GIC — what changed in the latest 10-Q
A section-by-section comparison of GIC's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-04 vs the prior 10-Q · 2026-05-05
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +27 | −25 | ~15 | 46 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~2 | 1 |
| Controls & procedures | Text added/removed | +4 | −3 | ~3 | 10 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-04
On February 20, 2026, the U.S. Supreme Court held in Learning Resources, Inc. v. Trump that the International Emergency Economic Powers Act of 1977 (“IEEPA”) does not authorize tariffs. The Court’s decision invalidated the Trump Administration’s IEEPA-based tariff program permanently and in its enti…
The results of discontinued operations in the accompanying financial statements are from the former North American Technology ("NATG") business. As previously disclosed, in March 2026 the Company's discontinued operations received a refund of prior years alternative minimum taxes paid of approximate…
The Company delivered another quarter of strong, broad-based sales growth in our sales channels and customer verticals benefiting from gains in both price and volume. In the second quarter net sales improved 7.7%, with average daily sales growth of 9.3% and was led by our largest strategic accounts.…
•Consolidated gross margin increased to 40.2% compared to 37.1% last year. Second quarter 2026 results include a gross margin benefit of approximately 550 basis points related to the $21.1 million of IEEPA tariff refunds.
•Consolidated operating income from continuing operations increased 47.2% to $49.3 million compared to $33.5 million last year. Second quarter 2026 operating income results include a benefit of approximately $21.1 million of IEEPA tariff refunds.
Text removed vs the prior filing · source: 10-Q · 2026-05-05
The results of discontinued operations in the accompanying financial statements are from the former North American Technology ("NATG") business. In March 2026 the Company received a refund of prior years alternative minimum taxes paid of approximately $1.8 million which was partially offset by an in…
The Company delivered a strong start to 2026, driven by solid execution and continued momentum across the business. First quarter revenue improved 9.2%, with average daily sales growth of 7.6% and operating income improved 13.2% compared to prior year. We generated growth each month during the quart…
On February 20, 2026, the U.S. Supreme Court held in Learning Resources, Inc. v. Trump that the International Emergency Economic Powers Act of 1977 (“IEEPA”) does not authorize tariffs. The Court’s decision invalidated the Trump Administration’s IEEPA-based tariff program permanently and in its enti…
•Consolidated gross margin decreased to 34.8% compared to 34.9% last year.
•Consolidated operating income from continuing operations increased 13.2% to $20.6 million compared to $18.2 million last year.
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-08-04
During 2025, the Company's Global Industrial business completed its remediation activities; however, remediation of the material weaknesses at Indoff remains ongoing. During 2026, the Company continued to advance remediation activities relating to certain information technology controls, including c…
As part of its ongoing remediation and validation activities, the Company identified additional deficiencies within logical access controls within its ERP at Indoff and expanded its remediation plan to include a broader redesign of the related security model. The Company currently expects to complet…
Management believes the remediation actions underway are responsive to the material weaknesses identified at Indoff. However, the Company will not conclude that the material weaknesses have been fully remediated until all applicable controls have been implemented, have operated effectively for a suf…
Other than the ongoing remediation activities described above, there were no changes in the Company’s internal control over financial reporting that occurred during the quarter ending June 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Company's internal c…
Text removed vs the prior filing · source: 10-Q · 2026-05-05
During 2025 the Company’s Global Industrial business was remediated; however, the remediation effort remains ongoing for Indoff. Under the oversight of the Audit Committee, the Company expects to complete these efforts in the second quarter of 2026, at which time management will evaluate whether the…
As part of these ongoing remediation efforts, the Company has implemented and will continue to execute actions such as providing training to relevant personnel regarding the design and operation of IT general controls, and rationalizing access privileges for system users and critical transactions in…
Other than the ongoing remediation plans described above, there were no changes in the Company’s internal control over financial reporting that occurred during the quarter ending March 31, 2026 that have materially affected, or are reasonably likely to materially affect, its internal control over fi…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice