8 unchanged sentences
Both segments primarily manufacture and market in their respective regions of the world.
−Removed: Our Rest of World segment is primarily comprised of China, Europe and India.
+Added: Our Rest of World segment is primarily comprised of China, India, and Europe.
NORTH AMERICA
2 unchanged sentences
Water heaters .
−Removed: Our residential and commercial water heaters primarily come in sizes ranging from 40 to 80 gallon models, however, we also offer sizes as low as 2.5 gallon (point-of-use) and as high as 2,500 gallon products with varying efficiency ranges.
+Added: Our residential and commercial water heaters primarily come in sizes ranging from 40 to 80 gallon models.
+Added: However, we also offer sizes as low as 2.5 gallon (point-of-use) and as high as 2,500 gallon products with varying efficiency ranges.
We offer electric, natural gas and liquid propane tank-type models as well as tankless (gas and electric), heat pump and solar tank units.
4 unchanged sentences
Water treatment products.
−Removed: With the acquisition of Aquasana, Inc.
−Removed: (Aquasana) in 2016 we entered the water treatment market.
−Removed: We expanded our product offerings and geographic footprint with the acquisitions of Hague Quality Water International (Hague) in 2017, Water-Right, Inc.
−Removed: (Water-Right) in 2019, Master Water Conditioning Corporation (Master Water) in 2021, Atlantic Filter Corporation (Atlantic Filter) in 2022, Water Tec of Tucson, Inc (Water Tec) in 2023 and Impact Water Products (Impact) in 2024.
Our water treatment products range from point-of-entry water softeners, solutions for problem well water, whole-home water filtration products and point-of-use carbon and reverse osmosis products.
4 unchanged sentences
We believe we are the largest manufacturer and marketer of water heaters in North America with a leading share in both the residential and commercial portions of the market.
−Removed: We expanded our presence in North America with our acquisition of Giant Factories, Inc.
−Removed: (Giant), a Canada-based manufacturer of residential and commercial water heaters, which we acquired in late 2021.
In the commercial segments of the market for both water heating and space heating, we believe our comprehensive product lines and our high-efficiency products give us a competitive advantage.
11 unchanged sentences
Our Aquasana branded products are primarily sold directly to consumers through e-commerce channels.
−Removed: Our water softener products and problem well water solutions, which
−Removed: include the Hague, Water-Right, Master Water, Atlantic Filter, Impact, and Water Tec brands, are sold through water quality dealers and contractors.
−Removed: Our water softener products are also sold through home center retail chains.
+Added: Our water softener products and problem well water solutions, which include the Hague, Water-Right, Master Water, Atlantic Filter, Impact, and Water Tec brands, are sold through water quality dealers and contractors.
+Added: Our water softener and undersink filter products are also sold through regional home center retail chains.
Our energy-efficient product offerings continue to be a sales driver for our business.
Our condensing commercial water heaters and boilers continue to be an option for commercial customers looking for high-efficiency water and space heating with a short payback period through energy savings.
−Removed: We offer residential heat pumps, condensing tank-type and tankless water heaters in North America, as well as other higher efficiency water heating solutions to round out our energy-efficient product offerings.
−Removed: We recently launched our newly designed ADAPT condensing gas tankless water heater and VERITUS air source commercial heat pump water heater to align with greenhouse gas emission reduction trends across the U.S.
+Added: We offer residential heat pumps, condensing tank-type and tankless
+Added: water heaters in North America, as well as other higher efficiency water heating solutions to round out our energy-efficient product offerings.
+Added: In 2024, we launched our newly designed ADAPT condensing gas tankless water heater and VERITUS air source commercial heat pump water heater to align with greenhouse gas emission reduction trends across the U.S.
+Added: The VERITUS and ADAPT model lines were further expanded in 2025.
+Added: We also recently launched our Cyclone Flex commercial condensing water heater with advanced features ahead of the upcoming October 2026 Department of Energy (DOE) commercial rule that will require all commercial water heaters to be condensing.
We sell our products in highly competitive markets.
6 unchanged sentences
Sales in our Rest of World segment accounted for approximately 22 percent of our total sales in 2025, a majority of which were in China.
−Removed: We have operated in China for nearly 30 years.
+Added: We have operated in China for 30 years.
In that time, we have established A.
7 unchanged sentences
Our primary competitors in China in the water heater market segment are Haier/Casarte, Midea/COLMO, and Rinnai.
−Removed: Our principal competitors in the water treatment market are Angel, Haier/Casarte, Midea/COLMO, Truliva, and Xiaomi.
+Added: Our principal competitors in the water treatment market are Angel, Haier/Casarte, Midea/COLMO, and Truliva.
+Added: In the third quarter of 2025, we initiated an assessment of strategic opportunities for our China business, including strategic partnerships and other alternatives.
+Added: We believe the China market has substantial long-term prospects and are committed to realizing the potential upside inherent in our China business
In 2008, we established a sales office in India and began importing products specifically designed for India.
We began manufacturing water heaters in India in 2010 and water treatment products in 2015.
−Removed: In 2024, we expanded our product offerings and geographic footprint with the acquisition of Pureit, a Unilever PLC business.
+Added: In 2024, we expanded our product offerings and geographic footprint with the acquisition of Pureit, formerly a Unilever PLC business.
Pureit offers a broad range of residential water purification solutions in India and other South Asian markets.
−Removed: We continue to increase our product offerings and sales in this country, primarily through wholesale, e-commerce and retail channels.
