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Below are risk factors that could materially and adversely affect our business, financial condition and results of operations.
−Removed: COVID-19 Pandemic Risks
−Removed: The COVID-19 pandemic, the governmental, business and societal responses to the pandemic, and the resulting impacts on global economic activity have adversely affected our business and results of operations, and could have a material and adverse effect on our business, results of operations and financial condition in the future.
−Removed: The COVID-19 pandemic and related governmental, business and societal responses to the pandemic have had, and may continue to have, an adverse effect on our operations, employees, supply chains, distribution channels, and end-user customers.
−Removed: In response to the pandemic, we invested in and implemented a variety of measures intended to protect the health and safety of our employees.
−Removed: Implementation of these measures impacted the efficiency and productivity of our workforce and our operations, and the continuation or reinstatement of some or all of these measures, or the implementation of new or additional measures, could impact the efficiency and productivity of our workforce and our operations in the future.
−Removed: Our ability to manufacture products and provide related services is dependent on the health, safety and availability of our employees.
−Removed: Notwithstanding the health and safety measures we implemented in response to the pandemic, a number of our employees have been infected with or exposed to COVID-19, and in the future a number of our employees may be infected (or re-infected) with or exposed (or re-exposed) to COVID-19, which has impacted, and in the future may impact, our ability to manufacture products and provide related services in a timely manner.
−Removed: We have experienced, and in the future may experience, certain supply chain disruptions related to the pandemic, including increased costs of raw materials and components, and delays, shortages and difficulties in sourcing raw materials and components.
−Removed: Similarly, we have experienced, and in the future may experience, volatility in demand for certain of our products, inability to meet end-user customer demand, and distribution and logistics challenges, including increased freight costs, reduced freight capacity, and shipping delays.
−Removed: We have also experienced, and in the future may experience, restrictions on our employees’ ability to meet customers in person and the cancellation, postponement and reformatting of trade shows, industry events and product demonstrations, which has impacted, and in the future may impact, our selling activities and our ability to convert those activities into actual sales.
−Removed: Management has focused on mitigating the effects of the COVID-19 pandemic on our employees and our business, which has required a large investment of time, energy and resources.
−Removed: The duration and extent to which management will be required to focus on mitigating the effects of the COVID-19 pandemic on our employees and our business in the future, including complying with existing, new or modified governmental rules, regulations or standards, could require significant additional investment of management’s time, energy and resources.
−Removed: The extent to which the continuing COVID-19 pandemic impacts us will depend on numerous evolving factors and future developments that are uncertain and that we are not able to predict, including:
−Removed: the severity of the virus and new variants of the virus;
−Removed: the duration and scope of the pandemic;
−Removed: the efficacy, distribution and adoption rate of vaccines;
−Removed: whether there are additional waves of the pandemic;
−Removed: whether there are continued increases or spikes in COVID-19 cases in the areas in which we or our suppliers, distributors or end-user customers operate;
−Removed: governmental, business, societal, individual and other actions taken in response to the pandemic;
−Removed: the effect on our suppliers and distributors, and disruptions to the global supply chain;
−Removed: the impact on economic activity;
−Removed: the extent and duration of the impact on consumer and business confidence and spending;
−Removed: the effect on our end-user customers and their demand and buying patterns for our products and services;
−Removed: the effect of any closures or other changes in operations of our and our suppliers’, distributors’ and end-user customers’ facilities;
−Removed: the health of and the effect on our employees and our ability to meet staffing needs in our manufacturing and distribution facilities and other critical functions, particularly if a significant number of employees are absent because they become ill, are quarantined as a result of exposure, are reluctant to show up for work, or resign or are restricted from working as a result of vaccine mandates;
−Removed: our ability to sell our products and services and provide product support, including as a result of travel restrictions, work from home requirements and arrangements, and other restrictions or changes in behavior or preferences for interactions;
−Removed: the effect on employee or Company healthcare costs under our self-insurance programs;
−Removed: restrictions or disruptions to transportation, including reduced availability of ground, sea or air transport;
−Removed: the ability of our distributors and end-user customers to pay for our products and services;
−Removed: the potential effects on our internal controls, including those over financial reporting, as a result of changes in working arrangements that are applicable to our employees and business partners;
−Removed: and the effect on our ability to access capital on favorable terms and continue to meet our liquidity needs, all of which are highly uncertain and cannot be predicted.
