Risk Factors Update Summary
- Increased top customer concentration: Top customer Walmart accounted for 18% of total net sales in 2023, up from 16% in 2022.
- Change in employee count: Workforce decreased from 51,000 in 2022 to 48,000 in 2023.
- Debt restructuring: Senior Notes decreased from $900 million to $600 million due in 2023.
- Financial covenant changes: Leverage ratio increased from 5.25 to 6.75 to 1.00 for quarters ending in 2023.
- Legal and reputational risks: Potential impact from lawsuits and regulatory changes could affect financial condition.
- Intellectual property protection: Aggressive measures taken to protect trademarks and intellectual property rights.
- Dividend policy change: Board eliminated prior dividend policy in January 2023.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=1359841&owner=exclude
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