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Wiki	Wiki Summary
Materials science	The interdisciplinary field of materials science covers the design and discovery of new materials, particularly solids. The field is also commonly termed materials science and engineering emphasizing engineering aspects of building useful items, and materials physics, which emphasizes the use of physics to describe material properties.
Building material	Building material is material used for construction. Many naturally occurring substances, such as clay, rocks, sand, wood, and even twigs and leaves, have been used to construct buildings.
Passeig de Lluís Companys, Barcelona	Passeig de Lluís Companys (Catalan pronunciation: [pəˈsɛdʒ də ʎuˈis kumˈpaɲs]) is a promenade in the Ciutat Vella and Eixample districts of Barcelona, Catalonia, Spain, and can be seen as an extension of Passeig de Sant Joan. It was named after President Lluís Companys, who was executed in 1940.
Company	A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals.
Conxita Julià	Conxita Julià i Farrés (Catalan pronunciation: [kuɲˈʃitə ʒuliˈa j fəˈres]; 11 June 1920 – 9 January 2019), also known as Conxita de Carrasco, was a Catalan woman noted for her dealings with Lluís Companys, President of Catalonia, in the 1930s, and for her poetry. Julià died in January 2019 at the age of 98.
List of largest companies in the United States by revenue	This list comprises the largest companies in the United States by revenue as of 2022, according to the Fortune 500 tally of companies. Retail corporation Walmart has been the largest company in the US by revenue since 2014.
Víctor Gay Zaragoza	Víctor Gay Zaragoza (born 19 June 1982 in Barcelona, Spain) is a writer, storyteller, trainer and consultant on storytelling. He is author of the essays "Filosofía Rebelde" (Rebel Philosophy), "50 libros que cambiarán tu vida" (50 books that will change your life) and the historical novel "El defensor" (The defender).
Financial condition report	In accounting, a financial condition report (FCR) is a report on the solvency condition of an insurance company that takes into account both the current financial status, as reflected in the balance sheet, and an assessment of the ability of the company to survive future risk scenarios. Risk assessment in an FCR involves dynamic solvency testing, a type of dynamic financial analysis that simulates management response to risk scenarios, to test whether a company could remain solvent in the face of deteriorating economic conditions or major disasters.
Financial ratio	A financial ratio or accounting ratio is a relative magnitude of two selected numerical values taken from an enterprise's financial statements. Often used in accounting, there are many standard ratios used to try to evaluate the overall financial condition of a corporation or other organization.
Financial law	Financial law is the law and regulation of the insurance, derivatives, commercial banking, capital markets and investment management sectors. Understanding Financial law is crucial to appreciating the creation and formation of banking and financial regulation, as well as the legal framework for finance generally.
Form 10-K	A Form 10-K is an annual report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive summary of a company's financial performance. Although similarly named, the annual report on Form 10-K is distinct from the often glossy "annual report to shareholders," which a company must send to its shareholders when it holds an annual meeting to elect directors (though some companies combine the annual report and the 10-K into one document).
Operations management	Operations management is an area of management concerned with designing and controlling the process of production and redesigning business operations in the production of goods or services. It involves the responsibility of ensuring that business operations are efficient in terms of using as few resources as needed and effective in meeting customer requirements.
Emergency operations center	An emergency operations center (EOC) is a central command and control facility responsible for carrying out the principles of emergency preparedness and emergency management, or disaster management functions at a strategic level during an emergency, and ensuring the continuity of operation of a company, political subdivision or other organization.\nAn EOC is responsible for strategic direction and operational decisions and does not normally directly control field assets, instead leaving tactical decisions to lower commands.
Operations research	Operations research (British English: operational research), often shortened to the initialism OR, is a discipline that deals with the development and application of advanced analytical methods to improve decision-making. It is sometimes considered to be a subfield of mathematical sciences.
Holding company	A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself.
The Honest Company	The Honest Company, Inc. is an American consumer goods company, founded by actress Jessica Alba.
The Longaberger Company	The Longaberger Company is an American manufacturer and distributor of handcrafted maple wood baskets and other home and lifestyle products. The company opened in 1973, was acquired in 2013 by CVSL, Inc., and closed in 2018.
Amazon (company)	Amazon.com, Inc. ( AM-ə-zon) is an American multinational technology company which focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence.
Twenty-one Conditions	The Twenty-one Conditions, officially the Conditions of Admission to the Communist International, refer to the conditions, most of which were suggested by Vladimir Lenin, to the adhesion of the socialist parties to the Third International (Comintern) created in 1919. The conditions were formally adopted by the Second Congress of the Comintern in 1920.
Nervous Conditions	Nervous Conditions is a novel by Zimbabwean author Tsitsi Dangarembga, first published in the United Kingdom in 1988. It was the first book published by a black woman from Zimbabwe in English.