−Removed: Even after the COVID-19 pandemic has subsided, we may continue to experience adverse effects to our business as a result of ongoing or new economic impacts that may occur in the future.
−Removed: The COVID-19 pandemic could also exacerbate or trigger other risks discussed in this report, any of which could have a material and adverse effect on our business, results of operations and financial condition.
Economic, Financial and Political Risks
Economic Environment - Demand for our products depends on the level of commercial and industrial activity worldwide.
−Removed: An economic downturn or financial market turmoil may depress demand for our equipment in all major geographies and markets.
−Removed: Economic uncertainty and volatility in various geographies may adversely affect our net sales and earnings.
−Removed: If our distributors and original equipment manufacturers are unable to purchase our products because of unavailable credit
−Removed: or unfavorable credit terms, depressed end-user demand, or are simply unwilling to purchase our products, our net sales and earnings will be adversely affected.
−Removed: An economic downturn may affect our ability to satisfy the financial covenants in the terms of our financing arrangements.
+Added: An economic downturn, recession, depression, sustained inflationary pressures or financial market turmoil may depress demand for our equipment in all major geographies and markets.
+Added: Economic uncertainty and volatility in various geographies and industries in which we conduct business may adversely affect our net sales and earnings.
+Added: If our distributors and original equipment manufacturers are unable to purchase our products because of unavailable credit or unfavorable credit terms, depressed end-user demand, or are simply unwilling to purchase our products, our net sales and earnings will be adversely affected.
+Added: An economic downturn may have an adverse effect on our results of operations and financial condition and affect our ability to satisfy the financial covenants in the terms of our financing arrangements.
Currency - Changes in currency translation rates could adversely impact our revenue, earnings and the valuation of assets denominated in foreign currencies.
A significant number of routine transactions are conducted in foreign currencies.
−Removed: Changes in exchange rates will impact our reported sales and earnings and the valuation of assets denominated in foreign currencies.
+Added: Changes in exchange rates have impacted, and in the future may impact, our reported sales and earnings and the valuation of assets denominated in foreign currencies.
A majority of our manufacturing and cost structure is based in the U.S.
In addition, decreased value of local currency may make it difficult for some of our distributors and end users to purchase products.
+Added: Russian Invasion of Ukraine – Russia’s invasion of Ukraine, and the sanctions and actions taken against Russia and Belarus in response to the invasion, could adversely impact our business.
+Added: While our sales into Russia and Belarus were not material to our overall business, and we did not have any physical operations in Russia or Belarus or source raw materials or components directly from either country, the Russian invasion
+Added: of Ukraine and the resulting sanctions and actions taken against Russia and Belarus by the United States, the United Kingdom, the European Union, Switzerland and others considerably restricted our ability to sell certain products in Russia and Belarus.
+Added: As a result, in April 2022 we suspended sales into Russia and Belarus indefinitely.
+Added: We expect our ability to sell certain products in Russia and Belarus to continue to be restricted for the foreseeable future.
+Added: A significant escalation or expansion of the conflict beyond its current geographic, political and economic scope and scale could have a material adverse effect on our business, results of operations and financial condition, and could exacerbate other risks discussed in this report.
+Added: Such risks include, but are not limited to:
+Added: an increase in the frequency and severity of cybersecurity threats against us and the parties with whom we do business;
+Added: unfavorable changes in exchange rates;
+Added: further shortages, delivery delays and price inflation in a wide variety of raw materials and components;
+Added: widespread reductions in end-user demand;
+Added: and increased logistical challenges.
Political Instability - Uncertainty surrounding political leadership may limit our growth opportunities.
Domestic political instability, including government shut downs, may limit our ability to grow our business.
−Removed: International political instability may prevent us from expanding our business into certain geographies and may also limit our ability to grow our business.
+Added: International political instability (including tensions between the U.S.
+Added: and the countries in which we conduct business, threats of war, terrorism and other hostilities, and governmental instability) may prevent us or our customers from expanding our business into certain geographies and may also limit our ability to grow our business.
Civil disturbances may harm our business.
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Declines in interest rates, the market value of plan assets, and investment returns could significantly increase our net periodic pension costs and our future pension contribution requirements and adversely affect our results of operations and financial condition.
