Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 182 words changed in this paragraph; it is 68% similar to last year's version.
The new U.S. presidential administration has proposed taken multiple actions in 2025 to significantly increase tariffs on foreign imports into the United States, including imports from countries to which we export our products, such as Canada and China. For example, on February 1, 2025, the United States imposed tariffs on imports from Canada, Mexico and China, and on April 2, 2025, the United States announced a universal baseline tariff of 10% on almost all imports, plus additional country-specific tariffs for select trading partners, including China. The rates and effective dates of these tariffs have been adjusted on several occasions since the initial announcements, and certain of these tariffs are subject to legal and other challenges, the outcome of which could further change tariff rates and effective dates. In addition to increasing the cost of the wood products that we export to U.S. markets from our Canadian operations, this policy these policies could result in one or more of our foreign export market jurisdictions adopting retaliatory trade policy that makes it more difficult or costly for us to export our products to those countries including, for example, by increasing tariffs, taxes or duties on our products or by placing significant import restrictions on our products such as onerous and excessive phytosanitary requirements. Several countries, including Canada and China, have imposed retaliatory tariffs, and the imposition of U.S. and foreign tariff regimes is fluid and changing. We could therefore experience reduced revenues and margins in our businesses that are adversely affected by international trade policy or disputes, including the terms of any settlement of such disputes. To the extent such trade policies increase prices, they could also reduce the overall demand for our products in affected markets. Likewise, U.S.-imposed tariffs on imports could also increase our costs for products and raw materials that we use in our operations, and we operations. We may not be able to pass on those cost increases to our customers. These changes could therefore have a material adverse effect on our business, financial results customers, and financial condition, including facility closures or impairments of assets. We cannot predict future U.S. or foreign trade policy or the terms and conditions of any resolutions or settlements of international trade disputes and their effects on our business. if
Source: Item 1A, 10-K 0001193125-26-051422 vs Item 1A, 10-K 0000950170-25-021254
MD&A 162 words changed in this paragraph; it is 64% similar to last year's version.
Over the past year, home Home sales and building activity moderated continue to moderate in part due response to consistently elevated mortgage interest rates rates, reduced affordability and reduced affordability. Specifically, multi-family construction lower consumer confidence. While overall housing inventory remains historically low across many markets, there has been hampered by a large supply of recently completed projects as well as higher interest rates some increase in unsold new and other factors constraining the underwriting of proposed projects. In contrast, new existing single-family home construction has remained resilient, as existing homeowners continued to be constrained by the lock-in effect of lower mortgage rates, compared to current rates. units. On a seasonally adjusted annual basis, as reported by the U.S. Census Bureau, housing starts for fourth quarter 2024 October 2025 averaged 1.4 1.2 million units, a 3.5 7.0 percent increase decrease from third quarter 2024. 2025. Single-family starts averaged 1.0 million 874 thousand units in fourth quarter 2024, October 2025, a 3.3 1.0 percent increase decrease from third quarter 2024. 2025. Multi-family starts averaged 376 372 thousand units in fourth quarter 2024, which was a 4.1 October 2025, an 18.4 percent increase decrease from third quarter 2024. 2025. Single-family construction is the primary driver for our business as compared to multi-family due to the amount of wood products used. Sales of newly built, built single-family homes averaged a seasonally adjusted annual rate of 662 737 thousand units for fourth quarter 2024, October 2025, a decrease of 6.5 5.9 percent increase from third quarter 2024, primarily 2025, driven by a seasonal reduction builder incentives and moderate relief in buying activity. Over the medium mortgage rates. Notwithstanding current macroeconomic uncertainty and potential impacts to long-term, housing demand, we expect a favorable U.S. housing construction market over the medium to long-term, supported by strong demographics in the key home buying age cohorts, cohorts and a decade of under building and historically low housing inventory. building.
Source: Item 7, 10-K 0001193125-26-051422 vs Item 7, 10-K 0000950170-25-021254
Legal Proceedings 87 words changed in this paragraph; it is 62% similar to last year's version.
In 2022, the Sixth Circuit Court of Appeals reversed the District Court opinion, finding that Georgia-Pacific’s claims for cost contributions in the specific area of the site were time barred by the statute of limitations. Georgia-Pacific filed a petition for writ of certiorari with the U.S. Supreme Court, which was denied during fourth quarter 2023 and redirected to the district court for further proceedings. In 2024, the U.S. District Court issued a final judgment dismissing Georgia-Pacific’s claims for past costs but also issued a declaratory judgment finding all three parties (Georgia-Pacific, International Paper and the company) liable to each other for future costs incurred by any party. On appeal, the Sixth Circuit Court of Appeals reversed the declaratory judgment issued by the District Court and the U.S. Supreme Court subsequently denied Georgia-Pacific’s petition for writ of certiorari. As a result, the company was found not responsible for prior costs incurred by Georgia-Pacific. Appeals related to future costs remain ongoing.
Source: Item 3, via Note 13 – LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES, 10-K 0001193125-26-051422 vs Item 3, via Note 13 – LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES, 10-K 0000950170-25-021254
Accounting Policies 44 words changed in this paragraph; it is 69% similar to last year's version.
In 2024, 2025, we adopted the FASB Accounting Standards Update (ASU) 2023-07,"Segment Reporting 2023-09, “Income Taxes (Topic 280): 740): Improvements to Reportable Segment Disclosures", Income Tax Disclosures”, which expands annual income tax disclosures to disaggregate rate reconciliations and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. income taxes paid by nature and jurisdiction. The adoption of this standard did not impact our Consolidated Statement of Operations, Consolidated Balance Sheet or Consolidated Statement of Cash Flows. The expanded segment disclosures are incorporated in Note 2: Business Segments. 18: Income Taxes.
Source: Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001193125-26-051422 vs Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000950170-25-021254