What changed in this filing

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Item 1. Business

2024-02-20 compared with 2023-02-21 · 78 added, 62 removed, 308 unchanged (31% of the section changed)

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and emerging beverages.

We own and market five of the world’s top six nonalcoholic sparkling soft drink brands:

Coca-Cola, Sprite, Fanta, Coca-Cola Zero Sugar and Diet Coke/Coca-Cola Light.

We own and market several of the world’s largest nonalcoholic sparkling soft drink brands, including Coca-Cola, Sprite, Fanta, Coca-Cola Zero Sugar and Diet Coke/Coca-Cola Light.

We make our branded beverage products available to consumers throughout the world through our network of independent bottling partners, distributors, wholesalers and retailers as well as our consolidated bottling and distribution operations.

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• For a Better Shared Future.

We invest to improve people’s lives, from our employees to all those who touch our business system, to our investors, to the broad communities we call home.

We invest to improve people’s lives, from our employees to all those who touch our business system, to our investors, to the communities we call home.

The Coca-Cola Company was incorporated in September 1919 under the laws of the State of Delaware and succeeded to the business of a Georgia corporation with the same name that had been organized in 1892.

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• “Trademark Coca-Cola Beverages” or “Trademark Coca-Cola” means nonalcoholic beverages bearing the trademark Coca-Cola or any trademark that includes Coca-Cola or Coke (that is, Coca-Cola, Diet Coke/Coca-Cola Light and Coca-Cola Zero Sugar and all their variations and any line extensions, including caffeine free Diet Coke, Cherry Coke, etc.).

Likewise, when we use the capitalized word “Trademark” together with the name of one of our other beverage products (such as “Trademark Fanta,” “Trademark Sprite” or “Trademark Simply”), we mean beverages bearing the indicated trademark (that is, Fanta, Sprite or Simply, respectively) and all its variations and line extensions (such that “Trademark Fanta” includes Fanta Orange, Fanta Zero Orange, Fanta Zero Sugar, Fanta Apple, etc.;

Likewise, when we use the capitalized word “Trademark” together with the name of one of our other beverage products (such as “Trademark Fanta,” “Trademark Sprite” or “Trademark Simply”), we mean nonalcoholic beverages bearing the indicated trademark (that is, Fanta, Sprite or Simply, respectively) and all its variations and line extensions (such that “Trademark Fanta” includes Fanta Orange, Fanta Zero Orange, Fanta Zero Sugar, Fanta Apple, etc.;

“Trademark Sprite” includes Sprite, Sprite Zero Sugar, etc.;

and “Trademark Simply” includes Simply Orange, Simply Apple, Simply Grapefruit, etc.).

Our Company markets, manufactures and sells:

• beverage concentrates, sometimes referred to as “beverage bases,” and syrups, including fountain syrups (we refer to this part of our business as our “concentrate operations”);

• finished sparkling soft drinks and other beverages (we refer to this part of our business as our “finished product operations”).

Generally, finished product operations generate higher net operating revenues but lower gross profit margins than concentrate operations.

Our concentrate operations typically generate net operating revenues by selling concentrates, syrups and certain finished beverages to authorized bottling operations (to which we typically refer as our “bottlers” or our “bottling partners”).

Our bottling partners either combine concentrates with still or sparkling water and sweeteners (depending on the product), or combine syrups with still or sparkling water, to produce finished beverages.

Our Company operates in two lines of business:

concentrate operations and finished product operations.

Our concentrate operations typically generate net operating revenues by selling beverage concentrates, sometimes referred to as “beverage bases,” syrups, including fountain syrups, and certain finished beverages to authorized bottling operations (to which we typically refer as our “bottlers” or our “bottling partners”).

Our bottling partners either combine concentrates with still or

sparkling water and sweeteners (depending on the product), or combine syrups with still or sparkling water, to produce finished beverages.

The finished beverages are packaged in authorized containers, such as cans and refillable and nonrefillable glass and plastic bottles, bearing our trademarks or trademarks licensed to us and are then sold to retailers directly or, in some cases, through wholesalers or other bottlers.

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Our finished product operations generate net operating revenues by selling sparkling soft drinks and a variety of other finished beverages to retailers, or to distributors and wholesalers who in turn sell the beverages to retailers.

Generally, finished product operations generate higher net operating revenues but lower gross profit margins than concentrate operations.

