789073--2/24/2010--FORTUNE_BRANDS

related topics

{condition, economic, financial}

{operation, international, foreign}

{regulation, change, law}

{financial, litigation, operation}

{property, intellectual, protect}

{capital, credit, financial}

{tax, income, asset}

{cost, contract, operation}

{personnel, key, retain}

{competitive, industry, competition}

{acquisition, growth, future}

{product, candidate, development}

Current economic challenges may continue and a recovery may be slow or reverse, adversely impacting our financial results and liquidity. A significant portion of our business is impacted by risks associated with fluctuations in the U.S. housing market. We operate in highly competitive consumer categories. Demand for our products and our financial results are dependent on the successful development of new products and processes. The inability to secure and maintain rights to intellectual property could adversely affect our business. Downgrades of our credit ratings could adversely affect us. Continued consolidation of our trade customers, particularly in the home and security industry, could adversely affect our business. Risks associated with our ability to continuously improve organizational productivity and global supply chain efficiency and flexibility could adversely affect our business, either in an environment of potentially declining market demand or one that is volatile or resurging. Our failure to attract and retain qualified personnel could adversely affect our business. Risks associated with our strategic acquisitions and joint ventures could adversely affect our business. Risks associated with interest rate fluctuations, as well as commodity and energy availability, price increases and volatility could adversely affect our business. We manufacture and source many products internationally and are exposed to risks associated with doing business globally. We sell products globally and are exposed to currency exchange rate risks, including those related to the recent volatility of the U.S. dollar. Our businesses rely on the performance of wholesale distributors and other marketing arrangements and could be adversely affected by poor performance or other disruptions in our distribution channels and customers, including financial pressures brought on by the global recession and credit crisis. Costs and funding requirements of certain employee and retiree benefits may continue to rise. Changes in government and industry regulatory standards could adversely affect our businesses. Changes in excise taxes and incentives related to distilled spirits could adversely affect our Spirits business. Potential liabilities and costs from litigation could adversely affect our business. Historical financial statements may not be reflective of our future financial condition and results of operations due to recent portfolio changes or other reasons. An impairment in the carrying value of goodwill or other acquired intangible assets could negatively affect our operating results and shareholder equity. Various other external conditions such as weather could adversely impact our sales, profitability, and cash flow from operations.

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789073--2/24/2010--FORTUNE_BRANDS_INC