2 unchanged sentences
The risk factors described in “Part I, Item 1A.
−Removed: Risk Factors” in our Annual Report on Form 10-K for the year ended April 30, 2019, as revised below, should be carefully considered, together with the other information contained or incorporated by reference in this Quarterly Report on Form 10-Q and in our other filings with the SEC, in connection with evaluating the Company, our business, and the forward-looking statements contained in this Quarterly Report on Form 10-Q.
+Added: Risk Factors” in our Annual Report on Form 10-K for the year ended April 30, 2020, should be carefully considered, together with the other information contained or incorporated by reference in this Quarterly Report on Form 10-Q and in our other filings with the SEC, in connection with evaluating the Company, our business, and the forward-looking statements contained in this Quarterly Report on Form 10-Q.
Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may affect us.
The occurrence of any of these known or unknown risks could have a material adverse impact on our business, financial condition, and results of operations.
−Removed: The risk factor described below updates the risk factors disclosed in “Part I, Item 1A.
−Removed: Risk Factors” in our Annual Report on Form 10-K for the year ended April 30, 2019, to include information on an interim impairment analysis, which was performed during the third quarter of 2020.
−Removed: • A material impairment in the carrying value of acquired goodwill or other intangible assets could negatively affect our consolidated operating results and net worth.
−Removed: A significant portion of our assets is goodwill and other intangible assets, the majority of which are not amortized but are reviewed for impairment at least annually on February 1, and more often if indicators of impairment exist.
−Removed: At April 30, 2019, the carrying value of goodwill and other intangible assets totaled $13.0 billion, compared to total assets of $16.7 billion and total shareholders’ equity of $8.0 billion.
−Removed: If the carrying value of these assets exceeds the current estimated fair value, the asset would be considered impaired, and this would result in a noncash charge to earnings, which could be material.
−Removed: Events and conditions that could result in impairment include a sustained drop in the market price of our common shares, increased competition or loss of market share, obsolescence, product claims that result in a significant loss of sales or profitability over the product life, deterioration in macroeconomic conditions, or declining financial performance in comparison to projected results.
−Removed: As of January 31, 2020, the carrying values of the goodwill and indefinite-lived intangible assets within the U.S.
−Removed: Retail Pet Foods segment were $2.4 billion and $1.4 billion, respectively.
−Removed: These intangible assets are susceptible to future impairment charges due to narrow differences between fair value and carrying value as a result of recent impairment charges and the acquisition of Ainsworth in May 2018.
−Removed: To date, we have recognized $465.0 million of impairment charges related to the goodwill and indefinite-lived intangible assets acquired as part of the Big Heart Pet Brands acquisition in 2015, which includes an impairment charge of $52.4 recognized during the third quarter of 2020 related to the Natural Balance brand.
−Removed: These impairment charges are primarily the result of reductions in our long-term net sales and profitability projections.
−Removed: We do not believe that our Pet Foods reporting unit or any of the remaining indefinite-lived trademarks within the U.S.
−Removed: Retail Pet Foods segment are more likely than not impaired as of January 31, 2020.
−Removed: However, further changes to the assumptions regarding the future performance of the U.S.
−Removed: Retail Pet Foods segment or its brands, an adverse change to macroeconomic conditions, or a change to other assumptions could result in additional impairment losses in the future, which could be significant.
−Removed: As of April 30, 2019, the estimated fair value was substantially in excess of the carrying value for the majority of the remaining reporting units and material indefinite-lived intangible assets, and in all instances, the estimated fair value exceeded the carrying value by greater than 10 percent, with the exception of the Natural Foods reporting unit, which has no remaining goodwill as a result of the impairment charge recorded during the fourth quarter of 2019.
−Removed: For further information, refer to Note 8:
−Removed: Goodwill and Other Intangible Assets.
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.