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We use technology to solve problems in spaces and light.
−Removed: Through our two business segments, Acuity Brands Lighting and Lighting Controls (“ABL”) and the Intelligent Spaces Group (“ISG”), we design, manufacture, and bring to market products and services that make the world more brilliant, productive, and connected.
+Added: Through our two business segments, Acuity Brands Lighting and Lighting Controls (“ABL”) and the Intelligent Spaces Group (“ISG”), we design, manufacture, and bring to market products and services that make a valuable difference in people's lives.
We achieve growth through the development of innovative new products and services, including lighting, lighting controls, building management systems, and location-aware applications.
−Removed: During fiscal 2021, we completed a realignment of our operations and structure to better support our business strategy, which resulted in the generation of two reportable segments:
ABL's portfolio of lighting solutions includes commercial, architectural, and specialty lighting in addition to lighting controls and components that can be combined to create integrated lighting controls systems.
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ABL's portfolio of products includes but is not limited to the following brands:
−Removed: Lithonia Lighting ® , Holophane ® , Peerless ® , Gotham ® , Mark Architectural Lighting TM , Winona ® Lighting, Juno ® , Indy TM , Aculux TM , Healthcare Lighting ® , Hydrel ® , American Electric Lighting ® , Sunoptics ® , eldoLED ® , nLight ® , Sensor Switch ® , IOTA ® , A-Light TM , Cyclone TM , Eureka ® , Lumniaire LED TM , Luminis ® , Dark to Light ® , and RELOC Wiring Solutions.
−Removed: Principal customers of ABL include electrical distributors, retail home improvement centers, electric utilities, national accounts, digital retailers, lighting showrooms, and energy service companies located in North America and select international markets serving new construction, renovation and retrofit, and maintenance and repair applications.
−Removed: ABL's lighting and lighting controls solutions are sold primarily through a network of independent sales agencies that cover specific geographic areas and market channels, by internal sales representatives, through consumer retail channels, and directly to large corporate accounts.
+Added: Lithonia Lighting ® , Holophane ® , Peerless ® , Gotham ® , Mark Architectural Lighting TM , Winona ® Lighting, Juno ® , Indy TM , Aculux TM , Healthcare Lighting ® , Hydrel ® , American Electric Lighting ® , Sunoptics ® , eldoLED ® , nLight ® , Sensor Switch ® , IOTA ® , A-Light TM , Cyclone TM , Eureka ® , Luminaire LED TM , Luminis ® , Dark to Light ® , RELOC ® Wiring Solutions, and OPTOTRONIC ® .
+Added: Principal customers of ABL include electrical distributors, retail home improvement centers, electric utilities, national accounts, original equipment manufacturer (“OEM”) customers, digital retailers, lighting showrooms, and energy service companies.
+Added: Our customers are located in North America and select international markets that serve new construction, renovation and retrofit, and maintenance and repair applications.
+Added: ABL's lighting and lighting controls solutions are sold primarily through a network of independent sales agencies that cover specific geographic areas and market channels, by internal sales representatives, through consumer retail channels, directly to large corporate accounts, and directly to OEM customers.
Products are delivered directly from our manufacturing facilities or through a network of distribution centers, regional warehouses, and commercial warehouses using both common carriers and a company-managed truck fleet.
−Removed: To serve international customers, the sales forces utilize a variety of distribution methods to meet specific individual customer or country requirements.
+Added: To serve international customers, our sales forces utilize a variety of distribution methods to meet specific individual customer or country requirements.
ABL comprised approximately 95% of consolidated revenues during fiscal 2022, 2021 , and 2020.
ISG delivers products and services that make spaces smarter, safer, and greener.
−Removed: ISG offers building management systems and location-aware applications and sells predominantly to system integrators.
−Removed: Our building management system includes products for controlling heating, ventilation, and air conditioning (“HVAC”), lighting, shades, and building access that deliver end-to-end optimization of those building systems.
−Removed: Atrius TM , our intelligent building platform, enhances the occupant experience, improves building system management, and automates labor intensive tasks while delivering operational energy efficiency and cost reductions.
−Removed: Through a connected and converged building system architecture, our platform delivers different applications, allows clients to upgrade over time with natural refresh cycles, and deploys new capability through both software and hardware updates.
+Added: ISG offers a building management platform and location-aware applications.
