Tuesday, November 12, 2019
A Look at Product Warranty Accruals

Thursday, November 7, 2019
CHS Limps Through Weather & War

Wednesday, November 6, 2019
Master Class: Preparing for Recession

Sunday, October 27, 2019
When Operating Leases Weigh Down ROA

Wednesday, October 23, 2019
Feeling the Squeeze on China

Tuesday, October 22, 2019
Netflix and the Cost of Content

Wednesday, October 9, 2019
U.S. firms with Sales in China through 2018.

Wednesday, October 9, 2019
Tracking  Pension Data in Calcbench

Friday, October 4, 2019
In Depth: Leasing Costs in Retail Sector

Thursday, September 19, 2019
Alibaba and Cloud Computing

Monday, September 16, 2019
Introducing Critical Audit Matters

Wednesday, September 11, 2019
Our Fireside Chat on Goodwill Assets

Friday, September 6, 2019
Pulling Forward Share Buybacks

Saturday, August 31, 2019
A Quick Catch-Up on VMWare

Friday, August 23, 2019
By the Numbers: Restructuring Costs Over Time

Wednesday, August 21, 2019
WeWork Liabilities, Part II

Tuesday, August 20, 2019
WeWork’s Liabilities in Perspective

Wednesday, August 14, 2019
Comparing LinkedIn, Twitter Revenue

Wednesday, August 7, 2019
Leasing’s Effect on Retail Balance Sheets

Thursday, August 1, 2019
Using Calcbench to Find China Exposure

Archive  |  Search:
Feeling the Squeeze on China
Wednesday, October 23, 2019

Toy-maker Hasbro (ticker: HAS) filed its third-quarter financial statements this week. If anyone wants a good example of what companies are saying about the squeeze they feel over tariffs and the trade war with China — start here.

Hasbro added four paragraphs’ worth of discussion in its risk factors that had not been in prior quarterly reports. Among the company’s new concerns…

  • concentration of manufacturing of the substantial majority of the company’s products by third party vendors in the People’s Republic of China and the associated impact to the Company of social, economic or public health conditions and other factors affecting China…
  • the ability of the company to successfully diversify sourcing of its products to reduce reliance on sources of supply in China…
  • the application of tariffs and other trade restrictions impacting the cost of producing our products and importing them into markets around the world for sale, which could significantly increase the price of the company’s products…
  • the ability of the company to successfully implement actions to lessen the impact of tariffs imposed on our products, including any changes to our supply chain, logistics capabilities, sales policies or pricing of our products;

In other words, Hasbro’s supply chain has deep, extensive ties to Chinese manufacturers, and unraveling those ties won’t be easy. Tariffs might also drive up the costs of Hasbro’s materials and products — and finding ways to alleviate that exposure won’t be easy either.

None of this is a surprise when you think about it. So how can Calcbench users find such new disclosures quickly and easily, that you can get on with pondering the business implications?

Easy, actually.

First, go to our Interactive Disclosures database and search “tariffs,” “China,” “trade war,” or similar terms in the text search box on the right-hand side of the page. Then hit the “Add Previous Period” tab above the disclosures, and presto! Calcbench pulls up those same disclosures for the prior period and a third column color-coding changes between the two filings. Text added to the latest filing appears in green, text removed appears in red.

See Figure 1, below. The column on the left is Hasbro’s third-quarter filing. The column on the right is its second-quarter filing. The column in the middle is what’s changed between the two — and note all that green-coded copy. That’s the four paragraphs we mentioned above.

You can run the same analysis for any company, and on any issue, really. It doesn’t have to be restricted to China, tariffs, or trade wars.

We just expect to see lots more about China and tariffs in the filings to come.

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