Risk Factors Update Summary
- Reorganized Components segment, added Atmus business, and realigned regional management structure.
- Chairman of the Board title changed to Chair. Jennifer Rumsey's age increased to 50.
- Renamed New Power segment to Accelera, moved NPROXX JV to Engine segment.
- Sharon R. Barner's age increased to 66. Marvin Boakye's age increased to 50.
- Launched joint venture with Daimler Trucks and PACCAR for battery cell production in the U.S.
- Bonnie Fetch replaced Tracy A. Embree as Vice President — Global Supply Chain and Manufacturing.
- Increased workforce by over 10,000 employees through acquisitions, totaling approximately 75,500 employees worldwide.
- Recorded a charge of $2.036 billion in Q4 2023 to resolve emissions certification and compliance issues.
- Increased research and development investments to $1.4 billion in 2023, focusing on hydrogen production and electrified power systems.
- Launched global mental health awareness campaign and provided over 45,000 vaccine doses to employees.
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=26172&owner=exclude
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