−Removed: Except as set forth below, there have been no material changes from our risk factors as previously reported in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the Securities and Exchange Commission (“SEC”) on February 27, 2020, as updated in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 as filed with the SEC on May 5, 2020.
−Removed: The following risk factor included in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 has been updated:
+Added: Except as set forth below, there have been no material changes from our risk factors as previously reported in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the Securities and Exchange Commission (“SEC”) on February 27, 2020, as updated in Part II, Item 1A of our Quarterly Reports on Form 10-Q for the quarter ended March 31, 2020 as filed with the SEC on May 5, 2020 and for the quarter ended June 30, 2020 as filed with the SEC on August 5, 2020.
+Added: The following risk factor included in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 has been updated:
Our financial condition and results of operations have been and are expected to continue to be materially adversely affected by the coronavirus pandemic.
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The outbreak has resulted in governments around the world implementing stringent measures to contain or mitigate the spread of the virus, including quarantines, “shelter in place” and “stay at home” orders, travel restrictions, business curtailments and other measures.
−Removed: While we continue to operate certain of our plants consistent with applicable government guidelines, we are experiencing, and may continue to experience, production slowdowns and/or shutdowns at our manufacturing facilities in Hungary, India, Indianapolis and Tennessee as a result of government orders, our inability to obtain component parts from suppliers and/or decreased customer demand.
−Removed: In addition, many of our suppliers and customers are also experiencing, and may continue to experience, production slowdowns and/or shutdowns, which may further impact our business, sales and results of operation.
−Removed: The effects of the COVID-19 pandemic on the global economy had a material impact on demand for our products and our results of operations during the second quarter 2020 as our customers reduced or halted production and we expect a continued impact on demand for our products and on our results of operations in the future.
+Added: While we continue to operate our plants consistent with applicable government guidelines, our global manufacturing facilities have cut back on operating levels and shifts and we experienced, and may experience again, production shutdowns at our manufacturing facilities in Hungary, India, and Tennessee during the second quarter of 2020 as a result of government orders, our inability to obtain component parts from suppliers and/or decreased customer demand.
+Added: In addition, many of our suppliers and customers have experienced, and may continue to experience, production slowdowns and/or shutdowns, which may further impact our business, sales and results of operation.
+Added: The effects of the COVID-19 pandemic on the global economy began having a material impact on demand for our products and our results of operations during the second quarter 2020 and continued through the third quarter 2020 as our customers reduced or halted production.
+Added: We expect a continued impact on demand for our products and on our results of operations in the future.
The extent to which COVID-19 may continue to adversely impact our business depends on future developments, which are highly uncertain and unpredictable, including the severity and duration of the outbreak and the effectiveness of actions taken globally to contain or mitigate its effects.
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Additionally, concerns over the economic impact of COVID-19 have caused extreme volatility in financial and other capital markets which may adversely impact our ability to access capital markets.
−Removed: The following risk factor included in our Annual Report on Form 10- K for the year ended December 31, 2019 has been updated :
−Removed: We are subject to cybersecurity risks to operational systems, security systems, or infrastructure owned by Allison or third-party vendors or suppliers.
−Removed: We are at risk for interruptions, outages, and breaches of:
−Removed: (i) operational systems, including business, financial, accounting, product development, data processing, or manufacturing processes, owned by us or our third-party vendors or suppliers;
−Removed: (ii) facility security systems, owned by us or our third-party vendors or suppliers;
−Removed: and/or (iii) transmission control modules or other in-product technology, owned by us or our third-party vendors or suppliers.
−Removed: Such cyber incidents could materially disrupt operational systems;
−Removed: result in loss of intellectual property, trade secrets or other proprietary or competitively sensitive information;
−Removed: compromise personally identifiable information of employees, customers, suppliers, or others;
−Removed: jeopardize the security of our facilities;
−Removed: and/or affect the performance of transmission control modules or other in-product technology.
−Removed: A cyber incident could be caused by malicious third parties using sophisticated, targeted methods to circumvent firewalls, encryption, and other security defenses, including hacking, fraud, trickery, or other forms of deception.
−Removed: The techniques used by third parties change frequently and may be difficult to detect for long periods of time.
−Removed: A significant cyber incident could impact production capability, harm our reputation and/or subject us to regulatory actions or litigation, any of which could materially affect our business, results of operations and financial condition.
−Removed: While we utilize a number of measures to prevent, detect and mitigate these threats, including employee education, monitoring of networks and systems, and maintenance of backup and protective systems, there is no guarantee such efforts will be successful in preventing a cyber incident.
−Removed: As a result of the COVID-19 pandemic, a significant subset of our global salaried employees are working remotely, which may pose a heightened risk for cyber incidents, including cybersecurity attacks and unauthorized dissemination of proprietary or confidential information, or other disruptions of our operational systems, security systems or infrastructure.
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.