2 unchanged sentences
Risk Factors” in the 2022 Form 10-K, there are a number of risks and uncertainties that can have a material effect on the operating results of our businesses and our financial condition.
−Removed: There are no material updates or changes to our risk factors previously disclosed in the 2022 Form 10-K.
−Removed: 31.1 Certification of President and Chief Executive Officer of Tredegar Corporation, pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
−Removed: 31.2 Certification of Executive Vice President and Chief Financial Officer of Tredegar Corporation, pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
−Removed: 32.1 Certification of President and Chief Executive Officer of Tredegar Corporation, pursuant to 18 U.S.C.
−Removed: Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
−Removed: 32.2 Certification of Executive Vice President and Chief Financial Officer of Tredegar Corporation, pursuant to 18 U.S.C.
−Removed: Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
−Removed: 101 XBRL Instance Document and Related Items.
−Removed: 104 Cover Page Interactive Data File (formatted in iXBRL and contained in Exhibit 101).
−Removed: Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
−Removed: Tredegar Corporation
−Removed: May 8, 2023 /s/ John M.
−Removed: President and Chief Executive Officer
−Removed: (Principal Executive Officer)
−Removed: May 8, 2023 /s/ D.
−Removed: Andrew Edwards
−Removed: Andrew Edwards
−Removed: Executive Vice President and Chief Financial Officer
−Removed: (Principal Financial Officer)
−Removed: May 8, 2023 /s/ Frasier W.
−Removed: Brickhouse, II
−Removed: Brickhouse, II
−Removed: Corporate Treasurer and Controller
−Removed: (Principal Accounting Officer)
+Added: Except as set forth below, there are no material updates or changes to our risk factors previously disclosed in the 2022 Form 10-K.
+Added: Further impairment of the Surface Protection reporting unit’s goodwill could have a material non-cash adverse impact on our results of operations.
+Added: The Company assesses goodwill for impairment when events or circumstances indicate that the carrying value may not be recoverable, or, at a minimum, on an annual basis (December 1st of each year).
+Added: The valuation of goodwill depends on a variety of factors, including macroeconomic conditions, industry and market considerations, cost factors and overall financial performance, as well as Company and reporting unit factors, and goodwill impairment valuations can be sensitive to assumptions associated with such factors.
+Added: Failure to successfully achieve projections could result in future impairments.
+Added: Manufacturers in the supply chain for consumer electronics continue to experience reduced capacity utilization and inventory corrections.
+Added: In light of the continued uncertainty about the timing of a recovery for this market and the expected adverse future impact to the Surface Protection business, as of June 30, 2023 the Company performed a goodwill impairment analysis of the Surface Protection component of PE Films using projections that contemplate the expected market recovery and business conditions.
+Added: The analysis concluded that the fair value of Surface Protection was less than its carrying value, thus a non-cash partial goodwill impairment of $15.4 million ($11.9 million after deferred income tax benefits) was recognized during the second quarter of 2023.
+Added: Further impairment to the Surface Protection reporting unit’s goodwill may be caused by factors outside the Company’s control, such as increasing competitive pricing pressures, continued weak consumer electronic market demand, lower than expected sales and profit growth rates, and various other factors.
+Added: Significant and unanticipated changes could require an
+Added: additional non-cash charge for impairment in a future period, which may significantly affect the Company’s results of operations in the period of such charge.
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.