What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2024-02-01 compared with 2023-02-09 · 95 added, 102 removed, 309 unchanged (39% of the section changed)

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naval shipbuilder, making us America's largest shipbuilder.

Our Mission Technologies (formerly named Technical Solutions) segment delivers high-value engineering and technology solutions to enable multi-domain distributed operations in the government and commercial markets.

Headquartered in Newport News, Virginia, we employ approximately 43,000 people domestically and internationally.

Our Mission Technologies segment develops integrated technology solutions and products that enable today's connected, all domain force.

Headquartered in Newport News, Virginia, we employ over 44,000 people domestically and internationally.

We conduct most of our business with the U.S.

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the application of Artificial Intelligence and machine learning to battlefield decisions;

defensive and offensive cyberspace strategies and electronic warfare ("CEWS");

defense and offensive cyberspace strategies and electronic warfare;

unmanned autonomous systems;

live, virtual, and constructive training solutions ("LVC");

platform modernization;

live, virtual, and constructive training solutions;

fleet sustainment;

and critical nuclear operations.

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In 2007, we were awarded the construction contract for USS America (LHA 6), the first in a class of enhanced amphibious assault ships designed from the keel up to be an aviation optimized Marine assault platform.

We delivered USS Tripoli (LHA 7) in 2020 and are currently constructing Bougainville (LHA 8).

In 2022, we were awarded the construction contract for Fallujah (LHA 9).

We are currently constructing Bougainville (LHA 8) and Fallujah (LHA 9).

In 2023, we were awarded a long-lead-time material contract for LHA 10 (unnamed).

The LPD program is a long-running production program of expeditionary warfare ships in which we have generated efficiencies through ship-over-ship learning.

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(LPD 29), Harrisburg (LPD 30), and Pittsburgh (LPD 31).

In 2022, we were awarded a long-lead time material contract for LPD 32 (unnamed).

In 2023, we were awarded a contract to construct Philadelphia (LPD 32).

Surface Combatants

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We have delivered 35 Arleigh Burke class (DDG 51) destroyers to the U.S.

Navy, including Lenah H.

Sutcliffe Higbee (DDG 123) in 2022, USS Frank E.

(DDG 121) in 2021, and USS Delbert D.

Black (DDG 119) in 2020.

In 2013, we were awarded a multi-year contract totaling $3.3 billion for construction of five Arleigh Burke class (DDG 51) destroyers, of which four have been delivered and Jack H.

Lucas (DDG 125) is being constructed.

In 2018, we were awarded a multi-year contract totaling $5.1 billion for construction of six additional Arleigh Burke class (DDG 51) destroyers.

In 2020, we were awarded a contract to

construct an additional Arleigh Burke class (DDG 51) destroyer.

We are currently constructing Ted Stevens (DDG128), Jeremiah Denton (DDG 129), George M.

Neal (DDG 131), and Sam Nunn (DDG 133).

Navy, including USS Jack H.

Lucas (DDG 125) in 2023, USS Lenah H.

Sutcliffe Higbee (DDG 123) in 2022, and USS Frank E.

(DDG 121) in 2021.

In 2018, we were awarded a multi-year contract for construction of six Arleigh Burke class (DDG 51) destroyers and, in 2020,a contract to construct an additional Arleigh Burke class (DDG 51) destroyer.

In 2023, we were awarded a multi-year contract for construction of six more Arleigh Burke class (DDG 51) destroyers, as well as the first option ship, for a total of seven ships.

We are currently

constructing Ted Stevens (DDG128), Jeremiah Denton (DDG 129), George M.

Neal (DDG 131), Sam Nunn (DDG 133), and Thad Cochran (DDG 135).

National Security Cutters

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The flagship of this program is the Legend class NSC, a multi-mission platform we designed and continue to build.

We delivered USCGC Stone (NSC 9) to the U.S.

Coast Guard in 2020.

In 2018, we were awarded long-lead-time material and construction contracts for Calhoun (NSC 10) and Friedman (NSC 11), which are currently under construction.

In 2018, we were awarded long-lead-time material and construction contracts for Calhoun (NSC 10), which was delivered to the U.S.

Coast Guard in 2023, and Friedman (NSC 11), which is currently under construction.

The core business of our Newport News segment is designing and constructing nuclear-powered aircraft carriers and submarines, and the refueling and overhaul and the inactivation of nuclear-powered aircraft carriers.