−Removed: Strategic Risks
−Removed: Growth Strategies and Acquisitions - Our growth strategies may not provide the return on investment desired if we are not successful in implementation of these strategies.
−Removed: Making acquisitions, investing in new products, expanding geographically and targeting new industries are among our growth strategies.
−Removed: We may not obtain the return on investment desired if we are not successful in implementing these growth strategies.
−Removed: The success of our acquisition strategy depends on our ability to successfully identify and properly value suitable acquisition candidates, negotiate appropriate acquisition terms, obtain financing at a reasonable cost, prevail against competing acquirers, complete the acquisitions and integrate or add the acquired businesses into our existing businesses or corporate structure.
−Removed: Once successfully integrated into our existing businesses or added to our corporate structure, the acquired businesses may not perform as planned, be accretive to earnings, generate positive cash flows, provide an acceptable return on investment or otherwise be beneficial to us.
−Removed: We may not realize projected efficiencies and cost-savings from the businesses we acquire.
−Removed: We cannot predict how customers, competitors, suppliers, distributors and employees will react to the acquisitions that we make.
−Removed: Acquisitions may result in the assumption of undisclosed or contingent liabilities, the incurrence of increased indebtedness and expenses, and the diversion of management’s time and attention away from other business matters, any of which may have an adverse affect on our business, results of operations and financial condition.
−Removed: We make significant investments in developing products that have innovative features and differentiated technology in their industries and in niche markets.
−Removed: We are adding to the geographies in which we do business with third-party distributors.
−Removed: We cannot predict whether and when we will be able to realize the expected financial results and accretive effect of the acquisitions that we make, the new products that we develop and the channel expansions that we make.
−Removed: Competition - Our success depends upon our ability to develop, market and sell new products that meet our customers’ needs, and anticipate industry changes.
−Removed: Our profitability will be affected if we do not develop new products and technologies that meet our customers’ needs.
−Removed: Our ability to develop, market and sell products that meet our customers’ needs depends upon a number of factors, including anticipating the features and products that our customers will need in the future, identifying and entering into new markets, training our distributors, and anticipating market trends.
−Removed: Changes in industries that we serve, including consolidation of competitors, distributors and customers, could affect our success.
−Removed: Increases in the number of competitors, the market reach of competitors, and the quality of competitive products could also affect our success.
−Removed: Price competition and competitor strategies could negatively impact our growth and have an adverse impact on our results of operations.
−Removed: Impairment - If acquired businesses do not meet performance expectations, acquired assets could be subject to impairment.
−Removed: Our total assets reflect goodwill from acquisitions, representing the excess cost over the fair value of the identifiable net assets acquired.
−Removed: We test annually whether goodwill has been impaired, or more frequently if events or changes in circumstances indicate the goodwill may be impaired.
−Removed: If future operating performance at one or more of our operating units were to fall significantly below forecast levels or if market conditions for one or more of our acquired businesses were to decline, we could be required to incur a non-cash charge to operating income for impairment.
−Removed: Any impairment in the value of our goodwill would have an adverse non-cash impact on our results of operations and reduce our net worth.
−Removed: Major Customers - Our Contractor segment depends on a few large customers for a significant portion of its sales.
−Removed: Significant declines in the level of purchases by these customers could reduce our sales and impact segment profitability.
−Removed: Our Contractor segment derives a significant amount of revenue from a few large customers.
−Removed: Substantial decreases in purchases by these customers, difficulty in collecting amounts due or the loss of their business would adversely affect the profitability of this segment.
−Removed: The business of these customers is dependent upon the economic vitality of the construction and home improvement markets.
−Removed: If these markets decline, the business of our customers could be adversely affected and their purchases of our equipment could decrease which could have an adverse impact on our results of operations.
−Removed: Variable Industries - Our success may be affected by variations in the construction, automotive, mining and oil and natural gas industries.
−Removed: Our business may be affected by fluctuations in residential, commercial and institutional building and remodeling activity.
−Removed: Changes in construction materials and techniques may also impact our business.
−Removed: Our business may also be affected by fluctuations of activity in the automotive, mining and oil and natural gas industries.
Operational Risks
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Protective tariffs, unpredictable changes in duty rates, and changes in trade policies, agreements, relations and regulations have made and may continue to make certain foreign-sourced parts no longer competitively priced.
