational health and safety system tailored to our varied operational environments.

Our CHSP covers a wide array of roles, from package handling to administration, and spans geographical boundaries to include sorting facilities, mobile logistics, administrative offices, and other locations worldwide.

UPS conducts audits to assess specific risks and hazards, including equipment safety, workplace environment, and emergency response protocols.

We monitor our safety performance through various measurable targets, including recordable injury frequency, lost time injury frequency and the number of recorded auto accidents.

Our Comprehensive Health and Safety Process ("CHSP") is the foundation of our proactive risk management approach.

This approach includes physical safety and mental-health considerations, spans job functions from package handling to management roles, and is applied worldwide, from package sorting facilities to our executive offices.

Through the CHSP, we seek to systematically identify, evaluate, and mitigate health and safety risks in a number of ways.

We use internal safety committees to identify and mitigate hazards in the workplace, and we routinely audit critical risk areas such as equipment integrity, environmental conditions and emergency preparedness.

We support employee health and well-being through various programs, which focus on physical conditioning, nutrition and fatigue management, in addition to providing extensive programming and training designed to reduce stress-related risks, strengthen resilience and support employees’ mental-health.

Other programs include affinity-based business resource groups, opportunities to provide feedback through confidential employee surveys, and access to confidential counselling.

We provide extensive training in safe work methods, risk identification and resource availability, all designed to mitigate risk.

We monitor our health and safety performance against established metrics, including recordable injury frequency, lost-time injury frequency, and the number of reported vehicular incidents alongside a range of predictive indicators.

These measures provide visibility into emerging trends and facilitate continuous improvement across the enterprise.

Building and maintaining long-term customer relationships through superior service is a competitive strength of UPS.

In 2025, we served 1.6 million shipping customers and more than 10.7 million delivery recipients daily.

For the year ended December 31, 2024, one customer, Amazon.com, Inc.

In 2025, one customer, Amazon.com, Inc.

and its affiliates, represented approximately 10.6% of our consolidated revenues, substantially all of which was within our U.S.

Domestic Package segment.

In the first quarter of 2025, we entered into an agreement in principle with this customer that will provide for a reduction in their volume by more than 50% by June 2026.

For additional information on the expected operational and financial impacts arising from this agreement, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations”.

For additional information on this and other customers, see "Risk Factors - Business and Operating Risks - Changes in our relationships with any of our significant customers, including the loss or reduction in business from one or more of them, could have a material adverse effect on us" and note 14 to the audited, consolidated financial statements.

As previously disclosed, our strategy involves reducing volumes from this customer by more than 50% by June 2026 from 2024 levels.

For additional information on the operational and financial impacts arising from these actions, see "Management’s Discussion and Analysis of Financial Condition and Results of Operations".

For additional information on this and other customers, see "Risk Factors - Business and Operating Risks - Changes in our relationships with any of our significant customers, including as a result of our strategy to reduce volume from our largest customer or the loss or reduction in business from one or more other customers, could have a material adverse effect on us" and note 14 to the audited, consolidated financial statements.

We offer a broad array of transportation and logistics services and compete with many local, regional, national and international logistics providers as well as national postal services.

We believe our strategy, network and competitive strengths position us well to compete in the marketplace.

For additional information on our competitive environment, see "Risk Factors - Business and Operating Risks - Our industry is rapidly evolving.

For additional information on our competitive environment, see "Risk Factors - Business and Operating Risks - Our industry continues to rapidly evolve.

We expect to continue to face significant competition, which could materially adversely affect us".

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UPS's aircrew, dispatch and aircraft maintenance certification, training, programs and procedures, including aircraft inspection and repair at periodic intervals, are approved for all aircraft and carrier operations under FAA regulations.

The future cost of changes and repairs pursuant to these programs and procedures may fluctuate according to aircraft condition, age and the enactment of additional FAA regulatory requirements.

The future cost of changes and repairs pursuant to these programs and procedures may fluctuate according to aircraft condition, the aircraft parts and services supply chain and the enactment of additional FAA regulatory requirements.

The TSA regulates various security aspects of air cargo transportation.

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The Postal Accountability and Enhancement Act of 2006 amended the 1970 Act to give the re-named Postal Regulatory Commission revised oversight authority over many aspects of the USPS, including postal rates, product offerings and service standards.

As a result of recent changes in the USPS operating model, in January 2025 we announced that we have begun delivering 100% of our SurePost volume.

We sometimes participate in proceedings before the Postal Regulatory Commission in an attempt to facilitate compliance with fair competition requirements for competitive services.

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We are subject to the customs laws regarding the import and export of shipments in the countries in which we operate, including those related to the filing of documents on behalf of client importers and exporters.

Our activities in the U.S.,

including customs brokerage and freight forwarding, are subject to regulation by the Bureau of Customs and Border Protection, the TSA, the U.S.

Our activities in the U.S., including customs brokerage and freight forwarding, are subject to regulation by the Bureau of Customs and Border Protection, the TSA, the U.S.

Federal Maritime Commission and the DOT.

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We maintain site-and activity-specific environmental compliance and pollution prevention programs to address our environmental responsibilities and remain compliant.

In addition, we maintain numerous programs which seek to minimize waste and prevent pollution within our operations.

In addition, we maintain numerous programs which seek to minimize waste and pollution within our operations.

Pursuant to the Federal Aviation Act, the FAA with the assistance of the Environmental Protection Agency is authorized to establish standards governing aircraft noise.

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Our international operations are also subject to noise regulations in certain other countries in which we operate.

For additional information, see "Risk Factors – Regulatory and Legal Risks – Increasingly stringent regulations related to climate change, including reporting obligations, could materially increase our operating costs".

We are also subject to increasing environmental compliance and reporting obligations in the European Union and elsewhere.

For additional information, see "Risk Factors – Regulatory and Legal Risks –Regulations related to climate change, including reporting obligations, could materially increase our operating costs" .

Communications and Data Protection

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(at both the state and federal level) and in other countries.

For additional information, see "Risk Factors – Business and Operating Risks – A significant cybersecurity incident, or increased data protection regulations, could materially adversely affect us".

For additional information, see "Risk Factors – Business and Operating Risks – A significant cybersecurity incident, increased data protection regulations, or other information technology related risks, could materially adversely affect us".

Health and Safety

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Our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports filed with or furnished to the SEC pursuant to Section 13(a) of the Securities Exchange Act of 1934 are made available free of charge on our investor relations website under the heading "Investors - SEC Filings" as soon as reasonably practical after we electronically file or furnish the reports to the SEC.

Human Capital, Risk, and Nominating and Corporate Governance Committees are also available on our investor relations website under the heading "Investors – Corporate Governance".

Our Code of Business Conduct, which applies to all of our directors, officers and employees, including our principal executive and financial officers, our Corporate Governance Guidelines and the charters for our Audit, Compensation and Human Capital, Risk, and Nominating and Corporate Governance Committees are also available on our investor relations website under the heading "Investors – Corporate Governance".

In the event that we make changes in, or provide waivers from, the provisions of the Code of Business Conduct that the SEC requires us to disclose, we intend to disclose these events within four business days following the date of the amendment or waiver under that heading on our investor relations website.

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We do not intend for any addresses to be active links or to otherwise incorporate the contents of any website into this or any other report we file with the SEC.

Disclosures Required Pursuant to Section 13(r) of the Securities Exchange Act of 1934

The Company had no reportable transactions during the quarter ended December 31, 2024.

The information provided pursuant to Section 13(r) of the Exchange Act in Item 5 of Part II of the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 is incorporated by reference herein.

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