United States Navy	The United States Navy (USN) is the maritime service branch of the United States Armed Forces and one of the eight uniformed services of the United States. It is the largest and most powerful navy in the world, with the estimated tonnage of its active battle fleet alone exceeding the next 13 navies combined, including 11 U.S. allies or partner nations as of 2015.
United States Congress	The United States Congress is the legislature of the federal government of the United States. It is bicameral, being composed of a lower body, the House of Representatives, and an upper body, the Senate.
Democratic Party (United States)	The Democratic Party is one of the two major contemporary political parties in the United States. It was founded in 1828 by supporters of Andrew Jackson, making it the world's oldest active political party.
United States Marine Corps	The United States Marine Corps (USMC), also referred to as the United States Marines, is the maritime land force service branch of the United States Armed Forces responsible for conducting expeditionary and amphibious operations through combined arms, implementing its own infantry, artillery, aerial, and special operations forces. The U.S. Marine Corps is one of the eight uniformed services of the United States.
Competition	Competition is a rivalry where two or more parties strive for a common goal which cannot be shared: where one's gain is the other's loss (an example of which is a zero-sum game). Competition can arise between entities such as organisms, individuals, economic and social groups, etc.
Visual impairment	Visual impairment, also known as vision impairment, is a medical definition primarily measured based on an individual's better eye visual acuity; in the absence of treatment such as correctable eyewear, assistive devices, and medical treatment– visual impairment may cause the individual difficulties with normal daily tasks including reading and walking. Low vision is a functional definition of visual impairment that is chronic, uncorrectable with treatment or correctable lenses, and impacts daily living.
Impaired asset	An impaired asset is an asset which has a market value less than the value listed on its owner's balance sheet.According to U.S. accounting rules (known as US GAAP), the value of an asset is impaired when the sum of estimated future cash flows from that asset is less than its book value. At this point an impairment loss should be recognized, which is done by taking the difference between the fair market value (FMV) and the book value and recording this amount as the loss.
Severe cognitive impairment	Severe cognitive impairment is a form of cognitive impairment that can be distinguished from the "mild" and "moderate" types of impairment. In the United States, the existence of severe cognitive impairment is a condition that triggers benefit payments under most long-term care insurance policies.
Impairment (financial reporting)	An impairment cost must be included under expenses when the book value of an asset exceeds the recoverable amount. Impairment of assets is the diminishing in quality, strength amount, or value of an asset.
Consolidated Edison	Consolidated Edison, Inc., commonly known as Con Edison (stylized as conEdison) or ConEd, is one of the largest investor-owned energy companies in the United States, with approximately $12 billion in annual revenues as of 2017, and over $62 billion in assets. The company provides a wide range of energy-related products and services to its customers through its subsidiaries:\n\nConsolidated Edison Company of New York, Inc.
Asset	In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value.
Profit (economics)	An economic profit is the difference between the revenue a commercial entity has received from its outputs and the opportunity costs of its inputs. It equals to total revenue minus total cost, including both explicit and implicit costs.
Small Is Profitable	Small Is Profitable: The Hidden Economic Benefits of Making Electrical Resources the Right Size is a 2002 book by energy analyst Amory Lovins and others. The book describes 207 ways in which the size of "electrical resources"—devices that make, save, or store electricity—affects their economic value.
Regulation	Regulation is the management of complex systems according to a set of rules and trends. In systems theory, these types of rules exist in various fields of biology and society, but the term has slightly different meanings according to context.