These operations consist primarily of our consolidated bottling and distribution operations, which are included in our Bottling Investments operating segment.

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These sales are included in our Global Ventures operating segment.

In the United States, we manufacture fountain syrups and sell them to fountain retailers, who use the fountain syrups to produce beverages for immediate consumption, or to authorized fountain wholesalers or bottling partners who in turn sell the fountain syrups to fountain retailers.

These fountain syrup sales are included in our North America operating segment.

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1 Schweppes is owned by the Company in certain countries other than the United States.

The Company has also directly entered the alcohol beverage category in numerous markets outside the United States.

In the United States, the Company has established a wholly owned, indirect, firewalled subsidiary, which authorizes alcohol-licensed third parties to use certain of our trademarks and related intellectual property on alcohol beverages that contain Company beverage bases.

The Company’s approach in alcohol focuses on three segments of alcohol ready-to-drink beverages:

hard seltzers (e.g., Topo Chico Hard Seltzer), hard alternatives (e.g., Lemon-Dou) and pre-mixed cocktails (e.g., Jack Daniel’s & Coca-Cola).

In addition to the beverage brands we own, we also provide marketing support and otherwise participate in the sales of other beverage brands through licenses, joint ventures and strategic relationships.

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We make our branded beverage products available to consumers in more than 200 countries and territories through our network of independent bottling partners, distributors, wholesalers and retailers as well as our consolidated bottling and distribution operations.

Consumers enjoy finished beverage products bearing trademarks owned by or licensed to the Company at a rate of 2.2 billion servings each day.

Consumers enjoy finished beverage products bearing trademarks owned by or licensed to the Company at a rate of

2.2 billion servings each day.

Our strong and stable bottling and distribution system helps us capture growth by manufacturing, distributing and selling existing, enhanced and new innovative products to consumers throughout the world.

The Coca-Cola system sold 33.3 billion and 32.7 billion unit cases of our products in 2023 and 2022, respectively.

Sparkling soft drinks represented 69 percent of our worldwide unit case volume in both 2022 and 2021.

Trademark Coca-Cola accounted for 46 percent and 47 percent of our worldwide unit case volume in 2022 and 2021, respectively.

In 2022, unit case volume in the United States represented 17 percent of the Company’s worldwide unit case volume.

unit case volume, 61 percent was attributable to sparkling soft drinks.

Trademark Coca-Cola accounted for 42 percent of U.S.

Sparkling soft drinks represented 69% of our worldwide unit case volume in both 2023 and 2022.

Trademark Coca-Cola accounted for 47% and 46% of our worldwide unit case volume in 2023 and 2022, respectively.

In 2023, unit case volume in the United States represented 16% of the Company’s worldwide unit case volume.

unit case volume, 61% was attributable to sparkling soft drinks.

Trademark Coca-Cola accounted for 42% of U.S.

unit case volume.

Unit case volume outside the United States represented 83 percent of the Company’s worldwide unit case volume in 2022.

The countries outside the United States in which our unit case volumes were the largest were Mexico, China, Brazil and India, which together accounted for 32 percent of our worldwide unit case volume.

Unit case volume outside the United States represented 84% of the Company’s worldwide unit case volume in 2023.

The countries outside the United States in which our unit case volumes were the largest were Mexico, China, Brazil and India, which together accounted for 33% of our worldwide unit case volume.

Of the non-U.S.

unit case volume, 70 percent was attributable to sparkling soft drinks.

Trademark Coca-Cola accounted for 47 percent of non-U.S.

unit case volume, 70% was attributable to sparkling soft drinks.

Trademark Coca-Cola accounted for 48% of non-U.S.

unit case volume.

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• Coca-Cola FEMSA, S.A.B.

