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What Changed
Risk factors · Aug 5, 2024 → Aug 4, 2025
6 added · 13 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
For example, in July 2025, the U.S. government enacted the One Big Beautiful Bill Act (the 2025 U.S.
The Procter & Gamble Company 9 In December 2021, the Organisation for Economic Co-operation and Development (OECD) issued “Pillar Two” model rules which established a global minimum corporate tax rate of 15% for large multinational corporations.
Tax Act extended or made permanent many of the corporate tax changes arising under the Tax Cuts and Jobs Act passed in 2017 (the 2017 U.S.
Many countries have implemented or are in the process of implementing Pillar Two legislation into their respective domestic laws.
As we refinance debt or renew derivatives, we are exposed to movement in global interest rates and rate differentials.
Tax Act to have a material impact to our financial condition, results of operations, cash flows or effective tax rate.
No longer disclosed
For example, in December 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the U.S.
In December 2022, the European Union (EU) approved a directive requiring member states to incorporate a 15% global minimum tax into their respective domestic laws effective for fiscal years beginning on or after December 31, 2023.
An outgrowth of the original Base Erosion and Profit Shifting (BEPS) project is a project undertaken by the approximately 140 member countries of the expanded Organisation for Economic Co-operation and Development (OECD) Inclusive Framework focused on "Addressing the Challenges of the Digitalization of the Economy." The breadth of this project extends beyond pure digital businesses and, as proposed, would likely impact a large portion of multinational businesses by potentially redefining jurisdictional taxation rights in market countries and establishing a global minimum tax.
We must successfully manage ongoing acquisition, joint venture and divestiture activities.
Uncertain economic or social conditions may adversely impact demand for our products or cause our customers and other business partners to suffer financial hardship, which could adversely impact our business.
While these proposals are controversial, likely to change during the legislative process and may prove difficult to enact as proposed in the current closely divided U.S.
Additionally, longstanding international tax norms that determine each country’s jurisdiction to tax cross-border international trade are subject to potential evolution.
Under the current U.S. presidential administration, comprehensive federal income tax reform has been proposed, including an increase in the U.S.
Important details of these minimum tax developments are still to be determined and, in some cases, enactment and timing remain uncertain.
Federal corporate income tax rate, elimination of certain investment incentives and an increase in U.S. taxation of non-U.S. earnings.
In addition, several non-EU countries have proposed and/or adopted legislation consistent with the global minimum tax framework.
Most member states complied with the directive while some were permitted a delayed implementation.