Risk Factors Update Summary
- Sales in China increased by 4% in 2023 compared to 2022, with 33% of total sales attributed to products sold outside China.
- Cash and marketable securities decreased by $180 million in 2023, now totaling $292 million.
- Customer concentration increased, with sales to the five largest customers representing 42% of total sales in 2023.
- New residential housing starts in the U.S. are projected to be flat in 2024 compared to 2023.
- Currency impact negatively affected sales and cash equivalents by $5 million and $8 million, respectively, in 2023.
- The Smith Family now owns approximately 66% of the total voting power of the company in 2023.
- Adoption of laws and regulations related to ESG matters may impact demand and costs.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=91142&owner=exclude
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