+Added: Our building management platform includes products for controlling heating, ventilation, and air conditioning (“HVAC”), lighting, shades, and building access that deliver end-to-end optimization of those building systems.
+Added: Our Atrius ® intelligent building software enhances the occupant experience, improves building system management, and automates labor intensive tasks while delivering operational energy efficiency and cost reductions.
+Added: Through a connected and converged building system architecture, our Atrius ® software delivers different applications, allows clients to upgrade over time with natural refresh cycles, and deploys new capabilities through both software and hardware updates.
Customers of ISG primarily include system integrators as well as retail stores, airports, and enterprise campuses throughout North America and select international locations.
−Removed: ISG products and solutions are marketed under numerous brand names, including but not limited to Distech Controls ® , Atrius TM , and Rockpile Ventures.
+Added: ISG products and solutions are marketed under multiple brand names, including but not limited to Distech Controls ® and Atrius ® .
ISG comprised approximately 5% of consolidated revenues during fiscal 2022, 2021 , and 2020.
Manufacturing and Distribution
−Removed: We operate 19 manufacturing facilities, including six facilities in the United States, seven facilities in Mexico, two facilities in Europe, and four in Canada.
+Added: We operate 18 manufacturing facilities, including six facilities in the United States, seven facilities in Mexico, two facilities in Europe, and three in Canada.
We utilize a blend of internal and outsourced manufacturing processes and capabilities to fulfill a variety of customer needs in the most cost-effective manner.
−Removed: Certain critical processes, such as reflector forming and anodizing, high-end glass production, surface mount circuit board production, and assembly are performed (not exclusively) at Company-operated facilities, offering the ability to differentiate products through superior capabilities.
−Removed: Other components, such as LEDs, certain LED drivers, lamps, sockets, and ballasts
−Removed: are purchased primarily from third-party vendors.
Our investment in our production facilities is focused primarily on improving capabilities, product quality, and manufacturing efficiency as well as environmental, health, and safety compliance.
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Maquiladora status, which is renewed periodically, is subject to various restrictions and requirements, including compliance with the terms of the Maquiladora program and other local regulations, which have become stricter in recent years.
−Removed: Lighting and building technology solutions are delivered directly from manufacturing facilities or through a network of strategically located distribution centers, regional warehouses, and commercial warehouses in North America using both common carriers and a Company-managed truck fleet.
+Added: Lighting and building technology solutions are delivered to our customers through a network of strategically located distribution centers, regional warehouses, and commercial warehouses in North America or directly to our customers from manufacturing facilities using both common carriers and a company-managed truck fleet.
For international customers, distribution methods are adapted to meet individual customer or country requirements.
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Research and Development
−Removed: Research and development (“R&D”) is defined as the critical investigation aimed at discovery of new knowledge and the conversion of that knowledge into the design of a new product or significant improvement to an existing product.
−Removed: We invest in the development of new products and solutions as well as the enhancement of existing offerings with a focus on improving the performance-to-cost ratio and energy efficiency.
−Removed: We also develop software applications and capabilities to enhance data analytics offerings.
−Removed: R&D expenses consist of compensation, payroll taxes, employee benefits, materials, supplies, and other administrative costs, but do not include all new product development costs.
+Added: Research and development (“R&D”) is defined as the critical investigation aimed at discovery of new knowledge and the conversion of that knowledge into the design of a new product or significant improvement to an existing product or service.
+Added: We invest in product vitality, including enhancement of existing offerings, with a focus on improving the performance-to-cost ratio and energy efficiency as well as redesigning products based on component availability.
+Added: We also develop software applications and capabilities to enhance data analytics offerings for building performance, enterprise operations, and personal experiences.
+Added: R&D expenses consist of compensation, payroll taxes, employee benefits, materials, supplies, and other administrative costs, but the amounts do not include all new product development costs.
For fiscal 2022, 2021, and 2020, R&D expenses totaled $95.1 million, $88.3 million, and $82.0 million, respectively.
Sales and Marketing
−Removed: We sell lighting and building technology solutions to customers in the North American market utilizing numerous sales forces, including internal direct salespeople and independent sales agencies, based on the channel and geography served.
−Removed: We also operate separate European sales forces, including independent international sales agencies and system integrators, and an international sales group coordinating export sales outside of North America and Europe.
+Added: We sell lighting and building technology solutions to customers utilizing numerous sales forces, including internal direct salespeople and independent sales agencies, based on the channel and geography served.