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Kennedy (CVN 79).

In addition, we have received awards valued at $15.3 billion for detail design and construction of the Gerald R.

In addition, we have received contract awards valued at $15.3 billion for detail design and construction of the Gerald R.

Ford class (CVN 78) aircraft carriers Enterprise (CVN 80) and Doris Miller (CVN 81).

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We provide ongoing maintenance services for the U.S.

Navy aircraft carrier fleet through both RCOH and fleet support across the globe.

We are currently performing the RCOH of USS George Washington (CVN 73) and USS John C.

Navy aircraft carrier fleet through both RCOH and fleet support services worldwide.

USS George Washington (CVN 73) was redelivered to the U.S.

Navy in 2023 after completion of its RCOH, and we are currently performing the RCOH of USS John C.

Stennis (CVN 74).

We believe our position as the exclusive designer and builder of nuclear-powered aircraft carriers, our RCOH performance on the first seven Nimitz class (CVN 68) carriers, our highly trained workforce, the capital-intensive nature of RCOH work, and high barriers to entry due to its nuclear component position us well for RCOH contract awards on the remaining Nimitz class (CVN 68) carriers, as well as future RCOH work on Gerald R.

We believe our current position as the exclusive designer and builder of nuclear-powered aircraft carriers, our RCOH performance on the first seven Nimitz class (CVN 68) carriers, our highly trained workforce, the capital-intensive nature of RCOH work, and high barriers to entry due to required nuclear expertise position us well for RCOH contract awards on the remaining Nimitz class (CVN 68) carriers, as well as future RCOH work on Gerald R.

Ford class (CVN 78) aircraft carriers.

We received a contract in 2013 to inactivate the decommissioned Enterprise (CVN 65), the world's first nuclear-powered aircraft carrier, which was built by us and commissioned in 1961.

The decommissioned Enterprise (CVN 65) inactivation was completed in the second quarter of 2018.

Aircraft carriers have a lifespan of approximately 50 years, and we believe the ten Nimitz class (CVN 68) carriers we delivered that are currently in active service, as well as Gerald R.

Ford class (CVN 78) aircraft carriers, present significant opportunities for inactivation contracts as they reach the end of their lifespans.

We believe we are well positioned as the U.S.

We believe we are well positioned to be the U.S.

Navy's shipyard of choice for these contract awards.

Design and Construction of Nuclear-Powered Submarines

We are one of only two companies in the United States capable of designing and building nuclear-powered submarines for the U.S.

We are one of only two companies in the United States currently capable of designing and building nuclear-powered submarines for the U.S.

Newport News has delivered 63 submarines to the U.S.

Navy since 1960, comprised of 49 fast attack and 14 ballistic missile submarines.

Of the 50 nuclear-powered fast attack submarines currently in active service, 25 were delivered by Newport News.

Of the 49 nuclear-powered fast attack submarines currently in

active service, 23 were delivered by Newport News.

Our nuclear submarine program, located at our Newport News shipyard, includes construction, engineering, design, research, and integrated planning.

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The four submarines of the first block, six submarines of the second block, and eight submarines of the third block of Virginia class (SSN 774) submarines have been delivered.

In 2014, the team was awarded a construction contract for the fourth block of ten Virginia class (SSN 774) submarines, which requires production of two submarines per year.

The first submarine of the Block IV contract was delivered in 2020, two more submarines of the Block IV contract were delivered in 2022, and the remaining boats are in the manufacturing and outfitting phases of construction.

In 2014, the team was awarded a construction contract for the fourth block of ten Virginia class (SSN 774) submarines, which contemplated production of two submarines per year.

The first submarine of the Block IV contract was delivered in 2020, and three more submarines have been delivered through 2023.

The remaining six boats of the Block IV contract are in the final assembly and test phases of construction.

In 2019, the team was awarded a construction contract for the fifth block of nine Virginia class (SSN 774) submarines, and, in 2021, an option for a 10th submarine was exercised, continuing the two submarines per year production rate.

Eight of the Block V boats are in manufacturing and outfitting stages and two of the Block V boats are in the advance procurement phases.

Ten of the Block V boats are in manufacturing and outfitting stages of construction.

In 2023, the team was awarded a contract modification for advance procurement for long lead-time material in support of two additional Block V boats, bringing the total Block V boats to 12.

In addition, the team received a contract award for advance procurement of long-lead-time material in support of the first two Block VI boats.

