5 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES
+Added: SEPTEMBER 2025
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2025
+Added: SEPTEMBER 2024
Net sales (Note 3)
2 unchanged sentences
General and administrative expenses
−Removed: Other operating costs (income), net (Note 13)
+Added: Other operating (income) costs, net (Note 13)
Operating income
12 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 2025
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2025
+Added: SEPTEMBER 2024
Other comprehensive income (loss):
2 unchanged sentences
Changes in unamortized net prior service credit, net of tax benefit of $ 0 , $ 0 , $ 0 and $ 0
−Removed: Unrealized gain on cash flow hedges (Note 9)
+Added: Unrealized (loss) gain on cash flow hedges (Note 9)
Total other comprehensive income
4 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS, EXCEPT PAR VALUE
+Added: SEPTEMBER 30,
Current assets:
3 unchanged sentences
Inventories (Note 5)
−Removed: Prepaid expenses and other current assets (Note 16)
+Added: Assets held for sale (Note 15)
+Added: Prepaid expenses and other current assets
Total current assets
20 unchanged sentences
issued and outstanding:
−Removed: 721,835 thousand shares at June 30, 2025 and 725,845 thousand shares at December 31, 2024
+Added: 720,861 thousand shares at September 30, 2025 and 725,845 thousand shares at December 31, 2024
Other capital
7 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 2025
+Added: SEPTEMBER 2024
Cash flows from operations:
2 unchanged sentences
Basis of real estate sold
+Added: Deferred income taxes, net
Pension and other post-employment benefits (Note 6)
Share-based compensation expense (Note 12)
+Added: Gain on lumber mill sale (Note 16)
Receivables, net
8 unchanged sentences
Acquisitions of timberlands (Note 15)
+Added: Proceeds from lumber mill sale (Note 16)
Net cash from investing activities
17 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES
+Added: SEPTEMBER 2025
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2025
+Added: SEPTEMBER 2024
Common shares:
34 unchanged sentences
SHARE-BASED COMPENSATION
−Removed: OTHER OPERATING COSTS (INCOME), NET
−Removed: TIMBERLAND ACQUISITIONS
+Added: OTHER OPERATING (INCOME) COSTS, NET
+Added: TIMBERLAND ACQUISITIONS AND DIVESTITURES
PRINCETON LUMBER MILL DIVESTITURE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
−Removed: FOR THE QUARTERS AND YEAR-TO-DATE PERIODS ENDED JUNE 30, 2025 AND 2024
+Added: FOR THE QUARTERS AND YEAR-TO-DATE PERIODS ENDED SEPTEMBER 30, 2025 AND 2024
BASIS O F PRESENTATION
20 unchanged sentences
The income or loss is subsequently reclassified into net earnings when the hedged transaction affects net earnings in the same line item as the underlying hedged transaction in our Consolidated Statement of Operations .
−Removed: The initial value of hedged components excluded from the assessment of effectiveness are amortized over the life of the hedging instrument, using a systematic and rational method, and recognized in the same line item as the hedged transaction.
+Added: Where applicable, the initial value of hedged components excluded from the assessment of effectiveness are amortized over the life of the hedging instrument, using a systematic and rational method, and recognized in the same line item as the hedged transaction.
Cash flows from derivative instruments designated as hedging instruments are classified in the same category as the cash flows from the respective hedged transaction.
13 unchanged sentences
UNALLOCATED ITEMS AND INTERSEGMENT ELIMINATIONS
−Removed: QUARTER ENDED JUNE 2025
+Added: QUARTER ENDED SEPTEMBER 2025
Net sales to unaffiliated customers
5 unchanged sentences
Net contribution (charge) to earnings
−Removed: QUARTER ENDED JUNE 2024
+Added: QUARTER ENDED SEPTEMBER 2024
Net sales to unaffiliated customers
5 unchanged sentences
Net contribution (charge) to earnings
−Removed: YEAR-TO-DATE ENDED JUNE 2025
+Added: YEAR-TO-DATE ENDED SEPTEMBER 2025
Net sales to unaffiliated customers
5 unchanged sentences
Net contribution (charge) to earnings
−Removed: YEAR-TO-DATE ENDED JUNE 2024
+Added: YEAR-TO-DATE ENDED SEPTEMBER 2024
Net sales to unaffiliated customers
6 unchanged sentences
(1) Other segment items for each reportable segment includes recurring and non-recurring income and expense items.