+Added: We also operate an international sales group coordinating export sales outside of North America.
See the Segment Information, Revenue Recognition, and Supplemental Disaggregated Information footnotes of the Notes to Consolidated Financial Statements for more information concerning our sales by segment, type, and geography.
We market our product portfolio and service capabilities to customers and/or end users in multiple channels through a broad spectrum of marketing and promotional methods, including direct customer contact, trade shows, on-site training, print and digital advertising in industry publications, product brochures, and other literature, as well as through digital marketing and social media.
−Removed: We operate training and education facilities in several locations
−Removed: throughout North America and Europe designed to enhance the lighting knowledge of customers and industry professionals.
+Added: We operate training and education facilities in several locations throughout North America and Europe designed to enhance the lighting knowledge of customers and industry professionals.
Industry Overview
−Removed: Based on industry sources and government information, we estimate that in fiscal 2021 the size of the North American lighting and building technology solutions market we serve (referred to herein as “addressable market”) was over $20 billion.
−Removed: We estimate that the addressable market increased in the lower single digits as compared with fiscal 2020.
−Removed: The addressable market includes non-portable luminaires as defined by the National Electrical Manufacturers Association;
+Added: Our addressable market includes non-portable luminaires as defined by the National Electrical Manufacturers Association;
poles for outdoor lighting;
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and building technology controls, software, and systems.
−Removed: This market estimate is based on a combination of external industry data and internal estimates and excludes portable and vehicular lighting fixtures and certain related lighting components, such as non-integrated lighting ballasts and lamps.
−Removed: We operate in a highly competitive industry that is affected by a number of general business and economic factors, such as, but not limited to, gross domestic product growth, employment levels, credit availability, interest rates, building costs, freight, construction-related labor availability, building occupancy rates, imports and trade, energy costs, freight costs, and commodity costs, including tariffs.
+Added: We expect that the industry’s addressable market is likely to expand due to the benefits and value creation provided by our intelligent building platform services and location-aware and asset tracking applications.
+Added: We operate in a highly competitive industry that is affected by a number of general business and economic factors, such as, but not limited to, gross domestic product growth, employment levels, credit availability, interest rates and inflation, building costs, freight, construction-related labor availability, building occupancy rates, imports and trade, energy costs, freight costs, and commodity costs (including tariffs) and availability.
Our market is based on non-residential and residential construction, both new as well as renovation and retrofit activity, which may be impacted by these general economic factors.
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Demand for our residential lighting products is highly dependent on economic drivers, such as consumer spending and discretionary income, along with housing construction and home improvement spending.
−Removed: Our market is influenced by:
−Removed: the development of new lighting technologies, including solid-state lighting, electronic drivers, embedded lighting controls, and more effective optical designs and lamps;
+Added: Our market is influenced by evolving technologies.
+Added: This evolution includes:
+Added: the development of new or improved lighting technologies, including solid-state lighting, electronic drivers, embedded lighting controls, and more effective optical designs and lamps;
federal, state, and local requirements for updated energy codes;
−Removed: incentives by federal, state, and local municipal authorities, as well as utility companies, for using more energy-efficient lighting and building technology solutions;
−Removed: and design strategies and technologies addressing sustainability and facilitating intelligent buildings.
+Added: design strategies and technologies addressing sustainability and facilitating intelligent buildings;
+Added: and incentives by federal, state, and local municipal authorities, as well as utility companies, for using more energy-efficient lighting and building technology solutions.
We are a leading provider of integrated lighting and building technology solutions based on these technologies and utilize internally developed, licensed, or acquired intellectual property.
Solid-state lighting and digital building technology systems can be converged allowing for an optimal local operating system to increase efficiency and reduce costs while also delivering productivity benefits.
−Removed: We expect that the industry’s addressable market is likely to expand due to the benefits and value creation provided by our intelligent building platform services and location-aware and asset tracking applications.
+Added: We experience competition based on numerous factors, including product vitality, service capabilities, price, brand name recognition, product quality, product and system design, energy efficiency, and customer relationships.
+Added: The market for lighting and building technology services and solutions is competitive and continues to evolve through acquisition and consolidation activities.
New entrants continue to develop capabilities and solutions that are both complementary as well as competitive to those of traditional industry participants.