Columbia Class (SSBN 826) Submarines

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We perform design work as a subcontractor to Electric Boat, and we have entered into a teaming agreement with Electric Boat to build modules for the entire Columbia class (SSBN 826) submarine program that leverages our Virginia class (SSN 774) experience.

We were previously awarded contracts from Electric Boat to begin integrated product and process development and provide long-lead-time material and advance construction for the Columbia class (SSBN 826) program.

Contract award for the first two Columbia class submarines (SSBN 826 and SSBN 827) and construction start of the first Columbia class (SSBN 826) submarine occurred in late 2020.

In 2023, we were awarded a contract modification for long-lead-time material and advance construction in support of five additional Columbia class (SSBN 826) boats, also referred to as Build II of the class.

Naval Nuclear Support Services

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Mission Technologies

The Mission Technologies segment includes business groups focused on high-end information technology (“IT”) and mission based solutions for DoD, intelligence, and federal civilian customers;

life-cycle sustainment services to the U.S.

Navy fleet and other maritime customers;

Our Mission Technologies segment develops integrated solutions that enable today’s connected, all-domain force.

Our capabilities include C5ISR systems and operations;

the application of Artificial Intelligence ("AI") and machine learning to battlefield decisions;

defensive and offensive cyberspace strategies and electronic warfare ("CEW&S");

live, virtual, constructive solutions ("LVC");

unmanned, autonomous systems;

and nuclear management and operations and environmental management services for the Department of Energy ("DoE"), DoD, state and local governments, and private sector companies.

The Mission Technologies segment is comprised of four business groups as follows:

Mission Based Solutions

Our mission based solutions businesses are focused on solving national security challenges for the DoD, the intelligence community, and federal civilian agencies around the globe.

The group’s expertise includes intelligence, surveillance, and reconnaissance;

cyber operations;

secure enterprise information technology engineering and operations;

advanced modeling, simulation, and training;

and logistics management.

Our C5ISR solutions deliver actionable intelligence across the globe at hyper speed through mission systems and operations, accelerating decision-making and exploiting foreign threat vulnerabilities.

Our CEWS solutions provide full spectrum cyber, electronic warfare, and space capabilities that address today’s rapidly changing, multi-domain global security threats, and anticipated emerging threats.

Our LVC solutions designs and executes enterprise simulation and network technologies to prepare warfighters for virtually every conceivable environment they may face in the service to national defense and security.

Unmanned Systems

Our unmanned systems products and services create advanced unmanned maritime solutions for defense, marine research, and commercial applications.

Serving customers in more than 30 countries, our unmanned systems group provides design, autonomy, manufacturing, testing, operations, and sustainment of unmanned systems, including unmanned underwater vehicles and unmanned surface vessels.

fleet sustainment;

Our fleet support services provide comprehensive life-cycle sustainment services to the U.S.

and critical nuclear operations.

Our domain expertise and advanced technologies support our mission partners across the globe.

C5ISR designs, develops, integrates, and manages the sensors, systems and other assets necessary to support integrated ISR operations and accelerated decision-making.

These business activities provide data fusion and mission management capabilities for the DoD, the combatant commands, and the intelligence community.

CEW&S works within our nation’s intelligence and cyber operations communities to defend U.S.

interests in cyberspace and anticipate emerging threats.

Our capabilities in cybersecurity, network architecture, reverse engineering, software, and hardware development uniquely enable our ability to support sensitive missions for the U.S.

military and federal agency partners.

We also develop, test, and integrate leading-edge AI and machine learning algorithms to optimize and accelerate the nation’s mission-critical systems and platforms.

LVC training connects live environments with virtual platforms and simulated (constructive) threats to prepare trainees through integrated, real world scenarios before they are in harm’s way.

LVC is a modern and distributed approach to U.S.

military training.

Fleet Sustainment

Fleet sustainment provides comprehensive life-cycle sustainment to the U.S.

Navy fleet and other DoD and commercial maritime customers.

We provide services including maintenance, modernization, and repair on all ship classes;

Services include maintenance, modernization, and repair on all ship classes;

naval architecture, marine engineering, and design;

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and cyber security and information assurance.

We provide undersea vehicle and specialized craft development and prototyping services.

We also provide undersea vehicle and specialized craft development and prototyping services.

Unmanned Systems

Unmanned Systems develops advanced unmanned systems for defense, marine research, and commercial applications.

