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Risks

• BUSINESS & OPERATIONAL RISK FACTORS
• The outbreak of the COVID-19 global pandemic and associated responses has had, and is expected to continue to have, an adverse impact on our business and operations.
• The integration of recent acquisitions may be more difficult, costly or time consuming than expected, and the acquisitions may not result in any or all of the anticipated benefits, including cost synergies.
• We may not realize any or all of the anticipated benefits of our financial fitness program, which may prove to be more difficult, costly, or time consuming than expected.
• We may experience difficulties in implementing an enterprise resource planning system over the next few years.
• We are subject to risks associated with our international activities, which could negatively affect our sales to customers in foreign locations, as well as our operations and assets in such locations.
• We are increasingly dependent on information technology, and our business and reputation could suffer if we are unable to protect our information technology systems against, or effectively respond to, cyber-attacks, other cyber incidents or security breaches or if our information technology systems are otherwise disrupted.
• If we pursue strategic acquisitions or divestitures, we may not be able to successfully consummate favorable transactions or successfully integrate acquired businesses.
• Tyson Limited Partnership can exercise significant control.
• Fluctuations in commodity prices and in the availability of raw materials, especially feed grains, live cattle, live swine and other inputs could negatively impact our earnings.
• The prices we receive for our products may fluctuate due to competition from other food producers and processors.
• Outbreaks of livestock diseases can adversely impact our ability to conduct our operations and the supply and demand for our products.
• Changes in consumer preference and failure to maintain favorable consumer perception of our brands and products could negatively impact our business.
• Failure to continually innovate and successfully launch new products and maintain our brand image through marketing investment could adversely impact our operating results.
• The loss of one or more of our largest customers could negatively impact our business.
• Failure to leverage our brand value propositions to compete against private label products, especially during economic downturn, may adversely affect our profitability.
• LABOR & EMPLOYMENT RISK FACTORS
• We depend on the availability of, and good relations with, our team members.
• If we are unable to attract, hire or retain key team members or a highly skilled and diverse global workforce, it could have a negative impact on our business, financial condition or results of operations.
• We depend on contract farmers and independent producers to supply us with livestock.
• LEGAL & REGULATORY RISK FACTORS
• If our products become contaminated, we may be subject to product liability claims and product recalls, which could adversely affect our financial results and damage our reputation.
• New or more stringent domestic and international government regulations could impose material costs on us and could adversely affect our business.
• Legal claims, class action lawsuits, other regulatory enforcement actions, or failure to comply with applicable legal standards or requirements could affect our product sales, reputation and profitability.
• The Company is subject to stringent environmental regulation and potentially subject to environmental litigation, proceedings, and investigations.
• Our level of indebtedness and the terms of our indebtedness could negatively impact our business and liquidity position.
• An impairment in the carrying value of our goodwill or indefinite life intangible assets could negatively impact our consolidated results of operations and net worth.
• Participation in Multiemployer Pension Plans could adversely affect our business.
• Volatility in the capital markets or interest rates could adversely impact our pension costs and the funded status of our pension plans.
• Market fluctuations could negatively impact our operating results as we hedge certain transactions.
• Deterioration of economic conditions could negatively impact our business.
• Extreme factors or forces beyond our control could negatively impact our business.
• Failure to maximize or to successfully assert our intellectual property rights could impact our competitiveness.
• We may incur additional tax expense or become subject to additional tax liabilities.