(“Coca-Cola FEMSA”), which has bottling and distribution operations in Mexico (a substantial part of central Mexico, including Mexico City, as well as southeast and northeast Mexico), Guatemala (most of the country), Colombia (most of the country), Nicaragua, Costa Rica, Panama, Venezuela, Uruguay, Brazil (a major part of the states of São Paulo and Minas Gerais;

the states of Mato Grosso do Sul, Paraná and Santa Catarina;

and part of the states of Rio Grande do Sul, Goiás and Rio de Janeiro), and Argentina (federal capital of Buenos Aires and surrounding areas);

(“Coca-Cola FEMSA”), which has bottling and distribution operations in Mexico (a substantial part of central Mexico, as well as southeast and northeast Mexico), Guatemala, Colombia (most of the country), Nicaragua, Costa Rica, Panama, Venezuela, Uruguay, Brazil (a major part of the states of São Paulo and Minas Gerais;

the states of Mato Grosso do Sul, Paraná, Rio Grande do Sul, and Santa Catarina;

and part of the states of Goiás and Rio de Janeiro), and Argentina (federal capital of Buenos Aires and surrounding areas);

• Coca-Cola Europacific Partners plc (“CCEP”), which has bottling and distribution operations in Andorra, Australia, Belgium, Fiji, continental France, Germany, Great Britain, Iceland, Indonesia, Luxembourg, Monaco, the Netherlands, New Zealand, Norway, Papua New Guinea, Portugal, Samoa, Spain and Sweden;

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de C.V., which has bottling and distribution operations in northern and western Mexico, northern Argentina, Ecuador, Peru, and the state of Texas and part of the states of New Mexico, Oklahoma and Arkansas in the United States;

• Swire Coca-Cola Limited, which as of December 31, 2022 had bottling and distribution operations in 11 provinces and the Shanghai municipality in mainland China, Hong Kong, Taiwan, Cambodia and territories in 13 states in the western United States.

Swire Coca-Cola Limited acquired our bottling and distribution operations in Vietnam in January 2023.

In 2022, these five bottling partners combined represented 42 percent of our total worldwide unit case volume.

• Swire Coca-Cola Limited, which has bottling and distribution operations in 11 provinces and the Shanghai municipality in mainland China, Hong Kong, Taiwan, Cambodia, Vietnam and territories in 13 states in the western United States.

In 2023, these five bottling partners combined represented 42% of our total worldwide unit case volume.

Being a bottler does not create a legal partnership or joint venture between us and our bottlers.

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Likewise, in many instances, we provide promotional and marketing support and/or funds and/or dispensing equipment and repair services to fountain and bottle/can retailers, typically pursuant to marketing agreements.

The aggregate amount provided by our Company to bottlers, resellers and other customers of our Company’s products, principally for participation in promotional and marketing programs, was $4.8 billion in 2022.

Investments in Bottling Operations

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The Company has directly entered the alcohol beverage category in numerous markets outside the United States.

In the United States, the Company has authorized alcohol-licensed third parties to use certain of our trademarks and related intellectual property on alcohol beverages that contain Company beverage bases.

Competitive products include all flavored alcohol beverages containing various alcohol bases.

Competitive products include all alcohol ready-to-drink beverages containing various alcohol bases.

In many of the countries in which we do business, PepsiCo, Inc.

is a primary competitor.

Other significant competitors include, but are not limited to, Nestlé S.A., Keurig Dr Pepper Inc., Danone S.A., Suntory Beverage & Food Limited, Unilever, AB InBev, Kirin Holdings, Heineken N.V., Diageo and Red Bull GmbH.

Other significant competitors include, but are not limited to, Nestlé S.A., Keurig Dr Pepper Inc., Danone S.A., Suntory Beverage & Food Limited, AB InBev, Kirin Holdings, Heineken N.V., Diageo and Red Bull GmbH.

We also compete against numerous regional and local companies and, increasingly, against smaller companies that are developing microbrands and selling them directly to consumers through e-commerce retailers and other e-commerce platforms.

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Our competitive challenges include strong competitors in all geographic regions;

in many countries, a concentrated

retail sector with powerful buyers able to freely choose among Company products, products of competitive beverage suppliers and individual retailers’ own store or private-label beverage brands;

in many countries, a concentrated retail sector with powerful buyers able to freely choose among Company products, products of competitive beverage suppliers and individual retailers’ own store or private-label beverage brands;

new industry entrants;

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We and our bottling partners use various ingredients in our business, including high fructose corn syrup (“HFCS”), sucrose, aspartame, acesulfame potassium, sucralose, saccharin, cyclamate, steviol glycosides, ascorbic acid, citric acid, phosphoric acid, caffeine and caramel color;

other raw materials such as coffee, orange and other fruit juice and juice concentrates;

other raw materials such as orange and other fruit juice and juice concentrates, milk, and

packaging materials such as polyethylene terephthalate (“PET”), bio-based PET and recycled PET for bottles;

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In the United States, we purchase HFCS to meet our and our bottlers’ requirements with the assistance of Coca-Cola Bottlers’ Sales & Services Company LLC (“CCBSS”).

