Risk Factors Update Summary

• The restructuring plan continued with a reduction of approximately 188 employees, resulting in estimated charges of $281 million, up from $258 million.
• Added "protests" to potential disruptions, expanding risk factors beyond natural disasters. This broadens risk exposure.
• Sales decreased from $860 million to $820 million, with a new addition of $429 million.
• Effective tax rate for fiscal year 2023 decreased to 22.4% from 24.0% in 2022.
• Benefit obligations assumptions changed: Discount rate from 0.65% to 0.90%.
• Disclosed $1.1 million costs in 2023 related to a cybersecurity attack investigation, impacting financials.
• The net leverage ratio covenant was made less restrictive, providing operational flexibility for a period.
• Gross profit increased from $437 million to $441 million, with a new addition of $69 million.
• The Company requests consent for a maximum net overdraft limit of $75,000,000 for the Pooling Account Arrangement.
• The Company recognized a gain of $7 million and completed the sale of its Thailand facility during 2023.
• Income tax expense increased to $22.4 million in 2023 from $17.5 million in 2022.
• Net periodic benefit cost increased from $771 million to $1,134 million.
• Consolidated net sales decreased by $36.4 million in 2023 compared to 2022, driven by lower sales volumes.
• AMS segment net sales decreased by 2.2% in 2023 compared to 2022.
• The Company seeks consent for the Pooling Account Arrangement to be considered "Excluded Property."
• The restructuring plan is expected to result in cash expenditures of approximately $3 million, with completion expected in the first quarter of 2023.
• Operating income decreased from $121 million to $104 million, with a new addition of $522 million.
• Debt issuance costs decreased by $0.3 million, with $0.7 million associated with revolving loan borrowings.
• AMS segment AOI decreased by 14.2% in 2023 compared to 2022.
• Loss in other comprehensive loss increased from $0.4 million to $4 million.
• The Company settled a putative class action lawsuit for $7.5 million in 2023.
• Goodwill balance decreased by $2.0 million, with $29.4 million impairment charge in 2022.
• The Company requests consent for a reorganization affecting Equity Interests in Material Foreign Subsidiaries.
• Interest expense increased from $29 million to $31 million, with a new addition of $787 million.
• Consolidated gross profit increased to 35.0% in 2023 from 33.7% in 2022, mainly due to higher pricing.
• Intersegment revenues increased from $75.5 million to $82.8 million in 2023.
• EAAA segment net sales decreased by 3.6% in 2023 compared to 2022.
• Total intangible assets subject to amortization decreased by $0.9 million from 2022 to 2023.
• The Company expects to contribute $2.5 million to the foreign defined benefit plans in 2023.
• Interest expense rose to $31.8 million in 2023 from $29.9 million in 2022 due to higher rates.
• Net income increased from $19,560 to $44,517.
• SG&A expenses increased to $339.0 million in 2023 from $324.2 million in 2022, impacting profitability.
• The Company's net deferred tax liabilities decreased from $20.9 million to $12.1 million.
• Earnings per share - basic increased from $0.33 to $0.77.
• Compensation expense related to restricted stock awards decreased by $0.8 million from 2022 to 2023.
• EAAA segment AOI decreased by 4.8% in 2023 compared to 2022.
• Total net sales increased from $1,297.9 million to $1,261.5 million in 2023.
• The unrecognized total compensation cost related to unvested restricted share units decreased by $0.7 million.
• The Company's pension plan assets by category showed changes in asset allocations from 2022 to 2023.
• Comprehensive income increased from $9,539 to $57,983.
• Total long-term debt obligations decreased to $516 million in 2023 from $572 million in 2022.
• Operating income decreased from $92.2 million to $85.0 million in 2023.
• No material fixed asset impairment charges in 2023, indicating stable asset valuation and management.
• Diluted EPS increased from $0.33 in 2022 to $0.76 in 2023, reflecting improved financial performance.
• Long-lived assets decreased from $297.9 million to $291.1 million in 2023.