RISK FACTORS
An investment in the notes may involve various risks. Prior to making a decision about investing in our securities, and in consultation
with your own financial and legal advisors, you should carefully consider, among other matters, the following risk factors, as well as those incorporated by reference in this prospectus supplement from our most recent Annual Report on Form 10-K and
our most recent Quarterly Reports on Form 10-Q under the headings Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations, and other filings we may make from time to time
with the SEC. In particular, please read carefully the risk factor A significant percentage of our sales and operations is in non-U.S. jurisdictions and is subject to the economic, political, regulatory,
foreign exchange, and other risks of international operations beginning on page 29 of our Annual Report on Form 10-K for the year ended December 31, 2022.
The notes are subject to prior claims of any secured creditors and the creditors of our subsidiaries, and if a default occurs we may not have sufficient
funds to fulfill our obligations under the notes.
The notes are our unsecured general obligations, ranking equally with our other
senior unsecured indebtedness but below any secured indebtedness and effectively below the debt and other liabilities of our subsidiaries. The Indenture governing the notes permits us and our subsidiaries to incur secured debt under specified
circumstances. If we incur any secured debt, our assets and the assets of our subsidiaries will be subject to prior claims by our secured creditors. In the event of our bankruptcy, liquidation, reorganization or other winding up, assets that secure
debt will be available to pay obligations on the notes only after all debt secured by those assets has been repaid in full. Holders of the notes will participate in our remaining assets ratably with all of our unsecured and unsubordinated creditors,
including our trade creditors.
If we incur any additional obligations that rank equally with the notes, including trade payables, the
holders of those obligations will be entitled to share ratably with the holders of the notes in any proceeds distributed upon our insolvency, liquidation, reorganization, dissolution or other winding up. This may have the effect of reducing the
amount of proceeds paid to you. If there are not sufficient assets remaining to pay all these creditors, all or a portion of the notes then outstanding would remain unpaid.
Negative covenants in the Indenture will have a limited effect.
The Indenture governing the notes contains negative covenants that apply to us; however, the limitation on mortgages and limitation on sale
and leaseback covenants contain exceptions that will allow us to create, grant or incur liens or security interests with respect to our headquarters and certain other material facilities. See Description of Debt SecuritiesCovenants
in the accompanying prospectus. In light of these exceptions, holders of the notes may be structurally or contractually subordinated to new lenders.
Changes in our credit ratings may adversely affect the value of the notes.
We expect that the notes will be rated by one or more nationally recognized statistical rating organizations. Such ratings are not
recommendations to buy, sell or hold the notes, are limited in scope, and do not address all material risks relating to an investment in the notes, but rather reflect only the view of each rating agency at the time the rating is issued. An
explanation of the significance of such rating may be obtained from such rating agency. There can be no assurance that such credit ratings will remain in effect for any given period of time or that such ratings will not be lowered, suspended or
withdrawn entirely by the rating agencies, if, in each rating agencys judgment, circumstances so warrant. Actual or anticipated changes or downgrades in our credit ratings, including any announcement that our ratings are under further review
for a downgrade, could affect the market value of the notes and increase our corporate borrowing costs.
An active trading market for the notes may not
develop.
There is no existing market for the notes of either series and we do not intend to apply for listing of the notes of either
series on any securities exchange or any automated quotation system. Accordingly, there can be
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