Labor and talent
74 of 521 companies dropped a paragraph in Risk Factors that uses one of these words:
labor shortage, labor union, labor unions, unionized, collective bargaining, key personnel, attract and retain.
The paragraph was in the earlier 10-K and nothing like it is in the latest.
It counts text; it does not say how serious a risk is. Words in capitals only (such as AI) must be in capitals.
By sector
Sector is the SEC's industry description of the company. Each count opens that sector's quotes below.
| Sector | Companies | Compared |
|---|---|---|
| Electrical Industrial Apparatus | 1 | 1 |
| Farm Machinery & Equipment | 1 | 1 |
| Games, Toys & Children's Vehicles (No Dolls & Bicycles) | 1 | 1 |
| In Vitro & In Vivo Diagnostic Substances | 1 | 1 |
| Insurance Carriers, NEC | 1 | 1 |
| Oil & Gas Field Machinery & Equipment | 1 | 1 |
| Ordnance & Accessories, (No Vehicles/Guided Missiles) | 1 | 1 |
| Paper Mills | 1 | 1 |
| Retail-Drug Stores and Proprietary Stores | 1 | 1 |
| Retail-Eating & Drinking Places | 1 | 1 |
| Services-Misc Health & Allied Services, NEC | 1 | 1 |
| Wholesale-Medical, Dental & Hospital Equipment & Supplies | 1 | 1 |
| X-Ray Apparatus & Tubes & Related Irradiation Apparatus | 1 | 1 |
| Investment Advice | 5 | 8 |
| Computer Storage Devices | 3 | 5 |
| Aircraft Engines & Engine Parts | 1 | 2 |
| Fats & Oils | 1 | 2 |
| Industrial Inorganic Chemicals | 1 | 2 |
| Industrial Organic Chemicals | 1 | 2 |
| Instruments For Meas & Testing of Electricity & Elec Signals | 1 | 2 |
| Refuse Systems | 1 | 2 |
| Rubber & Plastics Footwear | 1 | 2 |
| Services-Amusement & Recreation Services | 1 | 2 |
| Services-Medical Laboratories | 1 | 2 |
| Finance Services | 12 | 28 |
| Computer Communications Equipment | 1 | 3 |
| Electrical Work | 1 | 3 |
| General Industrial Machinery & Equipment | 1 | 3 |
| Services-Computer Integrated Systems Design | 1 | 3 |
| Wholesale-Drugs, Proprietaries & Druggists' Sundries | 1 | 3 |
| Electronic & Other Electrical Equipment (No Computer Equip) | 1 | 4 |
| Motor Vehicles & Passenger Car Bodies | 1 | 4 |
| Search, Detection, Navigation, Guidance, Aeronautical Sys | 1 | 4 |
| Security & Commodity Brokers, Dealers, Exchanges & Services | 1 | 4 |
| Services-Computer Processing & Data Preparation | 1 | 4 |
| Hospital & Medical Service Plans | 1 | 5 |
| Industrial Instruments For Measurement, Display, and Control | 1 | 5 |
| Laboratory Analytical Instruments | 1 | 5 |
| Orthopedic, Prosthetic & Surgical Appliances & Supplies | 1 | 5 |
| Services-Computer Programming, Data Processing, Etc. | 1 | 5 |
| Petroleum Refining | 1 | 6 |
| State Commercial Banks | 1 | 6 |
| Real Estate Investment Trusts | 4 | 27 |
| Crude Petroleum & Natural Gas | 1 | 7 |
| Semiconductors & Related Devices | 2 | 15 |
| Services-Prepackaged Software | 2 | 19 |
| Surgical & Medical Instruments & Apparatus | 1 | 10 |
| National Commercial Banks | 1 | 11 |
| Pharmaceutical Preparations | 1 | 11 |
| Electric & Other Services Combined | 1 | 12 |
| Fire, Marine & Casualty Insurance | 1 | 12 |
| Electric Services | 1 | 15 |
133 paragraphs · Paper Mills show all sectors
Our ability to operate and grow our business depends on our ability to attract and retain employees with the skills necessary to operate and maintain our facilities, produce our products and serve our customers. The market for both hourly workers and salaried workers continues to be competitive, particularly for employees with specialized technical and trade experience. This, along with the current competitive labor market and ongoing inflationary conditions, has led to higher labor costs. In addition, we rely on our key executive and management personnel to manage our business efficiently and effectively. The unanticipated departure of key executive and management employees, particularly in a challenging market for attracting and retaining employees, could adversely affect our business. Moreover, changing demographics and labor work force trends, including remote work and changing work-life balance expectations, may make it difficult for us to replace retiring or departing employees. The failure to retain and/or recruit additional or substitute senior managers and/or other key employees and a failure to identify and resource for future capability requirements such that there is a gap in skills and knowledge across key business areas, or if higher labor costs and shortages persist, could have a material adverse effect on our business, financial condition, results of operations and/or future prospects.
Read in the 10-K filed Feb 21, 2025 ↗
Following the completion of our business combination with DS Smith, a significant number of our employees are represented by unions, trade unions and national works councils. We have collective bargaining agreements in place with U.S. and international trade unions. In the U.S., we may not be able to successfully negotiate new collective bargaining agreements once our current contracts with unions expire without work stoppages or labor difficulties, or we may be unable to renegotiate such contracts on favorable terms. Negotiations between us and the United Steelworkers union (the “USW”) regarding the mill master collective bargaining agreement and related mill joint pension council master agreement resulted in new agreements which will expire August 2027 and September 2027, respectively. Negotiations between us and the USW regarding the converting master collective bargaining agreement (which expired in April 2024) and related converting joint pension council master (which expired September 2024) took place in February 2024 and resulted in new agreements which will expire in April and September 2028, respectively. The USW represents approximately 10,600 employees in our mills and converting facilities. In Europe, we have collective agreements in place with trade unions, and also have agreements in place with a European Works Council, which brings together employee representatives from the different European countries in which we operate and provides a forum for information sharing and consultation. We have experienced limited work stoppages in the past and may experience work stoppages in the future. Further, labor organizations may attempt to organize groups of additional employees from time to time, and recent and potential changes in labor laws could make it easier for them to do so.
Read in the 10-K filed Feb 21, 2025 ↗
If there is a substantial change to the terms of any collective bargaining agreements or an agreement acceptable to us cannot be reached at all when the collective agreements are renewed, we could face increased labor costs or disruptions as a result of labor union activity in the future. If we experience any extended interruption of operations at any of the relevant facilities as a result of strikes or other work stoppages, or if unions, trade unions and national works councils are able to organize additional groups of our employees, our operating costs could increase and our operational flexibility could be reduced.
Read in the 10-K filed Feb 21, 2025 ↗
retain or attract key personnel, disrupt our business, adversely impact important business relationships, adversely impact our financial results, or expose us to litigation. In addition, we may incur significant costs and expenses in connection with this process. It is also possible that speculation regarding any developments related to this review and perceived uncertainties associated therewith could cause the market price of our common stock to fluctuate significantly or to decline.
Read in the 10-K filed Feb 21, 2025 ↗