−Removed: Long supply chains may be disrupted by environmental events, public health crises (such as the ongoing COVID-19 pandemic), political or other factors.
+Added: Long supply chains may be disrupted by environmental events, public health crises (such as the COVID-19 pandemic), political or other factors.
Raw materials may become limited in availability from certain regions.
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We have implemented measures intended to secure our information systems and networks and prevent unauthorized access to or loss of sensitive data.
−Removed: However, these measures may not be effective against all eventualities, and our information systems and networks may be vulnerable to hacking, human error, fraud or other misconduct, system error, faulty password management or other irregularities.
+Added: However, these measures may not be effective against all eventualities, and our information systems and networks and those of our third party service providers may be vulnerable to hacking, human error, fraud or other misconduct, system error, faulty password management or other irregularities.
Cybersecurity threats are increasing in frequency, sophistication and severity.
−Removed: We experience cybersecurity threats from time to time, and expect to continue to experience such threats in the future.
−Removed: To date, we have not experienced a material cybersecurity incident.
−Removed: Security breaches or intrusion into our information systems or networks or the information systems or networks of the third parties with whom we do business
−Removed: pose a risk to the confidentiality, availability and integrity of our data, and could lead to any one or more of the following:
+Added: We have experienced and expect to continue to
+Added: experience cybersecurity threats and attacks on our systems and networks and those of our third party service providers.
+Added: To date, none of the cybersecurity threats and attacks we have experienced have had a material adverse impact on our operations, business or financial condition.
+Added: Security breaches or intrusion into our information systems or networks or the information systems or networks of the third parties with whom we do business pose a risk to the confidentiality, availability and integrity of our data, and could lead to any one or more of the following:
the compromising of confidential information;
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The loss of, or substantial damage to, one of our facilities, our information system infrastructure or the facilities of our suppliers could make it difficult to manufacture product, fulfill customer orders and provide our employees with work.
−Removed: Flooding, tornadoes, hurricanes, unusually heavy precipitation or other severe weather events, earthquakes, tsunamis, fires, explosions, acts of war, terrorism, civil unrest or outbreaks, epidemics or pandemics of infectious diseases (such as the ongoing COVID-19 pandemic) could adversely impact our operations.
+Added: Flooding, tornadoes, hurricanes, unusually heavy precipitation or other severe weather events, earthquakes, tsunamis, fires, explosions, acts of war, terrorism, civil unrest or outbreaks, epidemics or pandemics of infectious diseases (such as the COVID-19 pandemic) could adversely impact our operations.
Personnel - Our success may be affected if we are not able to attract, develop and retain qualified personnel.
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If we are unable to successfully identify, recruit, develop and retain qualified personnel or adapt to changing worker expectations and working arrangements, it may be difficult for us to meet our strategic objectives and grow our business, which could adversely affect our results of operations and financial condition.
+Added: Pandemic Risks
+Added: A pandemic, including the COVID-19 pandemic, could have a material and adverse effect on our business, results of operations and financial condition.
+Added: The COVID-19 pandemic and related governmental, business and societal responses to the pandemic had an adverse effect on our operations, employees, supply chains, distribution channels, and end-user customers.
+Added: These effects included:
+Added: employees being infected by, or exposed to, the virus;
+Added: adverse impacts on the efficiency and productivity of our workforce and our operations;
+Added: adverse impacts on our ability to manufacture products and provide related services in a
+Added: timely manner;
+Added: supply chain disruptions, including increased costs of raw materials and components, and delays, shortages and difficulties in sourcing raw materials and components;
+Added: volatility in demand for certain of our products;
+Added: inability to meet end-user customer demand;
+Added: distribution and logistics challenges, including increased freight costs, reduced freight capacity, and shipping delays;
+Added: restrictions on our employees’ ability to meet customers in person and the cancellation, postponement and reformatting of trade shows, industry events and product demonstrations, which impacted our selling activities and our ability to convert those activities into actual sales;
+Added: and a significant investment of time, energy and resources by management in mitigating the effects of the pandemic on our employees and our business and complying with existing, new or modified governmental rules, regulations, standards and mandates.
+Added: We may experience similar or additional adverse impacts to our business, results of operations and financial condition in the future as a result of a pandemic, including the COVID-19 pandemic.
