11 unchanged sentences
Product availability is a direct result of plantings, growing conditions, crop yields and inventory levels, all of which vary from year to year.
−Removed: Moreover, fruit and vegetable production outside the United States, particularly in Europe, Asia and South America, is increasing at a time when worldwide demand for certain products is being impacted by the global economic slowdown.
These factors may have a significant effect on supply and competition and create downward pressure on prices.
8 unchanged sentences
Our operations are affected by the growing cycles of the vegetables we package.
−Removed: When the vegetables are ready to be picked, we must harvest and package them quickly or forego the opportunity to package fresh picked vegetables for an entire year.
+Added: When the vegetables are ready to be picked, we must harvest and package them quickly or lose the opportunity to package the impacted vegetables for an entire year.
Most of our vegetables are grown by farmers under contract with us.
2 unchanged sentences
A majority of our sales occur during the second and third quarters of each fiscal year due to seasonal consumption patterns for our products.
−Removed: Accordingly, inventory levels are highest during the second and third quarters, and accounts receivable levels are highest during the second and third quarters.
+Added: Accordingly, inventory levels and accounts receivable levels are highest during the second and third quarters.
Net sales generated during our second and third fiscal quarters have a significant impact on our results of operations.
2 unchanged sentences
Weather conditions during the course of each vegetable crop’s growing season will affect the volume and growing time of that crop.
−Removed: As most of our vegetables are produced in more than one part of the U.S., this somewhat reduces the risk that our entire crop will be subject to disastrous weather.
+Added: As most of our vegetables are produced in more than one part of the United States, this somewhat reduces the risk that our entire crop will be subject to disastrous weather.
The upper Midwest is the primary growing region for the principal vegetables which we pack, namely peas, green beans and corn, and it is also a substantial source of our competitors’ vegetable production.
2 unchanged sentences
The commodity materials that we package or otherwise require are subject to price increases that could adversely affect our profitability.
−Removed: The materials that we use, such as raw fruit and vegetables, steel, ingredients, pouches and other packaging materials as well as the electricity, diesel fuel, and natural gas used in our business, are commodities that may experience price volatility caused by external factors, including market fluctuations, availability, currency fluctuations and changes in governmental regulations and agricultural programs.
+Added: The materials that we use, such as raw fruit and vegetables, steel, ingredients, pouches and other packaging materials as well as the electricity, diesel fuel, and natural gas used in our business, are commodities that may experience price volatility caused by external factors, including but not limited to market fluctuations, availability, currency fluctuations and changes in governmental regulations and agricultural programs.
General inventory positions of major commodities, such as field corn, soybeans and wheat, all commodities with which we must compete for acreage, can have dramatic effects on prices for those commodities, which can translate into similar swings in prices needed to be paid for our contracted commodities.
3 unchanged sentences
Changes in economic conditions that impact consumer spending could harm our business.
−Removed: The food products industry and our financial performance are sensitive to changes in overall economic conditions that impact consumer spending, including not limited to, inflation, economic volatility resulting from a pandemic and the war in Ukraine.
+Added: The food products industry and our financial performance are sensitive to changes in overall economic conditions that impact consumer spending, including but not limited to inflation, economic volatility resulting from a pandemic and global conflicts.
Future economic conditions affecting consumer income such as employment levels, business conditions, interest rates, inflation and tax rates could reduce consumer spending or cause consumers to shift their spending to other products.
21 unchanged sentences
There are competitive pressures and other factors, which could cause our products to lose market share or result in significant price erosion that could materially and adversely affect our business, financial condition and results of operations.
+Added: The domestic packaged food industry continues to face import competition which has increased in recent years.
+Added: The ramifications include, but are not limited to, market oversaturation, inferior quality of imported products competing in the same market as products sourced from the United States, and potential increased pricing pressure on domestic producers for finished goods.
+Added: These factors could negatively affect our existing market share and adversely impact the Company’s financial condition and results of operations.
Increases in logistics and other transportation-related costs could materially adversely impact our results of operations.
5 unchanged sentences
In addition, we may be subject to significant liability should the consumption of any of our products cause injury, illness or death.
−Removed: The sale of food products for human consumption involves the risk of injury to consumers.
−Removed: Such injuries may result from mislabeling, tampering by unauthorized third parties or product contamination or spoilage, including the presence of foreign objects, undeclared allergens, substances, chemicals, other agents or residues introduced during the growing, manufacturing, storage, handling or transportation phases of production.
−Removed: Under certain circumstances, we may be required to recall products, leading to a material adverse effect on our business, consolidated financial condition, results of operations or liquidity.