Risk Factors
KELLOGG CO Item 1A Risk Factors In addition to the factors discussed elsewhere in this Report, the following risks and uncertainties could materially adversely affect the Company’s business, financial condition and results of operations
Additional risks and uncertainties not presently known to the Company or that the Company currently deems immaterial also may impair the Company’s business operations and financial condition
5 _________________________________________________________________ [41]Table of Contents The Company’s performance is affected by general economic and political conditions and taxation policies
The Company’s results in the past have been, and in the future may continue to be, materially affected by changes in general economic and political conditions in the United States and other countries, including the interest rate environment in which the Company conducts business, the financial markets through which the Company accesses capital and currency, political unrest and terrorist acts in the United States or other countries in which the Company carries on business
The enactment of or increases in tariffs, including value added tax, or other changes in the application of existing taxes, in markets in which the Company is currently active or may be active in the future, or on specific products that it sells or with which its products compete, may have an adverse effect on its business or on its results of operations
The Company operates in the highly competitive food industry
The Company faces competition across its product lines, including ready-to-eat cereals and convenience foods, from other companies which have varying abilities to withstand changes in market conditions
Some of the Company’s competitors have substantial financial, marketing and other resources, and competition with them in the Company’s various markets and product lines could cause the Company to reduce prices, increase capital, marketing or other expenditures, or lose category share, any of which could have a material adverse effect on the business and financial results of the Company
Category share and growth could also be adversely impacted if the Company is not successful in introducing new products
The Company’s consolidated financial results and demand for the Company’s products are dependent on the successful development of new products and processes
There are a number of trends in consumer preferences which may impact on the Company and the industry as a whole
These include changing consumer dietary trends and the availability of substitute products
The Company’s success is dependent on anticipating changes in consumer preferences and on successful new product and process development and product relaunches in response to such changes
The Company aims to introduce products or new or improved production processes on a timely basis in order to counteract obsolescence and decreases in sales of existing products
While the Company devotes significant focus to the development of new products and to the research, development and technology process functions of its business, it may not be successful in developing new products or its new products may not be commercially successful
The Company’s future results and its ability to maintain or improve its competitive position will depend on its capacity to gauge the direction of its key markets and upon its ability to successfully identify, develop, manufacture, market and sell new or improved products in these changing markets
An impairment in the carrying value of goodwill or other acquired intangible could negatively affect the Company’s consolidated operating results and net worth
The carrying value of goodwill represents the fair value of acquired business in excess of identifiable assets and liabilities as of the acquisition date
The carrying value of other intangibles represents the fair value of trademarks, trade names, and other acquired intangibles as of the acquisition date
Goodwill and other acquired intangibles expected to contribute indefinitely to the cash flows of the Company are not amortized, but must be evaluated by management at least annually for impairment
If carrying value exceeds current fair value, the intangible is considered impaired and is reduced to fair value via a charge to earnings
Events and conditions which could result in an impairment include changes in the industries in which the Company operates, including competition and advances in technology; a significant product liability or intellectual property claim; or other factors leading to reduction in expected sales or profitability
Should the value of one or more of the acquired intangibles become impaired, the Company’s consolidated earnings and net worth may be materially adversely affected
As of December 31, 2005, the carrying value of intangible assets totaled approximately dlra4dtta9 billion, of which dlra3dtta5 billion was goodwill and dlra1dtta4 billion represented trademarks, trade names, and other acquired intangibles compared to total assets of dlra10dtta6 billion and shareholders’ equity of dlra2dtta3 billion
The Company may not achieve its targeted cost savings from cost reduction initiatives
The Company’s success depends in part on its ability to be an efficient producer in a highly competitive industry
The Company has invested a significant amount in capital expenditure to improve its operational facilities
Ongoing operational issues are likely to occur when carrying out major production, procurement, or logistical changes and these as well as any failure by the Company to achieve its planned cost savings could have a material adverse effect on its business and consolidated financial position and on the consolidated results of its operations and profitability
6 _________________________________________________________________ [42]Table of Contents The Company has a substantial amount of indebtedness
The Company has indebtedness that is substantial in relation to its shareholders’ equity
As of December 31, 2005, the Company had total debt of approximately dlra4dtta9 billion and shareholders’ equity of dlra2dtta3 billion
The Company’s substantial indebtedness could have important consequences, including: • the ability to obtain additional financing for working capital, capital expenditure or general corporate purposes may be impaired, particularly if the ratings assigned to the Company’s debt securities by rating organizations were revised downward; • restricting the Company’s flexibility in responding to changing market conditions or making it more vulnerable in the event of a general downturn in economic conditions or its business; • a substantial portion of the cash flow from operations must be dedicated to the payment of principal and interest on the Company’s debt, reducing the funds available to it for other purposes including expansion through acquisitions, marketing spending and expansion of its product offerings; and • the Company may be more leveraged than some of its competitors, which may place the Company at a competitive disadvantage
The Company’s ability to make scheduled payments or to refinance its obligations with respect to indebtedness will depend on the Company’s financial and operating performance, which in turn, is subject to prevailing economic conditions, the availability of, and interest rates on, short term financing, and to financial, business and other factors beyond the Company’s control
The results of the Company may be materially and adversely impacted as a result of increases in the price of raw materials, including agricultural commodities, fuel and labor