+Added: The extent to which a pandemic, including the COVID-19 pandemic, impacts us will depend on numerous factors and future developments that are uncertain and that we are not able to predict, including:
+Added: the severity of the virus and new variants of the virus;
+Added: the duration and scope of the pandemic;
+Added: the efficacy, distribution and adoption rate of vaccines and therapeutic treatments;
+Added: infection rates in the areas in which we or our suppliers, distributors or end-user customers operate;
+Added: governmental, business, societal, individual and other actions taken in response to the pandemic;
+Added: the effect on our suppliers and distributors, and disruptions to the global supply chain;
+Added: the impact on economic activity;
+Added: the effect on our end-user customers and their demand and buying patterns for our products and services;
+Added: the effect of any closures or other changes in operations of our and our suppliers’, distributors’ and end-user customers’ facilities;
+Added: the health of and the effect on our employees and our ability to meet staffing needs;
+Added: our ability to sell our products and services and provide product support;
+Added: restrictions or disruptions to transportation, including reduced availability of ground, sea or air transport;
+Added: and the effect on our ability to access capital on favorable terms and continue to meet our liquidity needs, all of which are highly uncertain and cannot be predicted.
+Added: Even after the pandemic subsides, we may continue to experience adverse effects to our business as a result of ongoing or new economic impacts.
+Added: A pandemic, including the COVID-19 pandemic, could also exacerbate or trigger other risks discussed in this report, any of which could have a material and adverse effect on our business, results of operations and financial condition.
+Added: Strategic Risks
+Added: Growth Strategies and Acquisitions - Our growth strategies may not provide the return on investment desired if we are not successful in implementation of these strategies.
+Added: Making acquisitions, investing in new products, expanding geographically and targeting new industries are among our growth strategies.
+Added: We may not obtain the return on investment desired if we are not successful in implementing these growth strategies.
+Added: The success of our acquisition strategy depends on our ability to successfully identify and properly value suitable acquisition candidates, negotiate appropriate acquisition terms, obtain financing at a reasonable cost, prevail against competing acquirers, complete the acquisitions and integrate or add the acquired businesses into our existing businesses or corporate structure.
+Added: Once successfully integrated into our existing businesses or added to our corporate structure, the acquired businesses may not perform as planned, be accretive to earnings, generate positive cash flows, provide an acceptable return on investment or otherwise be beneficial to us.
+Added: We may not realize projected efficiencies and cost-savings from the businesses we acquire.
+Added: We cannot predict how customers, competitors, suppliers, distributors and employees will react to the acquisitions that we make.
+Added: Acquisitions may result in the assumption of undisclosed or contingent liabilities, the incurrence of increased indebtedness and expenses, and the diversion of management’s time and attention away from other business matters, any of which may have an adverse effect on our business, results of operations and financial condition.
+Added: We make significant investments in developing products that have innovative features and differentiated technology in their industries and in niche markets.
+Added: We are adding to the geographies in which we do business with third-party distributors.
+Added: We cannot predict whether and when we will be able to realize the expected financial results and accretive effect of the acquisitions that we close, the new products that we develop and the channel expansions that we make.
+Added: Competition - Our success depends upon our ability to develop, market and sell new products that meet our customers’ needs and desires, and anticipate industry changes.
+Added: Our profitability will be affected if we do not develop new products and technologies that meet our customers’ needs and desires.
+Added: Our ability to develop, market and sell products that meet our customers’ needs and desires depends upon a number of factors, including anticipating the features and products that our customers will need or want in the future, identifying and entering into new markets, training our distributors, and anticipating market trends.
+Added: Changes in industries that we serve, including consolidation of competitors, distributors and customers, could affect our success.
+Added: Changes in the competitive landscape, increases in the market reach of competitors, and improvements in the quality of competitive products could also affect our success.
+Added: Price competition and competitor strategies could negatively impact our growth and have an adverse impact on our results of operations.
+Added: Impairment - If acquired businesses do not meet performance expectations, acquired assets could be subject to impairment.
+Added: Our total assets reflect goodwill from acquisitions, representing the excess cost over the fair value of the identifiable net assets acquired.
+Added: We test annually whether goodwill has been impaired, or more frequently if events or changes in circumstances indicate the goodwill may be impaired.
+Added: If future operating performance at one or more of our operating units were to fall significantly below forecast levels or if market conditions for one or more of our acquired businesses were to decline, we could be required to incur a non-cash charge to operating income for impairment.