Serving customers in more than 30 countries, we provide design, autonomy, manufacturing, testing, operations, and sustainment of unmanned systems, including unmanned underwater vehicles and unmanned surface vessels.

Nuclear and Environmental Services

Our nuclear and environmental services focus on nuclear management and operations.

We provide site management, nuclear and industrial facilities operations and maintenance, decontamination and decommissioning, and radiological and hazardous waste management services to DoE, DoD, state and local governments, and private sector companies.

As part of our nuclear and environmental services, we participate in joint ventures, including Newport News Nuclear BWXT Los Alamos, LLC ("N3B"), Mission Support and Test Services, LLC ("MSTS"), and Savannah River Nuclear Solutions, LLC ("SRNS").

We have a 51% ownership interest in N3B, which, in 2017, was awarded the Los Alamos Legacy Cleanup Contract at the DoE/National Nuclear Security Administration’s Los Alamos National Laboratory located northwest of Santa Fe, New Mexico.

We have a 23% ownership interest in MSTS, which, in 2017, was awarded a contract for site management and operations at the Nevada National Security Site located northwest of Las Vegas, Nevada.

We have a 34% ownership interest in SRNS, which provides site management and operations at the DoE's Savannah River Site near Aiken, South Carolina.

Nuclear and Environmental Services support the Department of Energy’s ("DoE") national security mission through the management and operation of DoE sites, as well as the safe cleanup of legacy waste across the country.

Through participation in joint ventures, including Newport News Nuclear BWXT Los Alamos, LLC ("N3B"), Mission Support and Test Services, LLC ("MSTS"), and Savannah River Nuclear Solutions, LLC ("SRNS"), we meet customers’ toughest nuclear and environmental challenges.

Our revenues are primarily derived from the U.S.

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Intellectual Property

We develop new technologies that are incorporated into the products we produce and services we provide for our customers.

We develop new technologies that are incorporated into the products and services we provide to our customers.

We also develop new manufacturing processes and systems-integration technologies and processes that we use to produce our products and to provide services to our customers.

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Government contracts and unlimited license rights in technical data developed under our U.S.

Government contracts when such data is developed entirely at government expense.

Government may use or authorize other parties to use the

intellectual property we license to the government.

Government contracts when such data is developed

entirely at government expense.

Government may use or authorize other parties to use the intellectual property we license to the government.

While our intellectual property rights are important to our operations, we do not believe that any existing patent, license, or other intellectual property right is of such importance that its loss or termination would have a material impact on our business.

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Raw Materials

We rely on third parties to provide raw materials.

The most significant material we use is steel.

Other materials we use in large quantities include paint, aluminum, pipe, electrical cable, and fittings.

Other materials we use in large quantities include paint, aluminum, pipe, electrical cables, electronic components, fittings, custom machine items, and sensors.

All of these materials are currently available in adequate supply.

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Government generally has the ability to terminate contracts, in whole or in part, with little or no prior notice, for convenience or for default based upon performance.

In the event of termination of a contract for convenience, a contractor is normally able to recover costs already incurred on the contract and profit on incurred costs up to the amount authorized under the contract, but not the profit that would have been earned had the contract been

In the event of termination of a contract for convenience, a

contractor is normally able to recover costs already incurred on the contract and profit on incurred costs up to the amount authorized under the contract, but not the profit that would have been earned had the contract been completed.

Such a termination could also result in the cancellation of future work on the related program.

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Costs we incur that are not allowable under the Federal Acquisition Regulation (the “FAR”) or U.S.

Cost Accounting Standards (“CAS”) or that are otherwise determined to be unallowable or improperly allocated to a specific contract are not recovered or must be refunded if already reimbursed.

Cost Accounting Standards (“CAS”) or that are otherwise determined to be unallowable or improperly allocated to a specific contract are not recoverable or must be refunded if already reimbursed.

Our business, including contracts with U.S.

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Such laws and regulations impose liability upon a party for environmental cleanup and remediation costs and damage without regard to negligence or fault on the part of such party and could expose us to liability for the conduct of or conditions caused by third parties.

We accrue estimated costs to perform environmental remediation when we determine it is probable we will incur expenses in the future, in amounts we can reasonably estimate, to address environmental conditions at currently or formerly owned or leased operating facilities, or at sites where we are named a Potentially Responsible Party ("PRP") by the U.S.

("PRP") by the U.S.