+Added: The sale of food products for human consumption involves the risk of illness or injury to consumers.
+Added: Such injuries may result from mislabeling, tampering by unauthorized third parties or product contamination or spoilage, including the presence of foreign objects, undeclared allergens, substances, chemicals, other agents or residues introduced during the growing, manufacturing, storage, handling or transportation phases of production.
+Added: Under certain circumstances, we may be required to recall products, leading to a material adverse effect on our business, financial condition, results of operations or liquidity.
Even if a situation does not necessitate a recall, product liability claims might be asserted against us.
15 unchanged sentences
For example, our defined benefit pension plan may from time to time move from an overfunded to underfunded status driven by decreases in plan asset values that may result from changes in long-term interest rates and disruptions in U.S.
−Removed: or global financial markets.
+Added: or global financial markets.
For a more detailed description of the pension plan, refer to the information set forth under the heading “ Retirement Plans ” in Note 10 of the Notes to Consolidated Financial Statements in Part II, Item 8, “Financial Statements and Supplementary Data.” An obligation to make additional, unanticipated contributions to our defined benefit plans could reduce the cash available for working capital and other corporate uses and may have a material adverse effect on our business, consolidated financial position, results of operations and liquidity.
6 unchanged sentences
Any such damage or interruption could have a material adverse effect on our business.
+Added: Also see “Cybersecurity” included as part of Item 1C.
+Added: of this Annual Report on Form 10-K.
We generate agricultural food packaging wastes and are subject to substantial environmental regulation.
14 unchanged sentences
We are dependent upon a seasonal workforce and our inability to hire sufficient employees may adversely affect our business.
−Removed: At the end of December 2022, we had roughly 3,000 employees of which approximately 2,800 were full time, 100 seasonal employees worked in food packaging, and 100 employees worked in other activities.
−Removed: During the peak summer harvest period, we averaged approximately 3,600 additional seasonal employees to help package fruit and vegetables.
+Added: At the end of March 2024, we had roughly 2,900 employees of which approximately 2,800 were full time and approximately 100 seasonal employees worked in food packaging.
+Added: During the peak summer harvest period, we employed an additional approximately 3,900 seasonal employees to help package fruit and vegetables.
If there is a shortage of seasonal labor, or if there is an increase to minimum wage rates, this could have a negative impact on our cost of operations.
9 unchanged sentences
Any of these activities could materially and adversely affect our financial condition and results of operations.
−Removed: Environmental and other regulation of our business, including potential climate change regulation, could adversely impact us by increasing our production cost or restricting our ability to import certain products into the United States.
+Added: Environmental and other regulation of our business, including climate change regulation, could adversely impact us by increasing our production cost or restricting our ability to import certain products into the United States.
Climate change serves as a risk multiplier increasing both the frequency and severity of natural disasters that may affect our business operations.
Moreover, there has been a broad range of proposed and promulgated state, national and international regulation aimed at reducing the effects of climate change.
−Removed: In the United States, there is a significant possibility that some form of regulation will be enacted at the federal level to address the effects of climate change.
−Removed: Such regulation could take several forms that could result in additional costs in the form of taxes, consultant costs, the restriction of output, investments of capital to maintain compliance with laws and regulations, or required acquisition or trading of emission allowances.
+Added: Such regulation could result in additional costs in the form of taxes, consultant costs, the restriction of output, investments of capital to maintain compliance with laws and regulations, or required acquisition or trading of emission allowances.
+Added: Disclosure requirements imposed by different regulators may not always be uniform, which may result in increased complexity, increased compliance costs, and other compliance-related risks.
Climate change regulation continues to evolve, and it is not possible to accurately estimate either a timetable for implementation or our future compliance costs relating to implementation.
7 unchanged sentences
In collaboration with other can makers as well as enamel suppliers, we have aggressively worked to find alternative materials for can linings not manufactured using BPA.
−Removed: We have transitioned to BPANI (BPA Non-intent) and less than 1% of our canned product volume still includes BPA.
+Added: We have fully transitioned to BPA Non-Intent (“BPANI”) for our canned product volume.
Even though BPANI has been fully approved by the Food and Drug Administration (“FDA”), there could be future legislative or regulatory actions that claim BPANI also poses a risk to human health.
Future changes or additional health and safety laws and regulations in connection with our products, packaging or processes may also impose upon us new requirements, costs, and changes to production.
−Removed: Such requirements, changes, liabilities, and costs could materially and adversely affect our business, financial condition and results of operations. 
+Added: Such requirements, changes, liabilities, and costs could materially and adversely affect our business, financial condition and results of operations.