+Added: Any impairment in the value of our goodwill would have an adverse non-cash impact on our results of operations and reduce our net worth.
+Added: Major Customers - Our Contractor segment depends on a few large customers for a significant portion of its sales.
+Added: Significant declines in the level of purchases by these customers could reduce our sales and impact segment profitability.
+Added: Our Contractor segment derives a significant amount of revenue from a few large customers.
+Added: Substantial decreases in purchases by these customers, difficulty in collecting amounts due or the loss of their business would adversely affect the profitability of this segment.
+Added: The business of these customers is dependent upon the economic vitality of the construction and home improvement markets.
+Added: If these markets decline, the business of our customers could be adversely affected and their purchases of our equipment could decrease which could have an adverse impact on our results of operations.
+Added: Cyclical Industries - Our success may be affected by variations in the construction, automotive, electronics, aerospace, semiconductor, and agriculture and construction equipment industries.
+Added: Our business may be affected by fluctuations in residential, commercial and institutional building and remodeling activity.
+Added: Changes in construction materials and techniques may also impact our business.
+Added: Our business may also be affected by fluctuations of activity in the automotive, electronics, aerospace, semiconductor, and agriculture and construction equipment industries.
Legal, Regulatory and Compliance Risks
−Removed: Changes in Laws and Regulations - Changes may impact how we can do business and the cost of doing business around the world.
+Added: Laws and Regulations - Changes in laws and regulations, and the imposition of new or additional laws and regulations, may impact how we can do business and the cost of doing business around the world.
We are subject to many laws and regulations in the jurisdictions where we operate, and as our business grows and expands geographically, we may become subject to additional laws and regulations previously inapplicable to our business.
−Removed: Changes to laws and regulations to which we are currently subject, and exposure to additional laws and regulations previously inapplicable to our business, increase our cost of doing business, may affect the manner in which our products will be produced or delivered, may affect the locations and facilities from which we conduct business, and may impact our long-term ability to provide returns to our shareholders.
+Added: Changes to laws and regulations to which we are currently subject, exposure to additional laws and regulations previously inapplicable to our business, and the imposition of new laws and regulations increase our cost of doing business, may affect the manner in which our products will be produced or delivered, may affect the locations and facilities from which we conduct business, and may impact our long-term ability to provide returns to our shareholders.
+Added: Climate-Related Laws, Regulations and Accords – Climate-related laws, regulations and accords may adversely impact our operations, the industries in which we operate, and increase our cost of doing business.
+Added: Growing concerns over climate change has resulted in, and may continue to result in, new laws, regulations and accords intended to reduce emissions of certain greenhouse gases and to require reporting on such emissions and other climate-related matters.
+Added: Existing and new laws, regulations and accords relating to emissions of certain greenhouse gases and the reporting of such emissions and other climate-related matters may be difficult and costly to comply with, may adversely impact certain aspects of our operations (including but not limited to the manufacture and distribution of our products), may adversely impact certain industries in which we operate, may result in increased energy, input, compliance and other costs, and may decrease demand for certain of our products.
+Added: ESG Expectations – Expectations relating to environmental, social and governance (ESG) matters may increase our cost of doing business and expose us to reputational harm and potential liability.
+Added: Many regulators, investors, employees, vendors, customers, community members and other stakeholders are increasingly focused on ESG matters such as climate change, greenhouse gas emissions, human capital, and diversity, equity and inclusion.
+Added: We may make public statements about various ESG-related matters and initiatives from time to time, including on our website, in our press releases, in our ESG report, and in other communications.
+Added: Addressing stakeholder expectations relating to ESG matters requires an investment of time, money and other resources, any or all of which may increase our cost of doing business.
+Added: In addition, as investor and other stakeholder expectations relating to ESG matters change and evolve over time, any failure or perceived failure by us to adequately address those expectations may damage our reputation and adversely affect our business and results of operations.
+Added: Similarly, any public statements we
+Added: make about ESG-related matters and initiatives may result in legal and regulatory proceedings against us which could adversely affect our business and results of operations.
Anti-Corruption and Trade Laws - We may incur costs and suffer damages if our employees, agents, distributors or suppliers violate anti-bribery, anti-corruption or trade laws and regulations.
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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.