CCBSS is a limited liability company that is owned by authorized Coca-Cola bottlers doing business in the United States.

CCBSS is a limited liability company that is owned by authorized Coca-Cola bottlers doing business in the United States and Canada.

Among other things, CCBSS provides procurement services to our North American operations and to our U.S.

bottling partners for the purchase of various goods and services, including HFCS.

and Canadian bottling partners for the purchase of various goods and services, including HFCS.

The principal non-nutritive sweeteners we use in our business are aspartame, acesulfame potassium, sucralose, saccharin, cyclamate and steviol glycosides.

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In addition, citrus greening disease is reducing the number of citrus trees and increasing grower costs and prices.

Milk is the principal raw material for our dairy products.

We derive the majority of our dairy revenues through fairlife, LLC (“fairlife”), which purchases milk from dairy cooperatives that in turn source milk from farms within the cooperatives.

While our sourcing for milk is currently concentrated among a few dairy cooperatives, we believe we have access to alternate suppliers, if necessary, to help ensure an adequate supply of milk.

We generate most of our coffee revenues through Costa.

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Patents, Copyrights, Trade Secrets and Trademarks

Our Company owns numerous patents, copyrights, trade secrets and other know-how and technology, which we collectively refer to in this report as “technology.” This technology generally relates to beverage products and the processes for their production;

Our Company owns numerous patents, copyrights, trade secrets and other know-how and technology, which we collectively refer to as “technology.” This technology generally relates to beverage products and the processes for their production;

packages and packaging materials;

design and operation of processes and equipment useful for our business;

certain software.

and certain software.

Some of the technology is licensed to suppliers and other parties.

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Depending upon the jurisdiction, trademarks are valid as long as they are in use and/or their registrations are properly maintained.

Pursuant to our bottler’s agreements, we authorize our bottlers to use applicable Company trademarks in connection with their preparation, packaging, distribution and sale of Company products.

Pursuant to our bottler’s agreements, we

authorize our bottlers to use applicable Company trademarks in connection with their preparation, packaging, distribution and sale of Company products.

In addition, we authorize certain third parties to use applicable Company trademarks in connection with their preparation, packaging, distribution and sale of beverages bearing Company trademarks in certain territories.

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In many jurisdictions, our operations may come under special scrutiny by competition law authorities due to our competitive position in those jurisdictions.

In the United States, the safety, production, transportation, distribution, advertising, labeling and sale of our Company’s products and their ingredients are subject to the Federal Food, Drug, and Cosmetic Act;

In the United States, the safety, production, storage, transportation, distribution, advertising, marketing, labeling and sale of our Company’s products and their ingredients are subject to the Federal Food, Drug, and Cosmetic Act;

the Federal Trade Commission Act;

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federal, state and local workplace health and safety laws;

various federal and state laws and regulations governing our employment practices, including those related to equal employment opportunity and compensation;

various federal, state and local environmental protection laws;

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and various other federal, state and local statutes and regulations.

We are also required to comply with the Foreign Corrupt Practices Act and the Trade Sanctions Reform and Export Enhancement Act.

Outside the United States, our business is subject to numerous similar statutes and regulations, as well as other legal and regulatory requirements and regulatory reviews.

Various jurisdictions have adopted, and may seek to adopt, significant additional product labeling or warning requirements or limitations on the marketing or sale of our products because of what they contain or allegations that they cause adverse health effects.

If these types of requirements become applicable to one or more of our products under current or future environmental or health laws or regulations, they may inhibit sales of such products or make it necessary for us to reformulate certain of our products.

Under the Safe Drinking Water and Toxic Enforcement Act of 1986 (“Proposition 65”) of the state of California, if the state has determined that a substance causes cancer or harms human reproduction or development, a warning must be provided for any product sold in the state that exposes consumers to that substance, unless the conditions of an exemption (described below) can be met.

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We anticipate that additional such legal requirements may be proposed or enacted in the future at federal, state and local levels, both in the United States and elsewhere around the world.

All of our Company’s facilities and other operations in the United States and elsewhere around the world are subject to various environmental protection statutes and regulations, including those relating to the use of water resources, discharge of wastewater and air emissions.