Environmental Protection Agency ("EPA") or similarly designated by another environmental agency.

Uncertainties regarding the extent of required remediation, determination of legally responsible parties, and

the status of laws and regulations and their interpretations make future environmental remediation costs difficult to estimate and can cause our estimated remediation costs to change.

Uncertainties regarding the extent of required remediation, determination of legally responsible parties, and the status of laws and regulations and their interpretations make future environmental remediation costs difficult to estimate and can cause our estimated remediation costs to change.

We believe we are in material compliance with environmental laws and regulations, and historical environmental compliance costs have not been material to our business.

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Even so, the government periodically revisits whether refueling of nuclear-powered aircraft carriers should be performed in private or public facilities.

Government shipyard were to become capable and engaged in the refueling of nuclear-powered aircraft carriers, our market position could be significantly and adversely affected.

Government shipyard were to become capable and engaged in the refueling of nuclear-powered aircraft carriers, our market position would likely be significantly and adversely affected.

While we have competed with another large defense contractor to build large deck amphibious ships, we are currently the only builder of large deck amphibious assault ships and expeditionary warfare ships for the U.S.

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Navy's current fleet of Arleigh Burke class (DDG 51) destroyers and are positioned well to be awarded future contracts for surface combatant ships as well.

Our Mission Technologies segment delivers technology based products and solutions to government and commercial markets.

Key competitive factors in these markets include technology capabilities, innovative cyber advances and artificial intelligence, the ability to develop and implement complex, integrated solutions;

Key competitive factors in the Mission Technologies segment include technology capabilities;

innovative cyber advances and artificial intelligence;

the ability to develop and implement complex, integrated solutions;

the ability to meet delivery schedules;

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Our leaders believe each employee contributes to our success.

We have approximately 43,000 employees.

We have over 44,000 employees.

We are the largest industrial employer in Virginia and the largest private employer in Mississippi.

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Recruitment, Training, and Workforce Development - Our three segments hire thousands of employees each year.

In 2022, we hired over 7,500 new employees.

To help us meet this large demand for talent, we have created, developed, and maintain multiple talent pipelines.

One of the key components of our approach to workforce

development is to “grow our own.” We operate two apprentice schools, one at Ingalls and one at Newport News.

In 2023, we hired approximately 9,500 new employees.

To help us meet this large demand for talent, we have

created, developed, and maintain multiple talent pipelines.

One of the key components of our approach to workforce development is to “grow our own.” We operate two apprentice schools, one at Ingalls and one at Newport News.

The Newport News Apprentice School was founded in 1919, and the Ingalls Apprentice School was founded in 1952.

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The Newport News Apprentice School has partnered with two community colleges, as well as Old Dominion University, to enable apprentices to earn a bachelor’s degree in Mechanical Engineering, Electrical Engineering, or Modeling & Simulation.

In addition to operating our own apprentice schools, we have developed and nurtured multiple partnerships with state and local governments, pre-K education providers, primary/secondary school districts, community colleges, and four-year colleges and universities, as well as post-graduate institutions.

We also make significant investments through monetary contributions, leadership time, and employee volunteer hours to support these critical partnerships.

We maintain effective partnerships with colleges and universities, military bases for transitioning veterans, and regional community colleges to enable us to recruit and hire engineering, IT, and other technical talent.

In addition to operating our own apprentice schools, we maintain effective partnerships with colleges and universities, military bases for transitioning veterans, and regional community colleges to enable us to recruit and hire engineering, IT, and other technical talent.

Working closely with state and local government leaders, we have successfully facilitated local, regional, and state-wide workforce development and education initiatives that include pre-K programs, high school trades programs/talent development labs, pre-hire trades/technical community college programs, interns/co-ops with colleges and universities, adult trades programs, veterans and military spouses training programs, and unemployed/underemployed training programs.

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DART at Newport News was 4.10 in 2023, 4.86 in 2022, and 4.45 in 2021.

Ingalls tracks two other safety metrics:

Before 2023, Ingalls tracked two other safety metrics:

Lost Time Case Rate (“LTCR”), which is the number of employees that lost work time per 100 employees, and Lost Work Day Rate (“LWDR”), which is the number of lost workdays per 100 full-time employees.

The LTCR and LWDR at Ingalls were 2.55 and 73.06, respectively, in 2022, 2.75 and 76.32, respectively, in 2021, and 2.53 and 56.37, respectively, in 2020.