−Removed: We experience competition based on numerous factors, including features and benefits, price, brand name recognition, product quality, product and system design, energy efficiency, customer relationships, and service capabilities.
−Removed: The market for lighting and building technology solutions and services is competitive and continues to evolve through acquisition and consolidation activities.
Additionally, the market for artificial intelligence and software solutions is active with a wide range of competitors, from existing large companies to startup organizations.
−Removed: Certain global and more diversified manufacturers may provide a broader product offering utilizing electrical, lighting, and building technology products as well as pricing benefits from the bundling of various offerings.
−Removed: In addition, there are new competitors, including Asian importers, small startup companies, and global electronics, technology, and software companies, offering competing solutions, sometimes deploying different technologies.
+Added: Certain global and more diversified manufacturers may provide a broader product offering utilizing electrical, lighting, and building technology products and services as well as pricing benefits from the bundling of various offerings.
+Added: In addition, there are competitors, including Asian importers, small startup companies, and global electronics, technology, and software companies, offering competing solutions, sometimes deploying different technologies.
We are subject to various federal, state, and local laws and regulations that impose increasingly complex, stringent and costly compliance activities.
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We do not currently believe that the costs of complying with government regulations have a material impact on our financial condition, results of operations, or cash flows.
−Removed: However, we may be affected by future standards, laws or regulations, including those imposed in response to energy, climate change, product functionality, geopolitical, corporate social responsibility, employee health and safety, privacy, or similar concerns.
−Removed: These standards, laws, or regulations may impact our costs of operation, the sourcing of raw materials, and the manufacture and distribution of our products and may place restrictions and other requirements or impediments on the products and solutions we can sell in certain geographical locations or may impact the willingness of certain investors to own our shares.
+Added: However, we may be affected by current or future standards, laws, or regulations, including those imposed in response to energy, substances in or components in or used in the manufacturing of our products, climate change, product functionality, geopolitical, corporate social responsibility, employee health and safety, privacy, or similar concerns.
+Added: These standards, laws, or regulations may impact our costs of operation, the sourcing of raw materials, and the manufacture and distribution of our products and services.
+Added: They may also place restrictions and other requirements or impediments on the
+Added: products and solutions we can sell in certain geographical locations or may impact the willingness of certain investors to own our shares.
Risk Factors for additional information.
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We purchase most raw materials and other components on the open market and rely on third parties to provide certain finished goods.
−Removed: While these items are generally available from multiple sources, the cost of products sold may be affected by changes in the market price of materials and tariffs on certain materials, particularly imports from Asia, as well as disruptions in availability of raw materials, components, and sourced finished goods.
−Removed: We do not currently engage in significant commodity hedging transactions for raw materials, though we have and will continue to commit to purchase certain materials for a period of up to 12 months.
−Removed: We monitor and investigate alternative suppliers and materials based on numerous attributes including quality, service, and price.
+Added: While these items are generally available from multiple sources, the cost of products sold may be affected by changes in the market price of materials, freight, tariffs, and duties on certain materials, particularly imports from Asia, as well as disruptions in availability of raw materials, components, and sourced finished goods.
+Added: We do not currently engage in significant commodity hedging transactions for raw materials, though we have and will continue to commit to purchase certain materials generally for a period of up to 12 months.
+Added: We monitor and investigate alternative suppliers and materials based on numerous attributes including, but not limited to, quality, service, and price.
We currently source raw materials and components from a number of suppliers, but our ongoing efforts to improve the cost effectiveness and availability of our products and services may result in a reduction in the number of our suppliers.
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Despite these protections, unauthorized parties may attempt to infringe on our intellectual property.
−Removed: As of August 31, 2021, we had approximately 2,600 active United States and foreign patents.
+Added: As of August 31, 2022, we had approximately 2,700 total patent assets including issued United States and foreign patents as well as pending United States and foreign patent applications.
While patents and patent applications in the aggregate are important to our competitive position, no single patent or patent application is individually material to us.
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Because of these seasonal factors we historically have experienced our highest sales in the last two quarters of each fiscal year;
−Removed: however, our seasonality has been meaningfully impacted by the COVID-19 pandemic.
+Added: however, in the prior years presented our seasonality was meaningfully impacted by the COVID-19 pandemic.
Our lighting and building technology solutions are sold to customers in both the new construction as well as renovation and retrofit markets for residential and non-residential applications.
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Sales volume has a major impact on our profitability.