−Removed: For our Wood Products segment, this includes product remediation recoveries.
−Removed: For Unallocated Items, this includes non-operating pension and other post-employment benefit costs and interest income and other.
+Added: For our Wood Products segment, this includes an impairment charge related to the indefinite curtailment of our New Bern lumber mill for the quarter and year-to-date period ended September 30, 2024, product remediation recoveries for the year-to-date period ended September 30, 2024, and a gain on the sale of our Princeton lumber mill for the quarter and year-to-date period ended September 30, 2025.
+Added: For Unallocated Items, this includes non-operating pension and other post-employment benefit costs, interest income and other and insurance recoveries for all periods presented.
+Added: Refer to Note 13:
+Added: Other Operating (Income) Costs, Net for additional information.
Reconciliation of Net Contribution to Earnings to Net Earnings
2 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 2025
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2025
+Added: SEPTEMBER 2024
Net contribution to earnings
5 unchanged sentences
UNALLOCATED ITEMS AND INTERSEGMENT ELIMINATIONS
−Removed: QUARTER ENDED JUNE 2025
+Added: QUARTER ENDED SEPTEMBER 2025
Depreciation, depletion and amortization
Capital expenditures
−Removed: QUARTER ENDED JUNE 2024
+Added: QUARTER ENDED SEPTEMBER 2024
Depreciation, depletion and amortization
Capital expenditures
−Removed: YEAR-TO-DATE ENDED JUNE 2025
+Added: YEAR-TO-DATE ENDED SEPTEMBER 2025
Depreciation, depletion and amortization
Capital expenditures
−Removed: YEAR-TO-DATE ENDED JUNE 2024
+Added: YEAR-TO-DATE ENDED SEPTEMBER 2024
Depreciation, depletion and amortization
1 unchanged sentence
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 30,
Timberlands and Real Estate & ENR (1)
7 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 2025
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2025
+Added: SEPTEMBER 2024
Net sales to unaffiliated customers:
25 unchanged sentences
Our basic and diluted earnings per share were:
−Removed: ● $ 0.12 during second quarter 2025 and $ 0.23 during ye ar-to-date 2025;
−Removed: ● $ 0.24 during second quarter 2024 and $ 0.39 during year-to-date 2024.
+Added: ● $ 0.11 during third quarter 2025 and $ 0.35 during year-to-date 2 025;
+Added: ● $ 0.04 during third quarter 2024 and $ 0.43 during year-to-date 2024.
Basic earnings per share is net earnings divided by the weighted average number of our outstanding common shares, including stock equivalent units where there is no circumstance under which those shares would not be issued.
3 unchanged sentences
SHARES IN THOUSANDS
+Added: SEPTEMBER 2025
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2025
+Added: SEPTEMBER 2024
Weighted average common shares outstanding – basic
12 unchanged sentences
SHARES IN THOUSANDS
+Added: SEPTEMBER 2025
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2025
+Added: SEPTEMBER 2024
Stock options
4 unchanged sentences
Concurrently, the board of directors terminated the completed purchase authorization under the 2021 Repurchase Program.
−Removed: We repurchased 3,888,932 common shares for approximately $ 100 million (including transaction fees) under the share repurchase programs during second quarter 2025 and 4,733,981 common shares for approximately $ 125 million (including transaction fees) under the share repurchase programs during year-to-date 2025.
−Removed: As of June 30, 2025, we had remaining authorization of $ 974 million for future share repurchases under the 2025 Repurchase Program.
