Fiscal period ending 2025-11-30 versus 2024-11-30
— view filing on EDGAR →
Risk exposure broadened across four distinct themes — macro/tariff pressures, supply chain inputs, regulatory product requirements, and consumer litigation — with no offsetting easings. The most consequential near-term developments are tariff-driven cost headwinds already impacting operations and new FDA synthetic dye phase-out requirements that could force product reformulation. While no single change reaches existential severity, the concurrent worsening across macro, regulatory, and legal dimensions represents a meaningful step-up in the overall risk profile.
3 company-specific
· 1 common-mode
Company-specific changes
Revised
Added soybean oil as significant raw material with active hedging derivatives; expanded mitigation to include "other streamlining initiatives"; added "global trade policies" as governmental risk factor.
Issues regarding procurement of raw materials may negatively impact us. Our purchases of raw materials are subject to fluctuations in market price and availability caused by inflationary pressures…
Revised
New specific regulatory risks disclosed: FDA phase-out of synthetic dyes and MAHA Commission recommendations on chronic disease. These represent concrete regulatory developments with potential business impact.
Risks Related to Our Global Business, Litigation, Laws and Regulations Laws and regulations could adversely affect our business. Food products are extensively regulated in most of the countries in…
Revised
New disclosure of specific litigation risk: consumer class actions related to privacy and data security. Escalates from generic legal claims to identified threat category.
Litigation, legal or administrative proceedings could have an adverse impact on our business and financial condition or damage our reputation. We are party to a variety of legal claims and…
Also disclosed — common-mode (Tariffs trade policy)
Tariffs trade policy
New
New disclosure of tariff-driven cost pressures and supply chain uncertainty already impacting operations. Material macro risk with quantifiable business impact.
Changes in global trade policies have impacted and may continue to impact our financial condition or results of operations. Changes in global trade policies, including tariffs, have caused…