−Removed: Economic downturns and the potential decline in key construction markets may have a material adverse effect on our net sales, operating income, and financial position.
+Added: Economic downturns and the potential decline in key construction markets may have a material adverse effect on our net sales, operating income, financial position, and cash flows.
The COVID-19 Pandemic
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We remain committed to prioritizing the health and well-being of our associates and their families and ensuring that we operate effectively.
−Removed: We have implemented policies to screen associates, contractors, and vendors for COVID-19 symptoms upon entering our manufacturing, distribution, and open-office facilities in the United States, Mexico, and other locations as permitted by law.
−Removed: We have also implemented one-way traffic flows, additional cleaning requirements for common spaces, mandatory face coverings, hand sanitizer stations, socially-distanced workspaces, and self-serve pay stations within our cafeterias to mitigate the spread of the virus.
−Removed: Additionally, we have required certain employees whose job functions can be performed remotely to work primarily from home.
−Removed: See further discussion of the health
−Removed: and safety of our employees, including our response to the COVID-19 pandemic, below within the Human Capital section of this Item 1.
+Added: We have implemented various health and safety policies and processes at our facilities in the United States, Mexico, Canada, and other locations as permitted by law.
The COVID-19 pandemic has had an adverse impact on our results of operations.
−Removed: The pandemic has caused reduced construction and renovation spending as well as a disruption in our supply chain for certain components, both of which negatively impacted our fiscal 2021 sales.
−Removed: In fiscal 2020 we experienced a limited number of temporary facility shutdowns due to government-mandated closures.
−Removed: Although our facilities are now open and new government-mandated restrictions have been gradually lifted, a resurgence in COVID-19 cases may lead to the reimposition of previously lifted business closure requirements, the imposition of new restrictions, or the issuance of new or revised local or national health guidance.
−Removed: We also continue to incur additional health and safety costs including expenditures for personal protection equipment and facility enhancements to maintain proper distancing guidelines issued by the Centers for Disease Control and Prevention.
+Added: The pandemic has caused reduced construction and renovation spending as well as a disruption in our supply chain for certain components, both of which negatively impacted our operating results.
+Added: Although our facilities are open, a resurgence in COVID-19 cases, including as a result of new variants, may lead to the reimposition of previously lifted business closure requirements, the imposition of new restrictions, or the issuance of new or revised local or national health guidance.
+Added: We also continue to incur additional health and safety costs including expenditures for personal protection equipment and facility enhancements to maintain proper distancing guidelines issued by the Centers for Disease Control and Prevention and other agencies.
We have taken actions to reduce costs, including the realignment of headcount with current volumes, a limit on all non-essential employee travel, other efforts to decrease discretionary spending, and reductions in our real estate footprint.
−Removed: Additionally, we elected to defer certain employer payroll taxes as allowable under the Coronavirus Aid, Relief, and Economic Security Act (the "CARES" Act) signed into law on March 27, 2020.
−Removed: Half of these deferrals are due in December 2021, and the remaining deferrals are due in December 2022.
+Added: Additionally, we elected to defer certain employer payroll taxes
+Added: as allowable under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES” Act) signed into law on March 27, 2020.
+Added: Half of these deferrals were paid in December 2021, and the remaining deferrals are due in December 2022.
Although we have implemented significant measures to mitigate further spread of the virus, our employees, customers, suppliers, and contractors may continue to experience disruptions to business activities due to potential further government-mandated or voluntary shutdowns, general economic conditions, or other negative impacts of the COVID-19 pandemic.
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A key pillar to attract, develop, and retain top talent is our focus on the growth and development of our associates.
−Removed: In fiscal 2021, we began a renewed focus on development through the creation of development plans for associates.
−Removed: We enhanced the Performance Management process to better align associate aspirations, interests, and experiences with the talent needs that enable the business.
−Removed: We have established quarterly check-in discussions between managers and associates to encourage more continuous performance feedback and improvement and to hold leaders accountable for creating an associate development culture.
−Removed: We provide self-learning resources to help associates expand their lighting, controls, and building management technical knowledge through Acuity Academy.
−Removed: We are currently enhancing our career framework through our Global Career Architecture project.
−Removed: The focus of this project is to enable a culture that more effectively attracts, retains, rewards, and mobilizes talent.