−Removed: During year-to-date 2024, we repurchased 3,141,514 common shares for approximately $ 99 million (including transaction fees) under the 2021 Repurchase Program.
+Added: We repurchased 980,114 common shares for approximately $ 25 million (including transaction fees) under the 2025 Repurchase Program during third quarter 2025 and 5,714,095 common shares for approximately $ 150 million (including transaction fees) under the share repurchase programs during year-to-date 2025.
+Added: As of September 30, 2025, we had remaining authorization of $ 948 million for future share repurchases under the 2025 Repurchase Program.
+Added: During third quarter 2024, we repurchased 820,706 common shares for approximately $ 26 million (including transaction fees) and 3,962,220 common shares for approximately $ 125 million (including transaction fees) during year-to-date 2024 under the 2021 Repurchase Program.
All common stock repurchases under the share repurchase programs were made in open-market transactions.
−Removed: We record share repurchases upon trade date as op posed to the settlement date when cash is disbursed.
+Added: We record share repurchases upon trade date as opposed to the settlement date when cash is disbursed.
We record a liability for repurchases that have not yet been settled as of period end.
−Removed: There were no unsettled shares as of June 30, 2025 and 12,436 unsettled shares (less than $ 1 million) as of December 31, 2024 .
+Added: There were no unsettled shares as of September 30, 2025 and 12,436 unsettl ed shares (less than $ 1 million) as of December 31, 2024 .
Inventories include raw materials, work-in-process and finished goods, as well as materials and supplies.
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 30,
LIFO inventories:
13 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 2025
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2025
+Added: SEPTEMBER 2024
Interest cost
7 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 2025
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2025
+Added: SEPTEMBER 2024
Interest cost
12 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 30,
Compensation and employee benefit costs
4 unchanged sentences
Long-term Debt
+Added: During third quarter 2025, we entered into an $ 800 millio n senior unsecured te rm loan agreement that will mature in August 2028 .
+Added: Net proceeds after fees were $ 799 million.
+Added: Borrowings will bear interest at a floating rate based on either the adjusted term Secured Overnight Financing Rate (SOFR) plus a spread or a mutually agreed-upon base rate plus a spread.
+Added: Additionally, we utilized approximately $ 500 million of the net proceeds of the term loan to partially redeem our $ 750 million 4.75 percent senior unsecured notes due in May 2026.
During first quarter 2025, we repaid our $ 139 million 8.50 percent debentures and our $ 71 million 7.95 percent debentures at maturity.
1 unchanged sentence
Net proceeds after fees were $ 299 million.
−Removed: Borrowings will bear interest at a floating rate based on either the adjusted term Secured Overnight Financing Rate (SOFR) plus a spread or a mutually agreed upon base rate plus a spread.
+Added: Borrowings will bear interest at a floating rate based on either the adjusted term SOFR plus a spread or a mutually agreed-upon base rate plus a spread.
Line of Credit
1 unchanged sentence
Borrowings will bear interest at a floating rate based on either the adjusted term SOFR plus a spread or a mutually agreed-upon base rate plus a spread.
−Removed: We had no outstanding borrowings on our revolving credit facility as of June 30, 2025 or December 31, 2024 .
+Added: We had no outstanding borrowings on our revolving credit facility as of September 30, 2025 or December 31, 2024 .
FAIR VALUE OF FINANCIAL INSTRUMENTS
The estimated fair value and carrying value of our long-term debt consisted of the following:
+Added: SEPTEMBER 30,
DOLLAR AMOUNTS IN MILLIONS
6 unchanged sentences
Fair Value of Derivative Instruments Designated as Cash Flow Hedges
+Added: The Derivative Instruments section of Note 1:
+Added: Basis of Presentation provides information about how we account for derivative instruments as cash flow hedges.
+Added: Interest Rate Swap Hedging Relationship
+Added: During third quarter 2025, we entered into interest rate swaps with the risk management objective of managing exposure to interest rate volatility by converting variable rate debt obligations associated with our new $ 800 million term loan into fixed rate payments.