Corporate Values - We operate on a set of values that are shared with all employees:

Integrity, Safety, Respect, Engagement, Responsibility, and Performance.

"Always doing the right thing" is an essential belief at HII, and the tone starts at the top and permeates through the culture of the company.

It is a set of core values, standards, and behaviors that guide employee commitment to the highest ethical standards and serves as the underlying framework for all of our human capital strategies.

The LTCR and LWDR at Ingalls were 2.55 and 73.06 respectively, in 2022, and 2.75 and 76.32, respectively, in 2021.

In 2023 Ingalls began to track DART, in lieu of LTCR and LWDR.

DART at Ingalls was 3.34 in 2023.

Advancing and Celebrating Diversity and Inclusion (“D&I”) - We believe we gain a key competitive advantage by building a workforce community that values contributions and perspectives from a variety of backgrounds, skills, and experiences regardless of race, ethnicity, color, religion, sex, disability, nationality, or other differentiation, and our leaders leverage the differences within their teams.

We also believe D&I is vital to our ability to grow and innovate in an ever-changing, fast-paced environment.

We also believe D&I is vital to our ability to grow and innovate in

an ever-changing, fast-paced environment.

Our diverse and inclusive workplace encourages different perspectives and ideas, which we believe enables better business decisions.

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• Employee Resource Groups (“ERGs”) are a key component of our corporate culture and an important part of our diversity and inclusion strategy.

We currently sponsor 20 ERGs, which represent 10 distinct affinity groups, are employee-led and open to all employees, and include:

African American Shipbuilders Association, Asian & Pacific Islander Shipbuilding Association, Hispanic Outreach & Leadership Alliance, Women in Shipbuilding Enterprise, Ingalls Shipbuilders Equality Alliance, Shipbuilders Together Realizing Inclusion, Diversity and Equality, Engaging Employees to Learn Improve Network and Knowledge Share, FitNNS, and the Veterans Employee Resource Groups.

We currently sponsor 23 ERGs, which represent 10 distinct affinity groups, including those that support African Americans, Asian and Pacific Islanders, Hispanics, Women and Women in Engineering, LGBTQ+ employees, veterans, multiple generations, newly hired employees, and wellness.

Our ERGs are employee-led and open to all employees.

• We have established D&I Councils, which provide strategic direction, guidance, and advocacy for our D&I initiatives and advancements.

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These events provide recruitment, recognition, and development opportunities for our diverse workforce.

Employee Engagement - Since 2006, we have conducted an annual anonymous engagement survey of our workforce, both non-represented and represented.

Administered and analyzed by an independent third party, the survey results are reviewed by our executive team and other senior leaders at our three segments.

The results of this engagement survey are also shared with individual managers and employees, who are then tasked with discussing the results with their teams and working together to set goals and implement actions to improve employee engagement and performance.

Approximately 78% of our workforce participated in the 2022 engagement survey.

We believe that, at the individual employee level, engagement is about taking ownership of your work and work processes.

At the enterprise level, engagement is about creating an inclusive and highly collaborative culture where we all care about and encourage each other’s success, and supporting the opportunity to create more value and transform our business for the future.

Available Information

We maintain a website at the following address:

References to our website in this report are provided as a convenience and do not constitute, and should not be viewed as, incorporation by reference of the information contained on, or available through, the website.

References to our websites in this report are provided as a matter of convenience and do not constitute, and should not be viewed as, incorporation by reference of the information contained on, or available through, the website.

Accordingly, such information should not be considered part of this report.

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• changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans);

• Our ability to estimate our future contract costs and perform our contracts effectively;

• our ability to estimate our future contract costs, including cost increases due to inflation, and perform our contracts effectively;

• changes in procurement processes and government regulations and our ability to comply with such requirements;

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• adverse economic conditions in the United States and globally;

• Health epidemics, pandemics and similar outbreaks, including the COVID-19 pandemic, and the impacts of vaccination mandates on our workforce;

• health epidemics, pandemics and similar outbreaks;

• our ability to attract, retain, and train a qualified workforce;

• Disruptions impacting global supply, including those attributable to the COVID-19 pandemic and those resulting from the ongoing conflict between Russia and Ukraine;

• disruptions impacting global supply, including those resulting from the ongoing conflict between Russia and Ukraine and in the Middle East;

• changes in key estimates and assumptions regarding our pension and retiree health care costs;

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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.

What changed 10-K

Item 1. Business