−Removed: We expect this project to underpin many new initiatives in fiscal 2022, including several new development programs and tools aimed at helping both managers and associates respond to the desire to learn and grow.
+Added: In fiscal 2022, we remained focused on development through the creation of development plans for associates, training opportunities, and other activities.
+Added: Our Performance Management and other processes are intended to align associate aspirations, interests, performance, and experiences with the talent needs that enable the business.
+Added: Managers and associates conduct periodic check-in discussions to encourage continuous performance feedback and improvement.
+Added: These discussions also act to hold leaders accountable for creating an associate development culture.
+Added: In fiscal 2022, we piloted a management effectiveness series focused on coaching to performance, which we offered through in-person events and a virtual series.
+Added: We provide self-learning resources to help associates expand their lighting, controls, and building management technical knowledge through Acuity Academy and other resources.
+Added: In fiscal 2022, we enhanced our career framework through the completion of our Global Career Architecture project.
+Added: The focus of this project was to enable a culture that more effectively attracts, retains, rewards, and mobilizes talent.
+Added: This project will continue to underpin our initiatives in fiscal 2023, including the launch of several new development programs and tools aimed at helping both managers and associates respond to the desire to learn and grow.
Compensation and Benefits
We review our compensation and benefit plans annually to ensure that we are providing competitive, contemporary, and inclusive programs so we can attract and retain the best people and support the health and well-being of our associates and their families.
−Removed: Based on this review, we offer a competitive total rewards package to our associates that includes base compensation, bonuses, profit-sharing plans, stock grants, and/or retirement benefits commensurate with an employee's position, skill set, and experience.
+Added: Based on this review, we offer a competitive total rewards package to our associates that includes base compensation, bonuses, profit-sharing plans, stock grants, health benefits, and/or retirement benefits commensurate with an employee's position, skill set, and experience.
Diversity, Equity, and Inclusion
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Our goal is to ensure that all associates feel valued, respected, and accepted for their contributions regardless of their race, sex, religion, ethnicity, age, gender identity, disabilities, national origin, sexual orientation, or other unique characteristics.
−Removed: To promote diversity in the workplace, we have created a diversity, equity, and inclusion council that is responsible for setting our diversity strategy and creating a three-year roadmap of initiatives, many resulting from associate feedback.
+Added: To promote diversity in the workplace, we sponsor a diversity, equity, and inclusion council that is responsible for setting our diversity strategy and initiatives, many resulting from associate feedback.
Our diversity, equity, and inclusion council consists of members of management as well as key human resource process leaders and leaders from our various employee resource groups.
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the Women’s Network;
−Removed: and formed in fiscal 2021, People Respecting Identity, Diversity, and Equity (“PRIDE”).
−Removed: These groups are are designed to embrace, celebrate, and recognize the power of diversity.
+Added: and People Respecting Identity, Diversity, and Equity (“PRIDE”).
+Added: These groups are designed to embrace, celebrate, and recognize the power of diversity.
Health and Safety
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These guidelines include identifying and controlling hazardous exposures for the prevention of injuries, preventing pollution, and complying with all relevant legal and other requirements.
−Removed: We use each facility’s Acuity Environmental Safety Scorecard (“AESS”) to provide visibility into the facility’s qualitative and quantitative results, with an emphasis on leading indicators that help avoid violations, accidents, and injuries.
−Removed: A variety of different metrics are averaged to determine a facility’s final score, which is used to rank each facility against other facilities and to find continuous improvement opportunities.
+Added: We review each facility’s qualitative and quantitative results, with an emphasis on leading indicators that help avoid violations, accidents, and injuries.
+Added: A variety of different metrics are averaged to determine a facility’s performance, which is used to find continuous improvement opportunities.
COVID-19 Response
We remain committed to prioritizing the health and well-being of our associates and their families in light of the COVID-19 pandemic.
−Removed: We have implemented policies to screen associates, contractors, and vendors for COVID-19 symptoms upon entering our manufacturing and distribution and open office facilities in the United States, Mexico, and other locations as permitted by law.
We continue to follow guidelines issued by the World Health Organization, Centers for Disease Control and Prevention, and local health providers, adapting our policies and procedures quickly in response to continually evolving information, statistics, and best practices.
−Removed: During fiscal 2021, we required remote work for all whose jobs can be performed remotely and canceled significant in-person events or shifted them to virtual.
−Removed: We have expanded paid and unpaid leave policies to cover exposures, self-quarantines, and school closures that may impact our associates.
