13 unchanged sentences
It is difficult for us to predict the timing and scale of our competitors’ actions in these areas.
−Removed: Our ability to compete also depends on the continued strength of our brands, our ability to attract and retain key talent and other personnel, the efficiency of our manufacturing facilities and distribution network, and our ability to maintain and protect our intellectual property and those other rights used in our business.
+Added: Our ability to compete also depends on the continued strength of our brands, our ability to attract and retain key talent and other personnel, the efficiency of our manufacturing and distribution network, and our ability to maintain and protect our intellectual property and those other rights used in our business.
Our Company has a well-recognized and strong reputation and our ability to maintain our reputation is critical to our business.
11 unchanged sentences
In certain key markets, such as the United States, we have seen a longer-term decline in retail traffic in our department store customers.
−Removed: Consolidation or liquidation in the retail trade, from these or other factors, may result in us becoming increasingly dependent on key retailers and could result in an increased risk related to the concentration of our customers.
−Removed: A severe, adverse impact on the business operations of our customers could have a corresponding material adverse effect on us.
+Added: Consolidation, liquidation or other changes in the retail trade, from these or other factors, may result in us becoming increasingly dependent on key retailers and could result in an increased risk related to the concentration of our customers.
+Added: A severe, adverse impact on the business operations of our customers, including changes to the markets or channels in which our products are sold, could have a corresponding material adverse effect on us.
If one or more of our largest customers change their strategies (including pricing or promotional activities), enter bankruptcy (or similar proceedings) or if our relationship with any large customer is changed or terminated for any reason, there could be a material adverse effect on our business.
Our future success depends, in part, on our ability to achieve our long-term strategy.
−Removed: Achieving our long-term strategy will require investment in new capabilities, brands, categories, distribution channels, supply chain facilities, technologies and emerging and more mature geographic markets.
+Added: Achieving our long-term strategy will require investment in new capabilities, brands, categories, distribution channels, supply chain facilities, technologies, including AI and data analytics, and emerging and more mature geographic markets.
These investments may result in short-term costs without any current sales and, therefore, may be dilutive to our earnings.
4 unchanged sentences
We continuously review acquisition and strategic opportunities that would expand our current product offerings, our distribution channels, increase the size and geographic scope of our operations or otherwise offer growth and operating efficiency opportunities.
−Removed: In addition, we periodically review our brand portfolio, and our strategy includes potential divestitures of certain brands as we rationalize product offerings.
There can be no assurance we will be able to identify these strategic actions, be the successful bidder, and consummate such transactions on favorable terms, or otherwise realize the full intended benefit of such transactions.
+Added: In addition, we periodically review our brand portfolio, and our strategy includes potential divestitures of certain brands as we rationalize product offerings.
Acquisitions including strategic investments or other activities entail numerous risks, which may include:
10 unchanged sentences
Completed acquisitions typically result in additional goodwill and/or an increase in other intangible assets on our balance sheet.
−Removed: We are required at least annually, or as facts and circumstances exist, to test goodwill and other intangible assets with indefinite lives to determine if impairment has occurred, as well as assess the recoverability of other intangible assets, and have recorded goodwill and other intangible asset impairment charges in each of the last few fiscal years.
+Added: We are required at least annually, or as facts and circumstances exist, to test goodwill and other intangible assets with indefinite lives to determine if impairment has occurred, as well as assess the recoverability of other intangible assets, and have recorded goodwill and other intangible asset impairment charges as required.
We cannot accurately predict the amount and timing of any impairment of assets.
2 unchanged sentences
Our business could be negatively impacted by social impact and sustainability matters.
−Removed: There continues to be a focus from certain investors, customers, consumers, regulators, employees, and other stakeholders concerning social impact and sustainability and other ESG matters.
−Removed: From time to time, we announce certain initiatives, including goals and commitments, regarding our focus areas, which include environmental and climate matters;
+Added: There continues to be focus from certain investors, customers, consumers, regulators, employees, and other stakeholders regarding social impact, sustainability, and other environmental, social and governance ("ESG") matters.
