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If any of the risks actually occur, our business, financial condition or results of operations could be materially impacted.
−Removed: Our results of operations have been, and are expected to continue to be, materially adversely impacted by the coronavirus (COVID-19) pandemic and the measures implemented to contain the spread of the virus.
−Removed: The continued spread of the coronavirus (COVID-19) pandemic and the resulting containment measures have created significant volatility, uncertainty and economic disruption globally and have had, and are expected to continue to have, a material adverse impact on the Company's results of operations.
+Added: Our results of operations have been, and may continue to be, materially adversely impacted by the coronavirus (COVID-19) pandemic and the measures implemented to contain the spread of the virus.
+Added: The continued spread of the coronavirus (COVID-19) pandemic and the resulting containment measures have created significant volatility, uncertainty and economic disruption globally and have had, and may continue to have, a material impact on the Company's results of operations.
Department of Homeland Security has designated our industry as "essential critical infrastructure" during the response to COVID-19 for both public health and safety as well as community well-being.
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We believe we are well positioned to respond to and mitigate the potential impacts of the rapidly evolving market dynamics.
−Removed: While the Company was not materially adversely impacted by COVID-19 in the first quarter of 2020, the Company experienced lower demand, particularly in nylon, caprolactam and phenol, during the second quarter 2020, resulting in a reduction of utilization rates and a decrease in overall sales volume compared to the prior year period, primarily related to global markets and the economic impact of COVID-19.
−Removed: While we expect that COVID-19 will continue to impact the Company's results of operations, financial position and liquidity in the near-term and potentially beyond, we are unable to predict the extent or nature of these impacts at this time.
+Added: While the Company was not materially adversely impacted by COVID-19 in the first quarter of 2020, the Company experienced lower demand, particularly in nylon, caprolactam and phenol, during the second quarter of 2020, resulting in a reduction of utilization rates and a decrease in overall sales volume compared to the prior year period, primarily related to global markets and the economic impact of COVID-19.
+Added: During the third quarter of 2020, the Company experienced an improvement of demand to approximately pre-COVID-19 levels;
+Added: however, there is no assurance that sales volumes will remain stable or that demand will fully recover or continue given the potential for increased restrictions imposed by governments or other factors resulting from sustained, or a surge in, infection rates.
+Added: While we expect that COVID-19 may continue to impact the Company's results of operations, financial position and liquidity in the near-term and potentially beyond, we are unable to predict the extent or nature of these impacts at this time.
The extent of the future and overall impact from the COVID-19 pandemic on our business depends on numerous evolving factors and future developments that cannot be accurately predicted at this time, including, but not limited to:
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the timing of the development and distribution of an effective vaccine or treatments for COVID-19;
−Removed: governmental, business and individuals’ actions that have been and continue to be taken in response to the pandemic, including our business continuity and cash optimization plans that have and may be implemented;
−Removed: the impact of social and economic restrictions and other containment measures taken to combat
−Removed: virus transmission;
+Added: governmental, business and individuals’ actions that have been and continue to be taken in response to the pandemic, including our business continuity and cash optimization plans that have been, and may in the future be, implemented;
+Added: the impact of social and economic restrictions and other containment measures taken to combat virus transmission;
the effect on our customers’ demand for our products and our suppliers’ ability to manufacture and deliver our raw materials, including implications of reduced refinery utilization in the U.S.;
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any closures of our and our customers’ offices and facilities;
+Added: risks associated with increased phishing, compromised business emails and other cybersecurity attacks and disruptions to our technology infrastructure;
and risks associated with employees working remotely or operating with a reduced workforce.
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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.