+Added: The interest rate swaps provide the right to make fixed rate payments to the counterparty in exchange for variable, SOFR-based payments on a monthly settlement schedule.
+Added: As of September 30, 2025 , our interest rate swap agreements with an aggregate notional amount of $ 800 million were designated as cash flow hedging instruments of variable, SOFR-based interest payments on our $ 800 million term loan.
+Added: No comparable activity was present as of and for the year ended December 31, 2024.
+Added: An unrealized loss on interest rate swaps designated as cash flow hedging instruments of $ 2 million was recognized in "Other comprehensive income" in our Consolidated Statement of Comprehensive Income for the quarter and year-to-date period ended September 30, 2025.
+Added: The unrealized loss for the year-to-date period of $ 2 million was recorded in "Accumulated other comprehensive loss" on our Consolidated Balance Sheet as of September 30, 2025.
+Added: As of September 30, 2025, the current and noncurrent fair value of interest rate swaps designated as cash flow hedging instruments in a liability position of less than $ 1 million an d $ 2 million are recorded in " Accrued Liabilities " and " Other Liabilities " on our Consolidated Balance Sheet , respectively.
+Added: Foreign Currency Hedging Relationship
During first quarter 2025, we entered into forward contracts with the risk management objective of reducing foreign exchange risk associated with the variability in cash flows from the settlement of forecasted foreign currency-denominated purchases of equipment.
Our forward contracts provide the right to buy specified quantities of euros during predetermined future periods at predetermined future rates.
−Removed: As of June 30, 2025 , all forward contracts with an aggregate notional amount of $ 40 million were designated as cash flow hedging instruments of hedged forecasted foreign-currency denominated purchases of equipment.
+Added: As of September 30, 2025, all forward contracts with an aggregate notional amount of $ 36 million were designated as cash flow hedging instruments of hedged forecasted foreign-currency denominated purchases of equipment.
No comparable activity was present as of and for the year ended December 31, 2024.
−Removed: Unrealized gains on forward contracts designated as cash flow hedging instruments of $ 4 million and $ 6 million were recognized in “Other comprehensive income” in our Consolidated Statement of Comprehensive Income for the quarter and year-to-date period ended June 30, 2025, respectively.
−Removed: The unrealized gain for the year-to-date period of $ 6 million was recorded in “Accumulated other comprehensive loss” on our Consolidated Balance Sheet as of June 30, 2025.
−Removed: As of June 30, 2025, the current and noncurrent fair value of forward contracts designated as cash flow hedging instruments in an asset position of $ 3 million and $ 1 million are reco rded in " Prepaid expenses and other current assets " and " Other assets " on our Consolidated Balance Sheet , respectively.
−Removed: The Derivative Instruments section of Note 1:
−Removed: Basis of Presentation provides information about how we account for derivative instruments as cash flow hedges.
+Added: An unrealized loss on forward contracts designated as cash flow hedging instrume nts of less than $ 1 million and an unrealized gain of $ 6 million were recognized in “Other comprehensive income” in our Consolidated Statement of Comprehensive Income for the quarter and year-to-date period ended September 30, 2025, respectively.
+Added: The unrealized gain for the year-to-date period of $ 6 million was recorded in “Accumulated other comprehensive loss” on our Consolidated Balance Sheet as of September 30, 2025.
+Added: As of September 30, 2025, the current and noncurrent fair value of forward contracts designated as cash flow hedging instruments in an asset position of $ 2 million and $ 1 million are reco rded in " Prepaid expenses and other current assets " and " Other assets " on our Consolidated Balance Sheet , respectively.
Fair Value of Other Financial Instruments
10 unchanged sentences
● have been notified that we may be a potentially responsible party related to the cleanup of other hazardous waste sites for which proceedings have not yet been initiated.
−Removed: As of June 30, 2025, our total accrual for future estimated remediation costs on active Superfund sites and other sites for which we are potentially responsible was approximately $ 80 million .