The implementation of the Food Safety Modernization Act of 2011 may affect operations.
−Removed: The Food Safety Modernization Act ("FSMA") was enacted with the goal of enabling the FDA to better protect public health by strengthening the food safety system. FSMA was designed to focus the efforts of FDA on preventing food safety problems rather than relying primarily on reacting to problems after they occur.
−Removed: The law also provides the FDA with new enforcement authorities designed to achieve higher rates of compliance with prevention and risk-based food safety standards and to better respond to and contain problems when they do occur.  The increased inspections, mandatory recall authority of the FDA, increased scrutiny of foreign sourced or supplied food products, and increased records access may have an impact on our business.
−Removed: As we are already in a highly regulated business, operating under the increased scrutiny of more FDA authority does not appear likely to negatively impact our business.  The law also gives FDA important new tools to hold imported foods to the same standards as domestic foods.
+Added: The Food Safety Modernization Act ("FSMA") was enacted with the goal of enabling the FDA to better protect public health by strengthening the food safety system.
+Added: FSMA was designed to focus the efforts of the FDA on preventing food safety problems rather than relying primarily on reacting to problems after they occur.
+Added: The law also provides the FDA with new enforcement authorities designed to achieve higher rates of compliance with prevention and risk-based food safety standards and to better respond to and contain problems when they do occur.
+Added: The increased inspections, mandatory recall authority of the FDA, increased scrutiny of foreign sourced or supplied food products, and increased records access may have an impact on our business.
+Added: As we are already in a highly regulated business, operating under the increased scrutiny of more FDA authority does not appear likely to negatively impact our business.
+Added: The law also gives the FDA important new tools to hold imported foods to the same standards as domestic foods.
Our results are dependent on successful marketplace initiatives and acceptance by consumers of our products.
−Removed: Our product introductions and product improvements, along with other marketplace initiatives, are designed to capitalize on new customer or consumer trends. The FDA has issued a statement on sodium which referred to an Institute of Medicine statement that too much sodium is a major contributor to high blood pressure.
−Removed: Some of our products contain a moderate amount of sodium per recommended serving, which is based on consumer’s preferences for taste.
−Removed:  In order to remain successful, we must anticipate and react to these new trends and develop new products or packages to address them.
+Added: Our product introductions and product improvements, along with other marketplace initiatives, are designed to capitalize on new customer or consumer trends.
+Added: The FDA has issued a statement on sodium which referred to an Institute of Medicine statement that too much sodium is a major contributor to high blood pressure.
+Added: Some of our products contain a moderate amount of sodium per recommended serving, which is based on consumer preferences for taste.
+Added: In order to remain successful, we must anticipate and react to these new trends and develop new products or packages to address them.
While we devote significant resources to meeting this goal, we may not be successful in developing new products or packages, or our new products or packages may not be accepted by customers or consumers.
7 unchanged sentences
Additionally, the economic situation could have an impact on our lenders or customers, causing them to fail to meet their obligations to us.
+Added: Certain of our raw materials, namely steel, are subject to import tariffs and other restrictions, and the United States government may periodically impose new or revise existing duties, quotas, tariffs or other restrictions to which we are subject.
The occurrence of any of these risks could materially and adversely affect our business, financial condition and results of operations.
−Removed: Our ability to manage our working capital and our Revolver is critical to our success.
−Removed: As of March 31, 2023, we had a $180.6 million outstanding balance on our revolving credit facility (“Revolver”). 
−Removed: During our second and third fiscal quarters, our operations generally require more cash than is available from operations. In these circumstances, it is necessary to borrow under our Revolver. Our ability to obtain financing in the future through credit facilities will be affected by several factors, including our creditworthiness, our ability to operate in a profitable manner and general market and credit conditions. Significant changes in our business or cash outflows from operations could create a need for additional working capital. An inability to obtain additional working capital on terms reasonably acceptable to us or access the Revolver would materially and adversely affect our operations.
−Removed: Additionally, if we need to use a portion of our cash flows to pay principal and interest on our debt, it will reduce the amount of money we have for operations, working capital, capital expenditures, expansions, acquisitions or general corporate or other business activities. 
+Added: Our ability to manage our working capital and our Revolving Credit Facility is critical to our success.
+Added: As of March 31, 2024, we had a $237.2 million outstanding balance on our revolving credit facility (“Revolver”).
+Added: During our second and third fiscal quarters, our operations generally require more cash than is available from operations.
+Added: In these circumstances, it is necessary to borrow under our Revolver.
+Added: Our ability to obtain financing in the future through credit facilities will be affected by several factors, including our creditworthiness, our ability to operate in a profitable manner and general market and credit conditions.