+Added: From time to time, we announce certain initiatives, including goals and commitments, regarding our focus areas, including environmental and climate matters;
product formulation;
3 unchanged sentences
Such failures could be due to changes in our business (e.g., shifts in business among distribution channels or acquisitions).
−Removed: Moreover, the standards by which ESG efforts and related matters are measured are developing and evolving, and certain areas are subject to assumptions that could change over time.
+Added: Moreover, the standards by which these efforts are measured are developing and evolving, often rely on methodologies, standards and data that are subject to varying interpretations, and certain areas are subject to assumptions that could change over time.
In addition, we could be criticized for the scope of our initiatives or goals by stakeholders who support these initiatives or those that oppose them.
3 unchanged sentences
We are using AI solutions, including machine learning and generative AI tools, to assist in the development of our products, engage with consumers, and in the use of internal tools that support our business.
−Removed: These applications may become increasingly important in our operations over time.
+Added: These applications are becoming increasingly important in our operations over time.
This emerging technology presents risks inherent in its use, including risks related to harmful content, inaccuracies, hallucinations, bias or discrimination, and intellectual property infringement.
7 unchanged sentences
The general level of consumer spending is affected by many factors, including general economic conditions, inflation, interest rates, energy costs, and consumer confidence and sentiment generally, all of which are beyond our control.
−Removed: Consumer purchases of discretionary items tend to decline during recessionary periods, when disposable income is lower, and may impact sales of our products.
+Added: Many of our products may be considered discretionary items for consumers, and consumer purchases of discretionary items tend to decline during recessionary periods, when disposable income is lower, and may impact sales of our products.
A decline in consumer purchases of discretionary items also tends to impact our customers that are retailers.
23 unchanged sentences
In addition, counterfeit versions of some of our products may be sold by third parties, which may pose safety risks, may fail to meet consumers’ expectations, and may have a negative impact on our business.
+Added: While we may take action to identify and remove counterfeit versions of our products from the market, these actions may not be successful.
Our success depends, in part, on our key personnel.
9 unchanged sentences
We are subject to risks related to the global scope of our operations.
−Removed: We operate on a global basis, with a substantial majority of our net sales and operating income generated outside the United States.
−Removed: We maintain offices in over 50 countries and have key operational facilities located inside and outside the United States that manufacture, warehouse or distribute goods for sale throughout the world.
+Added: We operate on a global basis, and maintain offices across our geographic regions and have key operational facilities located inside and outside the United States that manufacture, warehouse or distribute goods for sale throughout the world.
Our global operations are subject to many risks and uncertainties, including:
11 unchanged sentences
As a company engaged in manufacturing and distribution on a global scale, we are subject to the risks inherent in such activities.
−Removed: Such risks include industrial accidents, environmental events, strikes and other labor disputes, capacity constraints, disruptions in ingredient, material or packaging supply or availability of natural resources (e.g., water), as well as global shortages, disruptions in supply chain or information technology, loss or impairment of key manufacturing or distribution sites or suppliers, product quality control, safety, increase in commodity prices and energy costs, licensing requirements and other regulatory issues, as well as natural disasters, outages due to fire, floods, power loss, telecommunications failures, break-ins and other events or external factors over which we have no control.
+Added: Such risks include industrial accidents, environmental events, strikes and other labor disputes, capacity constraints, disruptions in ingredient, material or packaging supply or availability of natural resources (e.g., water), global shortages, disruptions in supply chain or information technology, loss or impairment of key manufacturing or distribution sites or suppliers, product quality control, safety, increase in commodity prices and energy costs, licensing requirements and other regulatory issues, as well as natural disasters, outages due to fire, floods, power loss, telecommunications failures, break-ins and other events or external factors over which neither we nor our suppliers have control.
If such an event were to occur, it could have a material adverse effect on our business.
4 unchanged sentences
In addition, any increases in the costs of goods and services for our business may adversely affect our profit margins if we are unable to pass along any higher costs in the form of price increases or otherwise achieve cost efficiencies in our operations.
−Removed: As we outsource functions, we become more dependent on the entities performing those functions.
+Added: As we outsource functions and consolidate service providers, we become more dependent on the entities performing those functions and services.