In addition, increasing concern over climate change is expected to continue to result in additional legal or regulatory requirements (both inside and outside the United States) designed to reduce or mitigate the effects of carbon dioxide and other greenhouse gas emissions on the environment, to discourage the use of plastic materials, to limit or impose additional costs on commercial water use due to local water scarcity concerns, or to expand disclosure of certain sustainability metrics.

All of our Company’s facilities and other operations in the United States and elsewhere around the world are subject to various environmental protection statutes and regulations, including those relating to the use and treatment of water resources, discharge of wastewater and air emissions.

limit or impose additional costs on commercial water use due to local water scarcity concerns, or to expand disclosure of certain sustainability metrics.

Our policy is to comply with all such legal requirements.

We have made, and plan on continuing to make, expenditures

necessary to comply with applicable environmental laws and regulations and to make progress toward achieving our sustainability goals.

We have made, and plan on continuing to make, expenditures necessary to comply with applicable environmental laws and regulations and to make progress toward achieving our sustainability goals.

While compliance has not had a material adverse effect on our Company’s capital expenditures, net income or competitive position, changes in environmental compliance requirements along with expenditures necessary to comply with such requirements and to make progress toward achieving our sustainability goals could adversely affect our financial performance.

We are also subject to various federal, state and international laws and regulations related to cybersecurity, privacy and data protection, including the European Union’s General Data Protection Regulation, China’s Personal Information Protection Law, the California Consumer Privacy Act of 2018, which became effective on January 1, 2020, as amended by the California Privacy Rights Act, which became effective on January 1, 2023, the Virginia Consumer Data Protection Act, which became effective on January 1, 2023, and privacy laws in Colorado, Connecticut and Utah, which are slated to take effect during 2023.

We are also subject to various federal, state and international laws and regulations related to cybersecurity, privacy and data protection, including the European Union’s General Data Protection Regulation, China’s Personal Information Protection Law and the California Consumer Privacy Act of 2018 (“CCPA”), which became effective on January 1, 2020, as amended by the California Privacy Rights Act (“CPRA”), which became effective on January 1, 2023.

In addition to California, at least 12 other states in the United States have passed comprehensive privacy laws similar to the CCPA and the CPRA.

These laws are either in effect or will go into effect sometime before the end of 2026, and we expect other states to consider adopting similar laws in the future.

Like the CCPA and the CPRA, these laws create, or are expected to create, obligations related to the processing of personal information, as well as special obligations for the processing of “sensitive” data.

Some of the provisions of these laws may apply to our business activities.

Congress has also considered legislation relating to data privacy and data protection, and the U.S.

federal government may in the future pass such legislation.

The interpretation and application of privacy, data protection and data residency laws are often uncertain and are expanding in the United States and internationally, including in the European Union, Brazil, China and other jurisdictions.

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As a result, our ability to maximize the utility of our data could be impacted and we may need to modify our practices to accommodate legal and regulatory constraints and obligations or meet consumer expectations.

For additional information, refer to Part I, “Item IA.

Risk Factors” of this report.

Human Capital Management

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The Talent and Compensation Committee also evaluates and approves the Company’s compensation plans, policies and programs applicable to our senior executives.

In addition, the Committee on Directors and Corporate Governance of our Board of Directors oversees succession planning and talent development for our senior executives.

In addition, the Corporate Governance and Sustainability Committee of our Board of Directors oversees succession planning and talent development for our senior executives.

We believe people are our most important asset, and we strive to attract and retain high-performing talent.

As of December 31, 2022 and 2021, our Company had approximately 82,500 and 79,000 employees, respectively, of which approximately 9,000 and 9,400, respectively, were located in the United States.

The increase in the total number of employees was primarily due to Costa opening new retail stores as well as the existing Costa retail stores requiring additional staff to meet increased demand, partially offset by the impact of refranchising our bottling operations in Cambodia.

As of December 31, 2023 and 2022, our Company had approximately 79,100 and 82,500 employees, respectively, of which approximately 9,000 were located in the United States.

The decrease in the total number of employees was primarily due to 2023 refranchising activity.

Our Company, through its divisions and subsidiaries, is a party to numerous collective bargaining agreements.

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Diversity, Equity and Inclusion

We believe that a diverse, equitable and inclusive workplace that mirrors the markets we serve is critical to the Company’s continued growth and success.