+Added: Significant changes in our business or cash outflows from operations could create a need for additional working capital.
+Added: An inability to obtain additional working capital on terms reasonably acceptable to us or access the Revolver would materially and adversely affect our operations.
+Added: Additionally, if we need to use a portion of our cash flows to pay principal and interest on our debt, it will reduce the amount of money we have for operations, working capital, capital expenditures, expansions, acquisitions or general corporate or other business activities.
Failure to comply with the requirements of our debt agreements could have a material adverse effect on our business.
7 unchanged sentences
Our existing shareholders, if acting together, may be able to exert control over matters requiring shareholder approval.
−Removed: Holders of our Class B common stock are entitled to one vote per share, while holders of our Class A common stock are entitled to one-twentieth of a vote per share.
+Added: Holders of our Class B common stock are entitled to one vote per share, while holders of our Class A common stock are entitled to one-twentieth of a vote per share.
In addition, holders of our 10% Cumulative Convertible Voting Preferred Stock, Series A, our 10% Cumulative Convertible Voting Preferred Stock, Series B and, solely with respect to the election of directors, our 6% Cumulative Voting Preferred Stock, which we refer to as our voting preferred stock, are entitled to one vote per share.
1 unchanged sentence
These shareholders, if acting together, would be in a position to control the election of our directors and to effect or prevent certain corporate transactions that require majority or supermajority approval of the combined classes, including mergers and other business combinations.
−Removed: This may result in us taking corporate actions that you may not consider to be in your best interest and may affect the price of our common stock.
−Removed: As of March 31, 2023, our current executive officers and directors beneficially owned 11.4% of our outstanding shares of Class A common stock, 50.07% of our outstanding shares of Class B common stock and 23.1% of our voting preferred stock, or 37.2% of the combined voting power of our outstanding shares of capital stock.
+Added: This may result in us taking corporate actions that shareholders may not consider to be in their best interest and may affect the price of our common stock.
+Added: As of March 31, 2024, our current executive officers and directors beneficially owned 12.74% of our outstanding shares of Class A common stock, 54.47% of our outstanding shares of Class B common stock and 27.12% of our voting preferred stock, or 41.25% of the combined voting power of our outstanding shares of capital stock.
This concentration of voting power may inhibit changes in control of the Company and may adversely affect the market price of our common stock.
8 unchanged sentences
the affirmative vote of two-thirds of the shares present and entitled to vote is required to amend our bylaws or remove a director;
−Removed: under the New York Business Corporation Law, in addition to certain restrictions which may apply to “business combinations” involving us and an “interested shareholder”, a plan for our merger or consolidation must be approved by two-thirds of the votes of all outstanding shares entitled to vote thereon.
−Removed: See “Our existing shareholders, if acting together, may be able to exert control over matters requiring shareholder approval.” 
+Added: under the New York Business Corporation Law, in addition to certain restrictions which may apply to “business combinations” involving us and an “interested shareholder”, a plan for our merger or consolidation must be approved by two-thirds of the votes of all outstanding shares entitled to vote thereon.
+Added: See “Our existing shareholders, if acting together, may be able to exert control over matters requiring shareholder approval.”
We have not paid dividends on our common stock in the past.
3 unchanged sentences
Tax legislation could impact future cash flows.
−Removed: We use the Last-In, First-Out (LIFO) method of inventory accounting.
−Removed: As of March 31, 2023, we had a LIFO reserve of $264.5 million which, at the U.S.
−Removed: corporate tax rate, represents approximately $66.1 million of income taxes, payment of which is delayed to future dates based upon changes in inventory costs.
+Added: We use the last-in, first-out (“LIFO”) method of inventory accounting.
+Added: As of March 31, 2024, we had a LIFO reserve of $324.8 million which, at the statutory tax rate of 24.6%, represents approximately $79.9 million of income taxes, payment of which is delayed to future dates based upon changes in inventory costs.
From time-to-time, discussions regarding changes in U.S.
−Removed: tax laws have included the potential of LIFO being repealed.
+Added: corporate and state tax laws have included the potential of LIFO being repealed.
Should LIFO be repealed, the $79.9 million of postponed taxes, plus any future benefit realized prior to the date of repeal, would likely have to be repaid over some period of time.
5 unchanged sentences
In the event the Internal Revenue Service (“IRS”) were to determine that this subsidiary does not qualify as an insurance company, we could be required to make accelerated income tax payments to the IRS that we otherwise would have deferred until future periods.
−Removed: Unresolved Staff Comments
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.