Risk Factors Update Summary
- Added caution on reliance on top customers: Top 10 SCS customers accounted for about 40% of revenue in 2023, down from about 42% in 2022.
- Increased labor costs due to shortages: Experienced high labor costs due to labor shortage challenges.
- Tax implications: Aggregate projected benefit obligations of global defined pension plans increased from $1.7 billion in 2022 to $1.9 billion in 2023.
- Legal and regulatory risks: Facing increased environmental disclosure requirements and compliance challenges.
- Operational risks: Added emphasis on the impact of labor disputes on financial position, operations, and cash flows.
- Financial risks: Outstanding indebtedness increased from $6.4 billion in 2022 to $7.2 billion in 2023.
- Technology risks: Emphasized the need to upgrade IT systems to support business operations effectively.
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.
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