−Removed: At our manufacturing and distribution facilities, we have staggered and rotated shifts, changed traffic flows to limit interaction, provided additional hand sanitizing stations, installed plastic shields between workstations, and increased spacing at all work areas.
−Removed: We regularly clean work areas and encourage all associates to engage in good handwashing and hygiene practices.
−Removed: We also offer on-site vaccination clinics at several facilities and strongly encourage our associates to get vaccinated.
+Added: We expanded paid and unpaid leave policies to cover exposures, quarantines, vaccination, and testing.
+Added: At our manufacturing and distribution facilities, we continue to have in place safety protocols, regularly clean work areas, and encourage all associates to engage in good handwashing and hygiene practices.
+Added: We also offered on-site vaccination clinics at several facilities and strongly encouraged our associates to get vaccinated.
Environmental Sustainability
−Removed: We are reducing the environmental impact of our products and solutions, driving efficient use of raw materials, and operating our facilities in an intelligent, environmentally friendly manner.
−Removed: During fiscal 2021, we established an executive-level Environmental, Social, and Governance (“ESG”) council to oversee our sustainability strategy across our business.
−Removed: Among other things, this council assesses risks and opportunities and guides activities related to climate change and other ESG matters.
−Removed: During fiscal 2021, we announced that the Company achieved 100 percent carbon neutrality in operations through a combination of carbon reduction and offsetting measures.
+Added: We save energy and help reduce carbon emissions through our lighting, lighting controls, and building management solutions replacing older technologies, and we drive innovation and performance across our business to minimize our impact on the environment.
+Added: We also seek to use raw materials more efficiently and to operate our own facilities in a more intelligent, environmentally-friendly manner.
+Added: We have extended the capabilities of our energy data management software, Atrius Building Insights, to enable users to track and report their full carbon footprint.
We regularly communicate progress as part of our EarthLIGHT sustainability program.
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was incorporated in 2001 under the laws of the State of Delaware.
−Removed: We make our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K (and all amendments to these reports) and proxy statements, together with all reports filed pursuant to Section 16 of the Securities Exchange Act of 1934 by our officers, directors, and beneficial owners of 10% or more of our common stock, available free of charge through the “SEC Filings” link within the “Investors” section on our website, located at www.acuitybrands.com , as soon as reasonably practicable after they are filed with or furnished to the Securities and Exchange Commission.
−Removed: Information included on our website is not incorporated by reference into this Annual Report
−Removed: on Form 10-K.
+Added: We make our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K (and all amendments to these reports) and proxy statements, together with all reports filed pursuant to Section 16 of the Securities Exchange Act of 1934 by our officers, directors, and beneficial owners of 10% or more of our common stock, available free of charge through the “SEC Filings” link under the "Financials" heading within the “For Investors” section on our website, located at www.acuitybrands.com , as soon as reasonably practicable after they are filed with or furnished to the Securities and Exchange Commission.
+Added: Information included on our website is not incorporated by reference into this Annual Report on Form 10-K.
Our reports are also available on the Securities and Exchange Commission’s website at www.sec.gov .
Additionally, we have adopted a written Code of Ethics and Business Conduct that applies to all of our directors, officers, and employees, including our principal executive officer and senior financial officers.
−Removed: The Code of Ethics and Business Conduct as well as our Corporate Governance Guidelines are available free of charge through the “Corporate Governance” link on our website.
+Added: The Code of Ethics and Business Conduct as well as our Corporate Governance Guidelines are available free of charge through the “Committee Charters and Governance Documents” link under the “Governance” heading within the “For Investors” section on our website.
Any amendments to, or waivers of, the Code of Ethics and Business Conduct for our principal executive officer and senior financial officers will be disclosed on our website promptly following the date of such amendment or waiver.
−Removed: Additionally, the charters for our Audit Committee, Compensation Committee, and Governance Committee are available free of charge through the “Corporate Governance” link on our website.
+Added: Additionally, the charters for our Audit Committee, Compensation and Management Development Committee, and Governance Committee are available free of charge through the “Committee Charters and Governance Documents” link under the “Governance” heading within the "For Investors" section on our website.
The Code of Ethics and Business Conduct, the Corporate Governance Guidelines, and the committee charters are available in print to any of our stockholders that request such document by contacting our Investor Relations department.
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.