CW 2020 Annual Report

Dividends The ability of the Parent Company’s operating subsidiaries to pay dividends may be restricted due to the terms of the subsidiaries’ financings agreements (see Note 9: Long-term Debt and Other Borrowings). During the fiscal years ended December 31, 2020, 2019 and 2018, the Parent Company’s consolidated subsidiaries did not pay any cash dividends to the Parent Company.

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