+Added: As of September 30, 2025, our total accrual for future estimated remediation costs on active Superfund sites and other sites for which we are potentially responsible was approximately $ 78 million .
These amounts are recorded in "Accrued liabilities" and "Other liabilities" on our Consolidated Balance Sheet .
4 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 2025
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2025
+Added: SEPTEMBER 2024
Balance at beginning of period
−Removed: Other comprehensive (loss) income before reclassifications
+Added: Other comprehensive loss before reclassifications
Amounts reclassified from accumulated other comprehensive loss to earnings (2)
3 unchanged sentences
Balance at beginning of period
−Removed: Other comprehensive income (loss) before reclassifications
+Added: Other comprehensive loss before reclassifications
Amounts reclassified from accumulated other comprehensive loss to earnings (2)
−Removed: Total other comprehensive income (loss)
+Added: Total other comprehensive loss
Balance at end of period
2 unchanged sentences
Translation adjustments
−Removed: Unrealized gain on cash flow hedges (1)
−Removed: Total other comprehensive income (loss)
+Added: Unrealized (loss) gain on cash flow hedges (1)
+Added: Total other comprehensive (loss) income
Balance at end of period
26 unchanged sentences
22.20 % – 25.70 %
−Removed: OTHER OPERAT ING COSTS (INCOME), NET
−Removed: Other operating costs (income), net were comprised of the following:
+Added: OTHER OPERAT ING (INCOME) COSTS, NET
+Added: Other operating (income) costs, net were comprised of the following:
QUARTER ENDED
1 unchanged sentence
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 2025
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2025
+Added: SEPTEMBER 2024
Environmental remediation charges
−Removed: Foreign exchange (gains) losses, net
+Added: Gain on lumber mill sale
+Added: Insurance recoveries
Litigation expense, net
1 unchanged sentence
Research and development expenses
−Removed: Total other operating costs (income), net
+Added: Restructuring, impairments and other charges
+Added: Total other operating (income) costs, net
As a real estate investment trust (REIT), we generally are not subject to federal corporate income taxes on REIT taxable income that is distributed to shareholders.
2 unchanged sentences
Our 2025 estimated annual effective tax rate, excluding discrete items, differs from the U.S.
−Removed: federal statutory tax rate of 21 percent primarily due to state and foreign income taxes and tax benefits associated with our nontaxable REIT earnings.
+Added: federal statutory tax rate of 21 percent pr imarily due to state and foreign income taxes and tax benefits associated with our nontaxable REIT earnings.
Tax Legislation
4 unchanged sentences
We do not expect a material impact to our financial statements due to the enactment of the OBBBA.
−Removed: TIMBERLAND ACQUISITIONS
−Removed: On May 22, 2025, we announced the acquisition of 117 thousand acres of North Carolina and Virginia timberlands for approximately $ 375 million.
−Removed: The acquisition is subject to customary closing conditions and is expected to close in third quarter 2025.
−Removed: On May 30, 2024, we acquired 13 thousand acres of Alabama timberlands for approximately $ 48 million.
−Removed: As a result of this acquisition, we recorded $ 47 million of timberland assets in "Timber and timberlands at cost, less depletion" and $ 1 million of related assets in "Property and equipment, net" on our Consolidated Balance Sheet .
+Added: TIMBERLAND ACQUISITIONS AND DIVESTITURES
+Added: On October 30, 2025, we announced an agreement to sell 86 thousand acres of Georgia and Alabama timberlands for approximately $ 220 million.
+Added: The sale is subject to customary closing conditions and is expected to close in fourth quarter 2025.
+Added: This sale is not considered a strategic shift that had, or will have, a major effect on our operations or financial results and therefore does not meet the requirements for presentation as discontinued operations.
+Added: However, the related assets have met the relevant criteria to be classified as held for sale on our current period Consolidated Balance Sheet .