+Added: We continue to increase our product offerings and sales in India, primarily through wholesale, e-commerce and retail channels.
Our primary competitors in India are Racold, Bajaj and Havells in the water heater market and Eureka Forbes and Kent in the water treatment market.
4 unchanged sentences
There has been volatility in steel costs over the last several years.
−Removed: In addition tariffs could potentially increase volatility in steel and other input materials.
+Added: In addition, tariffs have increased volatility in input materials.
+Added: Due to the short-cycle nature of our businesses, our operations do not normally sustain significant backlogs.
RESEARCH AND DEVELOPMENT
4 unchanged sentences
We monitor our intellectual property for infringements.
−Removed: Although we believe our trademarks, trade names, patents, trade secrets, and licenses to constitute a valuable asset in the aggregate, we do not regard our business as being materially dependent on any
−Removed: single trademark, trade name, patent, trade secret, license or any group of related such rights.
+Added: Although we believe our trademarks, trade names, patents, trade secrets, and licenses to constitute a valuable asset in the aggregate, we do not regard our business as being materially dependent on any single trademark, trade name, patent, trade secret, license or any group of related such rights.
Our trade name is important with respect to our products, particularly in China, India, and North America.
8 unchanged sentences
We believe that our Guiding Principles and Values shape the critical elements of our effort to attract, retain and develop talent.
−Removed: In 2024, we were named by Ethisphere on the list of the World’s Most Ethical Companies.
+Added: In 2025, we were named by Ethisphere on the list of the World’s Most Ethical Companies for a second consecutive year.
The annual list recognizes global companies dedicated to integrity, sustainability, governance, and community with a commitment to ethical behavior, accountability, and driving positive change.
+Added: As reflected in our Guiding Principles, we strive to create a workplace where people from all backgrounds can thrive and achieve their fullest potential.
+Added: Our commitment to this objective starts at the top with our Board of Directors, which is 40 percent diverse fro m either a gender or ethnic/racial perspective.
Culture and Employee Engagement.
3 unchanged sentences
Survey results help shape action plans to further improve our culture and we will conduct the survey again in 2026.
−Removed: Diversity and Inclusion.
−Removed: As reflected in our Guiding Principles, we strive to create a workplace where people from all backgrounds can thrive and achieve their fullest potential.
−Removed: Our commitment to this objective starts at the top with our Board of Directors, which is 40 percent diverse from either a gender or ethnic/racial perspective.
Compensation and Benefits.
We provide what we believe is a robust total compensation program designed to be market-competitive and internally equitable to attract, retain, motivate and reward a high-performance workforce.
−Removed: Regular internal and external analysis is performed to ensure this market alignment.
+Added: Regular internal and external analysis is performed to ensure there is market alignment.
In addition to salaries, these programs, which vary by country, can include annual performance-based bonuses, stock-based compensation awards, retirement plans with employee matching opportunities, health benefits, health savings and flexible spending accounts, paid time off, family leave, and tuition assistance, among others.
12 unchanged sentences
Smith facility that demonstrates the most improvement over one year in the area of workplace safety.
−Removed: Due to the short-cycle nature of our businesses, our operations do not normally sustain significant backlogs.
GOVERNMENT REGULATIONS AND ENVIRONMENTAL MATTERS
26 unchanged sentences
This commitment has driven us to design, engineer and manufacture highly innovative and efficient products in an environmentally responsible manner that helps reduce energy consumption, conserve water and improve drinking water quality and public health.
−Removed: Consistent with this commitment, we issued our sustainability report biennially detailing our company’s historical and current efforts.
−Removed: We issued our fourth report, the 2024 sustainability report, in November 2024, documenting our environmental, social, and governance (ESG) activities over the past two years.
−Removed: This report details the positive impact of our highly efficient products, highlights our company’s commitment to employees and the communities in which we operate, reports on our progress toward our greenhouse gas emissions intensity reduction goal of 10 percent by 2025 (2019 baseline) and announced a new water goal to achieve an annual water savings of 40 million gallons by 2030 (2023 baseline).
−Removed: We have made significant progress toward our emission reduction goal and prevented over 560,000 metric tons of carbon emissions in 2023 through the sale of our high efficiency water heaters and boilers.
−Removed: Our ESG Scorecard (scorecard) reflecting our progress is available on our website.
+Added: Consistent with this commitment, we issue our sustainability report biennially detailing our company’s historical and current efforts.
+Added: In 2025, we issued a Sustainability Progress Report including our Sustainability Scorecard (scorecard), documenting our sustainability activities, metrics, and progress towards our goals.
+Added: This report along with our 2024 Sustainability Report detail the positive impact of our highly efficient products, highlight our company’s commitment to employees and the communities in which we operate, report on our progress toward our greenhouse gas emissions intensity reduction goal of 10 percent by 2025 (2019 baseline), and our water stewardship goal:
+Added: an annual water savings of 40 million gallons by 2030 (2023 baseline).
+Added: We also announced a new landfill waste reduction goal of 525,000 pounds by 2027 (2024 baseline).
+Added: We achieved our greenhouse gas emissions intensity reduction goal of 10% by 2025.
Our scorecard also provides information on our employee diversity, product stewardship, and recordable incident rate, among other items.
−Removed: Our Sustainability Report and scorecard are available on our website and not included as part of, or incorporated by reference into, this Annual Report on Form 10-K.
+Added: Our Sustainability Report, Sustainability Progress Report, and Sustainability Scorecard are available on our website and not included as part of, or incorporated by reference into, this Annual Report on Form 10-K.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.