−Removed: As a global manufacturer of systems and equipment designed to move, measure, control, dispense and spray fluid and powder materials, our business is subject to various risks and uncertainties.
+Added: As a global manufacturer of systems and equipment designed to move, measure, mix, control, dispense and spray fluid and powder materials, our business is subject to various risks and uncertainties.
Below are risk factors that could materially and adversely affect our business, financial condition and results of operations.
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Economic uncertainty and volatility in various geographies and industries in which we conduct business may adversely affect our net sales and earnings.
−Removed: If our distributors and original equipment manufacturers are unable to, or have a diminished ability 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: If any participant in our sales channel, including end users, are unable to, or have a diminished ability 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.
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.
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or abroad to deteriorate, which could limit our growth opportunities and otherwise harm our business.
−Removed: Domestic political instability, including government shut downs, may limit our ability to grow our business.
−Removed: International political instability (including tensions between the U.S.
+Added: Domestic political instability, including government shutdowns, may limit our ability to grow our business.
+Added: International political instability (including tensions or conflicts between the U.S.
and the countries in which we conduct business, rumors or threats of war, terrorism and other hostilities, and geopolitical activity or trade disruptions, such as those caused by the Russia-Ukraine and Israel-Hamas conflicts, or any conflict or threatened conflict between China and Taiwan) may cause economic conditions in the U.S.
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dollar and other currencies and fluctuations in the price of raw materials and components have impacted and may continue to impact the manufacturing costs of our products and affect our profitability.
−Removed: Geopolitical instability (including in Europe and the Middle East), 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 of limited availability or no longer competitively priced.
+Added: Geopolitical instability (including in Europe, Asia, the Middle East, and South America), 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 of limited availability or no longer competitively priced.
Long supply chains may be disrupted by environmental events, public health crises, political or other factors.
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We have experienced and expect to continue to experience cybersecurity threats and attacks on our systems and networks and those of our third-party service providers.
−Removed: 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.
−Removed: The tactics and capabilities of cybercriminals are growing increasingly sophisticated, and it is virtually impossible for any organization, including us, to completely eliminate the risk of cyberattacks.
+Added: To date, none of the cybersecurity threats and attacks we have experienced have materially affected, or are reasonably likely to materially affect, our results of operations, business strategy or financial condition.
+Added: The tactics and capabilities of cybercriminals are growing increasingly sophisticated, and they will continue to evolve in their sophistication as artificial intelligence is leveraged to perpetrate cyberattacks.
+Added: It is virtually impossible for any organization, including us, to completely eliminate the risk of cyberattacks.
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 of our customers, suppliers and employees, and could lead to any one or more of the following:
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As a manufacturer, our operating technology assets and systems are susceptible to disruption through cyberattacks.
−Removed: We anticipate that meaningful investments in our operating technology infrastructure will be necessary as we continue to
−Removed: assess our operating technology posture and respond to the increasingly-pronounced risks posed by third-party cyber actors.
+Added: anticipate that meaningful investments in our operating technology infrastructure will be necessary as we continue to assess our operating technology posture and respond to the increasingly-pronounced risks posed by third-party cyber actors.
The occurrence of a security breach or an intrusion into an information system or a network, or the breakdown, interruption or inadequate upgrading or maintenance of our information processing software, hardware or networks or the internet, may adversely affect our business, reputation, results of operations and financial condition.
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Generative Artificial Intelligence ("AI") – Use of generative AI technologies in the conduct of our business could result in the unintentional loss of confidential or proprietary information and have other adverse impacts on us.
−Removed: While we believe the development and adoption of generative AI technologies are in their early stages, the increased use of these technologies in the conduct of our business poses risks which, if they materialize, could adversely impact our business, financial condition, results of operation and reputation.
+Added: The development and adoption of generative AI technologies are rapidly evolving, and the increased use of these technologies in the conduct of our business poses risks which, if they materialize, could adversely impact our business, financial condition, results of operation and reputation.
The deployment of generative AI tools creates opportunities for the potential loss or misuse of personal data, the inadvertent dissemination of our confidential or proprietary information, or the unintentional use of third parties’ intellectual property.
In addition, the content, analyses, recommendations or other output that generative AI tools produce could be deficient, inaccurate or biased or be based on flawed or insufficient datasets.
+Added: The Company’s ability to execute its strategic objectives could be adversely affected if it is unable to successfully integrate new technologies, including artificial intelligence, in a timely, cost‑effective, compliant, and appropriate manner, or if the processes and methods used to develop, deploy, or otherwise utilize such technologies are determined to be inconsistent with evolving or newly enacted regulatory requirements.
Foreign Operations – Conducting business internationally exposes our Company to risks that could harm our business.
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The Company’s effective tax rate has been and may continue to be affected by changes in the mix of earnings in jurisdictions with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities, and changes in tax laws or their interpretation, such as the 15% global minimum tax under the Organization for Economic Cooperation and Development ("OECD") Pillar Two, Global Anti-Base Erosion Rules.
−Removed: In addition, the U.S.
−Removed: government could adopt changes to international trade agreements, tariffs, taxes and other related regulations.
If the Company’s effective tax rate were to increase, or if the ultimate determination of the Company’s taxes owed is for an amount in excess of amounts previously accrued, the Company’s results of operations, cash flows and financial condition could be adversely affected.
+Added: Tariff and Trade Policies – Changes and uncertainty in U.S.
+Added: trade policies, including tariffs, trade agreements and other regulations, as well as in those of other countries, may affect our operating results, cash flows and financial condition.
+Added: The Company’s business can be impacted by changes in U.S.
+Added: trade policies, including tariffs, trade agreements and other related regulations, as well as trade restrictions and retaliatory actions imposed or taken by foreign governments.
+Added: government has imposed and significantly increased tariffs on foreign imports, with many foreign governments implementing retaliatory tariffs on U.S.
+Added: exports into their countries.
+Added: This has resulted in higher costs to the Company for certain raw materials and components it imports and uses in the manufacture of its products, as well as higher prices to purchasers of the Company’s products in certain foreign geographies and opportunities for competitors to enhance their presence in markets in which we participate.
+Added: The U.S.-imposed tariffs have been the subject of numerous legal challenges, including before the U.S.
+Added: Supreme Court, the outcome of which has yet to be determined.
+Added: Even if those challenges are successful, it is uncertain as to whether the Company will be able to recover any tariffs it has previously paid, or whether the U.S.
+Added: government will attempt to reimpose the tariffs under some other authority.
+Added: Further changes in U.S.
+Added: or foreign trade policies, tariffs and other trade-related regulations, and continued uncertainty around the foregoing, could adversely impact the Company’s business, financial condition and results of operations.
Legal Proceedings – Costs associated with claims, litigation, administrative proceedings and regulatory reviews, and potentially adverse outcomes, may affect our profitability.
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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.