There have been no material changes to the Company’s risk factors as disclosed in Part I, Item 1A.
−Removed: Risk Factors in our Annual Report on Form 10-K for our fiscal year ended December 31, 2019, other than the updates noted below.
−Removed: We face significant risks related to health epidemics such as the COVID-19 pandemic, which could have material and adverse impacts on our business, financial condition, liquidity and results of operations.
−Removed: Any outbreaks of contagious diseases and other adverse public health developments in countries where we operate could have a material and adverse effect on our business, financial condition, liquidity and results of operations.
−Removed: For example, the COVID-19 pandemic has caused widespread disruptions to our Company during the first nine months of 2020, particularly during the first half of the year .
−Removed: During the first quarter of 2020, these disruptions were primarily limited to our operations in China, which were closed for three weeks during January and February due to government mandates.
−Removed: As the virus spread to the rest of the world beginning in March and continuing throughout the second and third quarters of 2020, most of our other operations outside of China were then also impacted.
−Removed: As of September 30, 2020, we continue to experience some disruptions, and at a minimum, we expect those disruptions to continue throughout the remainder of 2020.
−Removed: These disruptions have included and may continue to include, depending on the specific location, government regulations that limit our ability to operate certain of our facilities at full capacity and to adjust certain costs, travel restrictions, “work-from-home” orders and the gradual transition back to the workplace, supplier constraints, supply-chain interruptions, logistics challenges and limitations, and reduced demand from certain customers.
−Removed: The extent to which the COVID-19 pandemic will continue to impact our business and financial results going forward will be dependent on future developments such as the length and severity of the crisis, the potential resurgence of the crisis, future government regulations in response to the crisis and the overall impact of the COVID-19 pandemic on the global economy and capital markets, among many other factors, all of which remain highly uncertain and unpredictable.
−Removed: In addition, the COVID-19 pandemic could impact the health of our management team and other employees.
−Removed: As of the date of this Quarterly Report on Form 10-Q, it is impossible to predict the overall impact of the COVID-19 pandemic on our business, financial condition, liquidity and financial results, and there can be no assurance that the COVID-19 pandemic will not have a material and adverse effect on our financial results during any quarter or year in which we are affected.
−Removed: In addition to the above risks, the COVID-19 pandemic increases the likelihood and potential severity of other risks previously discussed in Item 1A.
−Removed: Risk Factors in our Annual Report on Form 10-K for our fiscal year ended December 31, 2019.
−Removed: These include, but are not limited to, the following:
−Removed: ● A protracted economic slowdown could negatively affect the financial condition of our customers, which may result in an increase in bankruptcies or insolvencies, a delay in payments, and decreased sales.
−Removed: ● A scarcity of resources or other hardships caused by the COVID-19 pandemic may result in increased nationalism, protectionism and political tensions which may cause governments and/or other entities to take actions that may have a significant negative impact on the ability of the Company, its suppliers and its customers to conduct business.
−Removed: ● We have transitioned a significant subset of our employee population to a remote work environment in an effort to mitigate the spread of COVID-19.
−Removed: This change may exacerbate certain risks to our business, including an
−Removed: increased demand for information technology resources, an increased risk of phishing and other cybersecurity attacks, and an increased risk of unauthorized dissemination of sensitive personal information or proprietary or confidential information.
−Removed: ● A resurgence in the global spread of COVID-19 could lead to another disruption in the global capital markets, which could increase the cost of, and adversely impact access to, capital (including the commercial paper markets) and increase economic uncertainty.
−Removed: ● The COVID-19 pandemic initially disrupted the supply of raw materials, and if there is a resurgence in the global spread of COVID-19, we may experience difficulties in obtaining a consistent supply of materials at stable pricing levels.
−Removed: ● If the financial performance of our businesses were to decline significantly as a result of a resurgence in the COVID-19 pandemic, we could incur a material non-cash charge to our income statement for the impairment of goodwill and other intangible assets.
−Removed: ● If there is a general market downturn and continued high degree of volatility in the financial markets, we may experience a material re-valuation of, for example, our pension assets and obligations.
+Added: Risk Factors in our Annual Report on Form 10-K for our fiscal year ended December 31, 2020, including as it relates to the significant risks associated with the ongoing COVID-19 pandemic which could have a material and adverse impact on our business, financial condition, liquidity and results of operations in the future.
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.