We believe that a diverse, equitable and inclusive workplace that reflects the markets we serve is a strategic business imperative that is critical to the Company’s continued growth and success.

We take a comprehensive view of diversity, equity and inclusion across different races, ethnicities, tribes, religions, socioeconomic backgrounds, generations, abilities, and expressions of gender and sexual identity.

As of December 31, 2023, we had approximately 7,600 employees located in the United States, excluding the employees of the Global Ventures operating segment;

fairlife, LLC;

and BA Sports Nutrition, LLC.

Of these 7,800 employees, 40 percent and 48 percent were female and people of color, respectively.

and BA Sports Nutrition, LLC (“BodyArmor”).

Of these 7,600 employees, 42% and 49% were female and people of color, respectively.

We seek to create a better shared future for everyone our brands and business touch.

We are focused on providing access to equal opportunity and fostering belonging both in our workplaces and the local communities we proudly serve.

We have publicly announced our 2030 aspirations to be 50 percent led by women globally, and in the United States, to reflect the U.S.

Census racial and ethnic representation at all job grade levels.

Each of our operating units outside the United States has developed locally relevant diversity, equity and inclusion aspirations.

We have publicly announced our 2030 aspirations to reflect the markets we serve, including, for example, to be 50% led by women globally.

Each of our operating units outside the United States has developed locally relevant diversity, equity and inclusion

Diversity and inclusion metrics, which highlight progress and help drive accountability, are shared with our senior leaders on a quarterly basis.

Our Global Women’s Leadership Council, composed of ten senior leaders, focuses on accelerating the development and promotion of women into roles of increasing responsibility and influence.

We believe our sustainability goals, including our diversity, equity and inclusion aspirations, are key drivers for growth.

Accordingly, in 2022, we introduced quantitative and qualitative components into our compensation programs for our executives to promote progress toward our diversity, equity and inclusion aspirations, as well as to encourage the design and implementation of sustainable diversity, equity and inclusion strategies and programs that foster the recruitment, development and retention of diverse talent.

Accordingly, our compensation programs for our executives include qualitative and quantitative components to foster the design and implementation of sustainable diversity, equity and inclusion strategies and programs that contribute to the recruitment, development and retention of diverse talent, as well as to encourage progress toward our diversity, equity and inclusion aspirations.

We conduct annual pay equity analyses, with regard to gender globally and race/ethnicity in the United States, to help ensure our base pay structures are fair and to identify and address potential issues or disparities.

When appropriate, we adjust base pay.

Also, as permitted by local law, during the annual rewards cycle, we perform an adverse impact analysis on base pay, annual incentives and long-term incentives to help ensure fairness.

Also, as permitted by U.S.

law, during the annual rewards cycle, we perform an adverse impact analysis on base pay, annual incentives and long-term incentives to help ensure fairness.

When appropriate, we make adjustments.

We support many employee-led inclusion networks, which are an integral part of operationalizing and embedding our diversity, equity and inclusion strategies.

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We believe in providing challenging and diverse experiences and opportunities to our people to help them develop and grow.

In 2022, we launched a global career strategy program called “Thrive,” which is designed to provide clarity to employees on what it means to have a career at the Company.

Our global career strategy program, called “Thrive,” is designed to provide clarity to employees on what it means to have a career at the Company.

Through our people-centered approach, we strive to create an integrated, streamlined and inspiring career experience.

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Our compensation programs are designed to reinforce our growth agenda and our talent strategy as well as to drive a strong connection between the contributions of our employees and their pay.

We believe the structure of our compensation packages provides the appropriate incentives to attract, retain and motivate our employees.

We believe our compensation packages provide the appropriate incentives to attract, retain and motivate our employees.

We provide base pay that is competitive and that aligns with employee positions, skill levels, experience and geographic location.

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We use a variety of practices to measure and support progress against these growth behaviors and to ensure that our employees are engaged and fulfilled at work.

For example, our Performance Enablement and Culture & Engagement Pulse platforms provide regular opportunities for employees across the organization to provide feedback on how their leaders, teammates and work experiences support the growth behaviors.

For example, our Performance Enablement and

Culture & Engagement Survey platforms provide regular opportunities for employees across the organization to provide feedback on how their leaders, teammates and work experiences support the growth behaviors.

Data from questionnaires are anonymized and plotted against historical results to inform teams and functions on areas of strength and opportunities for improvement.

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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