Consumer products company Tupperware Brands Corp. disclosed it uncovered material weaknesses in its internal control over financial reporting (ICFR) as part of an announcement its 2022 annual report would be delayed.

Tupperware is seeking an extension to file its fiscal year 2022 Form 10-K with the Securities and Exchange Commission while it reviews its accounting, the company disclosed in a filing with the agency Thursday.

The company said it expects it overstated its beginning retained earnings balance for FY2020 by $23 million to $28 million, primarily because of income tax and lease accounting lapses in years prior to 2020.

Tupperware believes adjusted income from continuing operations for FY2020 through FY2022 was previously understated and will “likely be restated higher.”

The company previously identified misstatements in disclosures from 2020-21 and on certain quarterly reports for 2022 and had initially corrected them as “out-of-period correcting adjustments,” it said. After considering the newly identified misstatements along with the previous misstatements, the company’s audit and finance committee concluded March 12 the past misstatements were material.

The committee made its decision after consulting management and the company’s outside auditor, PricewaterhouseCoopers.

Tupperware linked the errors to material weaknesses in its ICFR as of Dec. 31, 2022.

The company’s chief executive officer and chief financial officer concluded, “[T]he company’s disclosure controls and procedures were not effective as of March 26, 2022; June 25, 2022; Sept. 24, 2022; and Dec. 31, 2022.”

The company did not design and maintain effective controls in response to the risks of material misstatement, it said. The lack of effective controls contributed to material weaknesses related to procedures for income taxes and leases, it continued.

Tupperware believes the forthcoming corrections will not change the company’s fiscal outlook for 2023, Chief Financial Officer Mariela Matute said in a press release.

“We continue to work diligently to finalize our year-end financial close process and immediately start remediation of the identified material weaknesses,” Matute said.