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Stop scrolling to Note 12.

SeeNote makes every footnote reference clickable, in SEC, Tel Aviv and UK filings. Read the note right where you are, without scrolling away.

sec.gov/Archives/edgar/data/0001594109/mrdn-20250630.htm
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PART II
Item 8
NOTE 1 — ACCOUNTING POLICIES

Recast of Certain Prior Period Information

In August 2025, we announced changes to the composition of our segments. Prior period segment information has been recast to conform to the way we internally manage and monitor our business during fiscal year 2025. These changes primarily impacted and .

Unearned Revenue

Unearned revenue by segment was as follows:

(In millions)
June 30,20252024
Industrial Automation$4,182$3,647
Process Systems 2,058 1,894
Aftermarket Services 936 871
Total$7,176$6,412

The increase in unearned revenue was driven primarily by contract liabilities assumed in the Halden Systems acquisition and growth in multi-year service arrangements. Refer to of the Notes to Financial Statements (Part II, Item 8 of this Form 10-K) for the related tax effects.

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Built for the people who actually read the notes

2×

Median 10-K length roughly doubled between 1996 and 2013, and disclosure volume keeps growing.*

150-300

Pages in a typical mid- to large-cap annual report, with the notes making up roughly half.

~3 hrs

Estimated time for an expert to properly read one annual report. Most of it spent navigating, not thinking.

* 10-K length data: Dyer, Lang & Stice-Lawrence, Journal of Accounting and Economics (2017). Reading-time figure is our own estimate for a full sequential read. The length data is measured on US 10-Ks, the best-studied of the three markets; a UK annual report or a Tel Aviv periodic report runs to a similar length.

What does SeeNote do?

SeeNote is a Chrome extension for reading company filings. It detects every cross-reference in a filing, like "see Note 12" or "refer to Note 7," and turns it into a link that opens the note in an inline popup. It works on SEC EDGAR, on Tel Aviv Stock Exchange filings, and on UK annual reports. Cross-references inside notes work too, so you follow the chain without ever scrolling away.

Note windows

Click any "see Note X" and the note opens right where you're reading. Drag it anywhere, resize it, zoom from 70% to 200%, and pin up to three at once when a number only makes sense beside two others. Close it and you're exactly where you left off.

Cross-reference chains

Notes reference other notes. SeeNote links the whole chain, so you follow the story instead of the pagination. It reaches across files too: a Tel Aviv report arrives as several PDFs, and a reference in the directors' chapter still opens the note from the financial statements.

The SeeNote Reader

Filings that arrive as PDFs open in SeeNote's own reader, from the toolbar, a right-click, or drag-and-drop. The note pops up as the actual printed page, so tables and typography are exact by construction. Text-layer PDFs only. If a PDF turns out to be scanned images, SeeNote says so.

Highlights and notes

Following the filing's references is half of reading one; the other half is marking what you found. Select a passage on an EDGAR page or a Tel Aviv iXBRL filing, or drag across a line in the Reader (a double-click takes one word), and keep it: one of four colours, and a note of your own if you want one. Every mark collects in the sidebar's Highlights tab, where you can filter them, jump back to the page, or tick a few and copy them out as a memo: the filing named at the top, each quote with your note beneath it and a link back to the passage. It pastes formatted into Word, Docs or Outlook, and as plain text into Slack or a spreadsheet. Print the filing and your marks print with it. My marks, one page for every filing you have marked, is searchable across titles, quotes and notes, and each entry reopens its filing on that passage. Marks are free on every filing, before and after the trial, and they stay on your device.

Keyboard-first

n and p walk the references, s opens the notes sidebar, + and - zoom, Esc closes. Forget one and ? shows the whole map. Built for people who read fifty filings a quarter.

Jump to any note

Know which note you need but nothing links to it? Press S to open the notes index: every note in the filing, in document order. Filter or arrow-key to the one you want and it opens in the same window. Fully keyboard-navigable and screen-reader friendly. And if you only want to know whether a reference is worth the trip, rest on it for a moment: you get the note's first three lines instead.

