Risk Factors Update Summary
- Experienced a significant decrease in customer capital spending in 2023, negatively impacting results.
- Sales exposure in European Union (E.U.) increased from 35% to 38%.
- Increase in consolidated net sales from 15% to 17% derived from key customers.
- New laws in Virginia, Connecticut, Utah, and Colorado require data handling compliance.
- Recognized substantial impairment charges related to goodwill, including $571.4 million in 2023.
- The Securities and Exchange Commission now requires public disclosure of security incidents.
- Adjusted market prices for products due to component price changes, may need to adjust prices again.
- Increased interest cost due to Federal Reserve rate hikes impacting cash flows.
- Transitioned Revolving Credit Facility to Secured Overnight Financing Rate (SOFR) from LIBOR.
- Potential inability to obtain adequate supply of materials due to reliance on limited suppliers.
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=1517228&owner=exclude
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