+Added: As of September 30, 2025, assets held for sale of $ 101 million within our Timberlands segment were included in "Assets held for sale" on our Consolidated Balance Sheet .
+Added: On October 1, 2025, we completed the sale of 28 thousand acres of Oregon timberlands for approximately $ 190 million.
+Added: This sale is not considered a strategic shift that had, or will have, a major effect on our operations or financial results and therefore does not meet the requirements for presentation as discontinued operations.
+Added: However, the related assets have met the relevant criteria to be classified as held for sale on our current period Consolidated Balance Sheet .
+Added: As of September 30, 2025, assets held for sale of $ 40 million within our Timberlands segment were included in "Assets held for sale" on our Consolidated Balance Sheet .
+Added: On August 27, 2025, we completed the purchase of 117 thousand acres of North Carolina and Virginia timberlands for $ 364 million.
+Added: We recorded $ 361 million of timberland assets in "Timber and timberlands at cost, less depletion" and $ 3 million of rel ated assets in "Property and equipment, net" on our Consolidated Balance Sheet .
+Added: On August 13, 2025, we completed the purchase of approximately 10 thousand acres of Washington timberlands for $ 95 million.
+Added: We recorded $ 94 million of timberland assets in "Timber and timberlands at cost, less depletion" and $ 1 million of related assets in "Property and equipment, net" on our Consolidated Balance Sheet .
+Added: On July 25, 2024, we announced acquisitions totaling 84 thousand acres of Alabama timberlands for $ 244 million.
+Added: The first transaction was completed
+Added: on May 30, 2024 and was comprised of 13 thousand acres for $ 48 million.
+Added: We recorded $ 47 million of timberland assets in "Timber and timberlands at cost, less depletion" and $ 1 million of related assets in "Property and equipment, net" on our Consolidated Balance Sheet .
+Added: The second transaction was completed on August 28, 2024 and was comprised of 32 thousand acres for $ 82 million.
+Added: We recorded $ 81 million of timberland assets in "Timber and timberlands at cost, less depletion" and $ 1 million of related assets in "Property and equipment, net" on our Consolidated Balance Sheet .
+Added: The third transaction was completed on October 9, 2024 and was comprised of 39 thousand acres for $ 114 million.
PRINCETON LUMBER MILL DIVESTITURE
−Removed: On May 21, 2025, we announced an agreement to sell our Princeton lumber mill for approximately $ 85 million, which includes the mill assets, all associated timber licenses in British Columbia and the value of working capital, subject to customary purchase price adjustments at closing.
−Removed: The transaction is subject to customary closing conditions, including regulatory review, with the sale of the mill expected to be completed in third quarter 2025, and the timber licenses to follow over the ensuing months.
−Removed: The sale of our Princeton lumber mill is not considered a strategic shift that has, or will have, a major effect on our operations or financial results, and therefore does not meet the requirements for presentation as discontinued operations.
−Removed: However, the related assets and liabilities have met the relevant criteria to be classified as held for sale on our current period Consolidated Balance Sheet .
−Removed: As of June 30, 2025, assets held for sale of $ 65 million within our Wood Products segment were included in "Prepaid expenses and other current assets" on our Consolidated Balance Sheet .
+Added: On September 2, 2025, we completed the sale of our Princeton lumber mill for approximately $ 85 mil lion.
+Added: The total purchase price is inclusive of mill assets, the associated timber licenses in British Columbia and the value of working capital as of the closing date.
+Added: Pursuant to the transaction closing, a gain on the sale of $ 29 million was recognized within our Wood Products segment in "Other operating (income) costs, net" in our Consolidated Statement of Operations .
+Added: The transfer of all associated timber licenses in British Columbia remains subject to regulatory approval as of third quarter 2025, which we expect will follow in the ensuing months.
+Added: A portion of the total purchase price is held in escrow as of the date of the sale and will be released in conjunction with the transfer of the associated timber licenses.
+Added: We recorded this portion within "Receivables, net" and "Other assets, net" on our Consolidated Balance Sheet .
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.