Which filings SeeNote reads

Filing types SeeNote reads, by market
Form What it is Source Format
United States
10-KAnnual reportSEC EDGARHTML & inline XBRL
10-QQuarterly reportSEC EDGARHTML & inline XBRL
20-FForeign private issuer annual reportSEC EDGARHTML & inline XBRL
40-FCanadian annual report (MJDS)SEC EDGARHTML & inline XBRL
Israel
Periodic reportAnnual or quarterly, filed as a set of PDFsMaya (TASE)Hebrew PDF
Periodic reportThe same report, already rendered by MayaMaya (TASE)Inline XBRL
United Kingdom
Annual reportAnnual report and accountsFCA National Storage MechanismDesigned PDF, some inline XBRL
Anywhere else
Any filing PDFOpened in the SeeNote ReaderAny siteText-layer PDF
Where SeeNote will not help
8-K, 6-KCurrent reports. They rarely carry the note cross-references SeeNote follows, so there is usually nothing for it to do.SEC EDGARHTML
Statutory accountsNot supported — the pages are images, so there is no text to readCompanies HouseScanned page images

Cross-reference detection is not guaranteed complete on every filing. An occasional reference may go undetected or link imprecisely; the authoritative document is always the filing itself.

No AI. No summaries. No interpretation.

Every AI tool wants to read the filing for you, and serious analysts have learned what that costs: invented legal proceedings, mangled tax mechanics, hours spent checking the algorithm instead of reading the source. SeeNote does the opposite. It shows you the exact, unaltered text management filed. It just brings that text to where you are.

Never summarizes

You read the auditor's exact verbiage, not a paraphrase. The change from "we expect" to "we may" is the signal, and a summary would erase it.

Never interprets

SeeNote is a navigational instrument, not an analyst. The thinking stays yours; the tool only removes the scrolling between you and the text.

Never hallucinates

There is no model to hallucinate. The window holds the filing itself, cloned in place: the same characters, in the same order, as the source document. Where a reference is ambiguous, SeeNote says so instead of opening the wrong note, and a reference that points into another filing is labelled as one. Abstaining matters more than it sounds: a tool you have to double-check has given you a second job.

The substance lives in the notes

Taxes, leases, goodwill, contingencies, segment detail: the numbers that change an investment view sit in the footnotes, and the document sends you back and forth to reach them. Filings keep getting longer while your reading time doesn't.

If you read 10-Ks, you know the ritual: find the reference, scroll 180 pages, read the note, scroll back, find your paragraph again. Analysts describe keeping two windows open, printing entire filings, or leaning on Ctrl+F just to move around a document. SeeNote removes the round trip entirely.

I built SeeNote because I was tired of losing my place. The information I needed was always three hundred pages away from the sentence that pointed to it. This is the reading experience filings should have shipped with.
— Nir Dukas, founder

Private by architecture, not by policy

SeeNote has no accounts, no analytics and no profile of you. The filing is parsed where you are reading it and never leaves your machine — and neither does anything about which filings you opened, or when. The one optional setting that shares anything is an aggregate tally of resolved references, off until you turn it on.

100% local execution

The filing is already rendered in your browser. SeeNote parses that page in-place and never transmits the document anywhere.

Nothing about what you read

No reading history, no analytics beacons, no user profiles. Before you subscribe, the only thing that crosses the wire is a random install id and a number from 0 to 3 — how many trial filings you have used. Never a filing, never a note, never a timestamp. The full list is on the privacy page.

Minimal permissions

The filing-reading code injects into four filing surfaces and nowhere else: sec.gov, Maya, the filings Maya renders as iXBRL, and the FCA data site. It touches no other tab, site, or credential.

How much does SeeNote cost?

Free on your first 3 filings — no card, no expiry. After that, SeeNote keeps detecting and underlining every cross-reference for free, forever. Open them anytime with a plan.

Founding offer: $99/year — $30 off the regular $129/year — locked for as long as you stay subscribed. All 150 still open.

Individual
$129/ year

Or $15 / month. The annual plan is 28% less — over three months free.

  • Unlimited filings, unlimited note popups
  • Cross-reference chain navigation, across files
  • The SeeNote Reader for filing PDFs
  • Copy any note verbatim — tables into spreadsheets
  • SEC EDGAR, Tel Aviv (TASE) and UK filings
  • Reading stays in your browser — nothing about it leaves
  • Highlights, notes and the My marks library — free on every filing, plan or no plan
Get SeeNote — $99/year Pay monthly instead — $15/month

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Frequently asked questions

What is SeeNote?

SeeNote is a Chrome extension for reading company filings. It detects every cross-reference like "see Note 12" and makes it clickable, opening the referenced note in an inline popup so you read it without scrolling away from your place. It works on SEC EDGAR, on Tel Aviv Stock Exchange filings, and on UK annual reports.

