Risk Factors:
−Removed: The Company’s investment portfolio may suffer losses from changes in market interest rates and changes in market conditions which could adversely affect results of income or liquidity.
+Added: The Company’s investment portfolio may suffer losses from changes in market interest rates and changes in market conditions which could adversely affect results of operations and liquidity.
The Company’s marketable securities consist of corporate and municipal bonds, commercial paper and equity securities.
These investments are subject to general credit, liquidity, market and interest rate risks.
−Removed: As a result, the Company may experience a reduction in value or loss of liquidity from investments, which may have a negative impact on the Company’s results of operations, liquidity and financial condition.
+Added: As a result, the Company may experience a reduction in value or loss of liquidity from investments, which may have a negative impact on the Company’s financial condition and results of operations.
Unexpected factors affecting self-insurance claims and reserve estimates could adversely affect the Company.
4 unchanged sentences
Information Security, Cybersecurity and Data Privacy Risks
−Removed: Disruptions or cybersecurity breaches in the Company’s information technology systems could adversely affect results.
+Added: Disruptions or cybersecurity breaches in the Company’s information technology systems could adversely affect results of operations.
The Company’s business is highly dependent on complex information technology systems that are vital to its continuing operations.
1 unchanged sentence
Additionally, these systems contain valuable proprietary data as well as receipt and storage of personal information about its associates and customers, in particular electronic payment data and personal health information that, if breached, would have an adverse effect on the Company.
−Removed: Such an occurrence could adversely affect the Company’s reputation with its customers, associates, and vendors, as well as the Company’s operations, results of operations, financial condition and liquidity, and could result in litigation against the Company or the imposition of penalties.
+Added: Such an occurrence could adversely affect the Company’s reputation with its customers, associates, and vendors, as well as the Company’s financial condition, results of operations, and liquidity with potential litigation against the Company or the imposition of penalties.
Supply Chain and Third-Party Risks
15 unchanged sentences
The majority of the Company’s stores are concentrated in central and northeast Pennsylvania, central Maryland, suburban Washington, DC and Baltimore regions and New York’s Southern Tier.
−Removed: Changes in economic and social conditions in the Company’s operating regions, including fluctuations in the inflation rate along with changes in population and employment and job growth rates, affect customer shopping habits.
−Removed: These changes may negatively impact sales and earnings.
+Added: Changes in economic and social conditions in the Company’s operating regions, including fluctuations in the inflation rate along with changes in population and employment and job growth rates and changes in government benefits such as SNAP/EBT or child care credits, affect customer shopping habits.
Business disruptions due to weather and catastrophic events historically have been few.
6 unchanged sentences
They could, however, require the reformulation of certain products to meet new standards, the recall or discontinuance of certain products not able to be reformulated, additional record keeping, expanded documentation of the properties of certain products, expanded or different labeling and/or scientific substantiation.
−Removed: Any or all of such requirements could have an adverse effect on the Company’s results of operations and financial condition.
+Added: Any or all of such requirements could have an adverse effect on the Company’s financial condition, results of operations and liquidity.
Changes in tax laws may result in higher income tax.
9 unchanged sentences
The Company may face risks related to health epidemics and pandemics or other outbreaks of communicable diseases.
−Removed: The global spread of COVID-19 has created significant volatility, uncertainty and economic disruption.
+Added: The global spread of COVID-19 created significant volatility, uncertainty and economic disruption.
The Company’s business was deemed essential during the novel coronavirus pandemic and the Company is committed to maintaining a safe work and shopping environment.
−Removed: Management, at this time, cannot assess the ultimate economic impact to the Company, which will be determined by, among other things, the length of time that such circumstances continue, nor can the Company predict the effects of governmental and public responses to changing conditions.
−Removed: The risks and uncertainties surrounding the coronavirus pandemic are broad however below is a list of risks management is monitoring which could have a material impact on the Company’s business:
+Added: Management cannot assess the ultimate economic impact to the Company, which will be determined by, among other things, the length of time that such circumstances occur, nor can the Company predict the effects of governmental and public responses to changing conditions.
+Added: The risks and uncertainties surrounding the coronavirus pandemic, as well as any future pandemics, are broad;
+Added: however, below is a list of risks management is monitoring which could have a material impact on the Company’s business:
● Employees – Reduced workforces due to the temporary inability to work caused by illness, quarantine, or government mandates.
1 unchanged sentence
● Lawsuits – Future litigation arising from issues concerning the novel coronavirus.
−Removed: ● Future government regulation – Future laws, regulations, interpretations, administrative orders, or applications that may have an adverse impact on the Company’s operations and costs.
+Added: ● Future government regulation – Future laws, regulations, interpretations, administrative orders, or applications that may have an adverse impact on the Company’s financial condition and liquidity.
● Customer trends – Changes in the methods in which customers procure the Company’s products.
3 unchanged sentences
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.