Agricultural commodities, including corn, wheat, soybean oil, sugar and cocoa, are the principal raw materials used in the Company’s products
Cartonboard, corrugated, and plastic are the principal packaging materials used by the Company
The cost of such commodities may fluctuate widely due to government policy and regulation, weather conditions, or other unforeseen circumstances
To the extent that any of the foregoing factors affect the prices of such commodities and the Company is unable to increase its prices or adequately hedge against such changes in prices in a manner that offsets such changes, the results of its operations could be materially and adversely affected
Cereal processing ovens at major domestic and international facilities are regularly fuelled by natural gas or propane, which are obtained from local utilities or other local suppliers
Short-term stand-by propane storage exists at several plants for use of interruption in natural gas supplies
Oil may also be used to fuel certain operations at various plants
In addition, considerable amounts of diesel fuel are used in connection with the distribution of the Company’s products
The cost of fuel may fluctuate widely due to economic and political conditions, government policy and regulation, war, or other unforeseen circumstances which could have a material adverse effect on the Company’s consolidated operating results or financial condition
A shortage in the labor pool or other general inflationary pressures or changes in applicable laws and regulations could increase labor cost, which could have a material adverse effect on the Company’s consolidated operating results or financial conditions
Additionally, the Company’s labor costs include the cost of providing benefits for employees
The Company sponsors a number of defined benefit plans for employees in the United States and various foreign locations, including pension, retiree health and welfare, active health care, severance and other postemployment
The Company also participates in a number of multiemployer pension plans for certain of its manufacturing locations
The Company’s major pension plans and US retiree health and welfare plans are funded, with trust assets invested in a globally diversified portfolio of equity securities with smaller holdings of bonds, real estate and other investments
The annual cost of benefits can vary significantly from year to year and is materially affected by such factors as a change in the assumed and actual rate of return on major plan assets, a change in the weighted-average discount rate used to measure obligations, the rate of health care cost inflation, and the outcome of collectively bargained wage and benefit agreements
The Company may be unable to maintain its profit margins in the face of a consolidating retail environment
In addition, the loss of one of the Company’s largest customers could negatively impact its sales and profits
The Company’s largest customer, Wal-Mart Stores, Inc
and its affiliates, accounted for approximately 17prca of consolidated net sales during 2005, comprised principally of sales within the United States
At December 31, 2005, approximately 12prca of the Company’s consolidated receivables balance and 17prca of the Company’s US receivables balance was comprised of amounts owed by Wal-Mart Stores, Inc
and its affiliates
During 2005, the Company’s top five 7 _________________________________________________________________ [43]Table of Contents customers, collectively, accounted for approximately 31prca of our consolidated net sales and approximately 42prca of US net sales
As the retail grocery trade continues to consolidate and mass marketers become larger, the large retail customers of the Company may seek to use their position to improve their profitability through improved efficiency, lower pricing and increased promotional programs
If the Company is unable to use its scale, marketing expertise, product innovation and category leadership positions to respond, the profitability or volume growth of the Company could be negatively affected
The loss of any large customer for an extended length of time could negatively impact its sales and profits
Changes in tax, environmental or other regulations or failure to comply with existing licensing, trade and other regulations and laws could have a material adverse effect on the Company’s consolidated financial condition
The Company’s activities, both in and outside of the United States, are subject to regulation by various federal, state, provincial and local laws, regulations and government agencies, including the US Food and Drug Administration, US Federal Trade Commission, the US Departments of Agriculture, Commerce and Labor, as well as similar and other authorities of the European Union and various state, provincial and local governments, as well as voluntary regulation by other bodies
Various state and local agencies also regulate the Company’s activities
The manufacturing, marketing and distribution of food products is subject to governmental regulation that is becoming increasingly onerous
Those regulations control such matters as ingredients, advertising, relations with distributors and retailers, health and safety and the environment
The Company is also regulated with respect to matters such as licensing requirements, trade and pricing practices, tax and environmental matters
The need to comply with new or revised tax, environmental or other laws or regulations, or new or changed interpretations or enforcement of existing laws or regulations, may have a material adverse effect on the Company’s business and results of operations
The Company’s operations face significant foreign currency exchange rate exposure which could negatively impact its operating results
The Company holds assets and incurs liabilities, earns revenue and pays expenses in a variety of currencies other than the US dollar, primarily the British Pound, Euro, Australian dollar, Canadian dollar and Mexican peso
Because the Company’s consolidated financial statements are presented in US dollars, the Company must translate its assets, liabilities, revenue and expenses into US dollars at then-applicable exchange rates
Consequently, increases and decreases in the value of the US dollar may negatively affect the value of these items in the Company’s consolidated financial statements, even if their value has not changed in their original currency
To the extent the Company fails to manage its foreign currency exposure adequately, the Company’s consolidated results of operations may be negatively affected
If the Company’s food products become adulterated or misbranded, it might need to recall those items and may experience product liability if consumers are injured as a result
The Company may need to recall some of its products if they become adulterated or misbranded
The Company may also be liable if the consumption of any of its products cause injury
A widespread product recall could result in significant losses due to the costs of a recall, the destruction of product inventory, and lost sales due to the unavailability of product for a period of time
The Company could also suffer losses from a significant product liability judgment against it
A significant product recall or product liability case could also result in a loss of consumer confidence in the Company’s food products, which could have a material adverse effect on its business results and the value of its brands