How does the free trial work?

Your first three filings are free, and every note in them opens. There is no credit card and no expiry date: the trial is spent by reading rather than by waiting, so it is still there in three months if that is when you next open a 10-K.

What counts as a filing?

One document identity: a 10-K, a 10-Q, a Maya report, a UK annual report. The classic EDGAR view and the inline XBRL viewer of the same 10-K are one filing rather than two, and a Tel Aviv report that arrives as several attachments is one filing as well.

Do re-opens count?

No. Inside your three filings opens are unlimited: the same note twice, twenty different notes, references inside notes. A filing is counted once, the first time you open a note in it, and never again.

Does the demo count?

No. The demo filing bundled with the extension is excluded permanently. Open every note in it as many times as you like; it spends nothing.

What happens after 3 filings?

SeeNote keeps working, for free, forever: every cross-reference is still found, underlined and counted, so you can still see at a glance how much of a filing points elsewhere. Clicking one opens the upgrade prompt instead of the note. Subscribe and the notes open again, everywhere. There are no daily or monthly limits in free mode, because there are no meters at all. Highlights and your own notes are outside all of this: free on every filing, before and after the trial.

What if I read on more than one computer?

The trial follows your Chrome profile through Chrome's own sync. Opening the same filing on your laptop and on your desktop counts once, not twice, because what is remembered is which filings you opened rather than how many times you opened something.

Can I pause instead of cancelling?

Yes. Filings arrive in seasons and paying through a quiet quarter is a bad deal. Email hello@seenote.co and we will pause your subscription; you keep your price when you come back.

What is the founding offer?

The first 150 annual subscribers pay $99 a year instead of $129, and keep that price for as long as they stay subscribed. When the 150 are gone the offer is retired and the annual price is $129.

Can I get a refund?

Yes. Email hello@seenote.co within 30 days of a charge and we will refund it in full. The three free filings exist so that you can find out whether SeeNote helps before paying at all.

Which filings does SeeNote work on?

Three markets. On sec.gov: 10-K, 10-Q, 20-F and 40-F, in both the classic HTML view and the inline XBRL viewer. On the Tel Aviv Stock Exchange: filings opened from Maya, in Hebrew PDF and in the iXBRL Maya renders. In the UK: annual reports from the FCA National Storage Mechanism. Any filing PDF you open in the SeeNote Reader works too, whatever site it came from, as long as it has a text layer — a scanned image has nothing to read. Current reports like 8-K and 6-K rarely carry note cross-references, so there is usually nothing for SeeNote to do in one.

Does SeeNote use AI?

No. SeeNote contains no language model and generates no text. It locates the note referenced in the filing and shows you its exact, unaltered contents in a popup. SeeNote never summarizes, interprets, or rewrites the text, so there is nothing to hallucinate.

Will it support non-US filings?

It already does. Tel Aviv Stock Exchange filings and UK annual reports ship alongside EDGAR in the same extension. Next on the roadmap are more PDF-based markets where the navigation pain is just as bad: Canada (SEDAR+), Australia (ASX), and Hong Kong (HKEX), plus continental European ESEF XHTML reports. Subscribers vote on the order.

Are highlights free?

Yes, on every filing, before and after the trial, and always will be: the trial counts referenced notes you open, not marks you make. Select a passage, pick one of four colours, add a note of your own if you want one. Every mark collects in the sidebar's Highlights tab, and every filing you have marked is listed in My marks, a page you can search across titles, quotes and notes, where each entry reopens its filing on that passage.

Where are my highlights stored?

On the device you made them on, in Chrome's local storage, unencrypted, next to the extension's settings. They are never synced to another computer and never sent to us. Delete a mark from the sidebar, or every mark at once from the extension's settings page; removing the extension removes them too. To keep a copy, tick the marks you want and copy them out as a memo: each quote with your note beneath it and a link back to the passage.

Does SeeNote collect my data?

No. SeeNote runs entirely in your browser. The filing is already on your screen; SeeNote parses it locally and never sends the document, or anything about what you read, to a server. The only thing that crosses the wire before you subscribe is a random install identifier and a count from 0 to 3 of how many trial filings you have used — no filing identities, not even hashed, and no record of when you read anything. One more optional setting, off until you turn it on, shares a tally of how many references resolved or missed: counts only, never URLs, tickers, company names, filenames, or filing text.

Read your next annual report without losing your place.

Free on your first 3 filings. No card, no expiry.