As part of our long-term strategy, we are continually looking for opportunities to improve our essential business services, which includes finding ways to be more cost-effective and efficient.
−Removed: In some cases, this requires the outsourcing of functions or parts of functions that we believe can be performed more effectively by external service providers.
−Removed: The failure of one or more such providers to deliver the expected services, provide them on a timely basis or to provide them at the prices or service levels that we expect, the failure of one or more of such providers to meet our performance standards and expectations, including with respect to data security, compliance with laws, disruptions arising from the transition of functions to an outsourcing provider, or the costs incurred in returning these outsourced functions to being performed under our management and direct control, could have a material adverse effect on our business.
+Added: In some cases, this requires the outsourcing of functions or parts of functions that we believe can be performed more effectively by external service providers, as well as the consolidation of service providers to drive efficiencies.
+Added: The failure of one or more such providers to deliver the expected services, provide them on a timely basis or to provide them at the prices or service levels that we expect, the failure of one or more of such providers to meet our performance standards and expectations, including with respect to data security, compliance with laws, disruptions arising from the transition of functions to an outsourcing provider or other service providers, or the costs incurred in returning these outsourced functions to being performed under our management and direct control, could have a material adverse effect on our business.
In addition, when we transition to, from or between external service providers, we may experience challenges that could have a material adverse effect on our business.
5 unchanged sentences
Disputes and other legal or regulatory proceedings could adversely affect our business.
−Removed: We are, and may in the future become, party to litigation, other disputes or regulatory proceedings across a wide range of matters, including ones relating to product liability matters (including asbestos-related claims), advertising, regulatory, employment, intellectual property, real estate, environmental, trade relations, securities, tax and privacy.
+Added: We are, and may in the future become, party to litigation, other disputes or regulatory proceedings across a wide range of matters, including ones relating to product liability matters (including asbestos-related claims), advertising, regulatory, labor and employment, pensions and benefits, intellectual property, real estate, environmental, trade relations (including tariffs and duties), securities, tax and privacy.
In general, claims made by us or against us in litigation, disputes or other proceedings can be expensive and time consuming and could result in settlements, injunctions or damages that could significantly affect our business.
+Added: We are mindful of the evolving litigation landscape related to asbestos-related claims, and continue to monitor trends in this area.
It is not possible to predict the final resolution of the litigation, disputes or proceedings to which we currently are or may in the future become party to, and the impact of certain of these matters could have a material adverse effect on our business .
7 unchanged sentences
The compromise or interruption of, or damage to, our information technology (including our operational technology and websites) by cybersecurity incidents, data security breaches, other security problems, design defects or system failures could have a material negative impact on our business.
−Removed: We rely on information technology that supports our business processes, including research and development, product development, production, distribution, marketing, sales, order processing, consumer experiences, human resource management, finance and internal and external communications throughout the world.
+Added: We rely on information technology that supports our business processes, including research and development, manufacturing and distribution, marketing, sales, order processing, consumer experiences, human resource management, finance and internal and external communications throughout the world.
We have e-commerce and other Internet websites in the United States and many other countries.
5 unchanged sentences
Cybersecurity incidents can be caused by ransomware, distributed denial-of-service attacks, worms, and other malicious software programs or other attacks, including the covert introduction of malware to our information technology, and the use of techniques or processes that change frequently, may be disguised or difficult to detect, or are designed to remain dormant until a triggering event, and may continue undetected for an extended period of time.
−Removed: In addition, some of our suppliers, vendors, service providers, cloud solution providers and customers have in the past experienced, and may in the future experience, such incidents, which could in turn disrupt our business.
+Added: In addition, some of our suppliers, vendors, service providers, cloud solution providers and customers have in the past experienced, and may in the future experience, such incidents, which could in turn disrupt our business or compromise the security of our Company data.
+Added: Our Company's continued expansion and reliance on third parties may further increase that risk.
The evolution and adoption of emerging technologies, such as AI, may intensify cybersecurity risks as techniques used in cyberattacks and cybersecurity incidents continue to evolve and develop.
39 unchanged sentences
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.