−Removed: Risks Related to Covid-19
−Removed: The Company faces risks related to the global outbreak of COVID-19, which has adversely affected and may continue to adversely affect the Company’s business, results of operations and financial condition.
−Removed: The Company faces risks related to pandemics and other public health crises, including the global outbreak of COVID-19, which has reached and disrupted areas in which the Company has operations, suppliers, customers and employees.
−Removed: The COVID-19 pandemic and actions taken by governments and others in response have resulted in and may continue to cause the closure of certain of the Company’s customers’ facilities, which in turn has reduced and may continue to reduce demand for its products.
−Removed: Furthermore, as a result of the COVID-19 pandemic, certain of the Company’s suppliers have been unable to provide materials to its facilities.
−Removed: This disruption to the Company’s supply chain has negatively impacted its business and results of operations and it is unable to predict the ultimate duration of such disruption and whether it will be able to secure supplies from alternate suppliers on favorable terms or at all.
−Removed: Moreover, the Company has closed and may continue to close certain of its facilities in response to the COVID-19 pandemic and measures taken by governments in response, which has and may continue to have a negative impact on its business and results of operations.
−Removed: The COVID-19 pandemic has also disrupted the Company’s internal operations, including by causing a large number of its employees to work remotely, subjecting the Company to heightened cyber and other risks.
−Removed: There is also a heightened risk that a significant portion of the Company’s workforce will suffer illness or otherwise not be permitted or be unable to work.
−Removed: The Company cannot predict whether any of these disruptions will continue or whether its operations will experience more significant or frequent disruptions in the future.
−Removed: Any measures the Company implements to mitigate these risks and disruptions may not be successful.
+Added: In addition to the other information in this Annual Report on Form 10-K and the Company's other filings with the SEC, the following risk factors should be carefully considered in evaluating the Company and its business before investing in the Company's common stock.
+Added: The risks and uncertainties described below are not the only ones facing the Company.
+Added: Additional risks and uncertainties, not presently known to the Company or otherwise, may also impair the Company's business.
+Added: Although the risks are organized by headings, and each risk is discussed separately, many are interrelated.
+Added: If any of the risks actually occur, the Company's business, financial condition or results of operations could be materially and adversely affected.
Risks Related to Our Business and Operations
+Added: The Company depends on a limited number of suppliers for specific critical components.
+Added: The Company depends on a limited number of suppliers for some of its critical components, including diesel, gasoline and fuel cell engines and cast-iron counterweights used to counterbalance some lift trucks.
+Added: Some of these critical components are imported and subject to regulation, primarily with respect to customary inspection of such products by the U.S.
+Added: Customs and Border Protection under the auspices of the U.S.
+Added: Department of Homeland Security.
+Added: While most components are available from numerous sources or in quantities sufficient to meet requirements, the Company has experienced significant shortages of key components for certain products which has affected production levels.
+Added: The results of operations and liquidity position have been and could be adversely affected if the Company is unable to obtain these critical components, or if the costs of these critical components were to continue to increase, due to inflation, regulatory compliance or otherwise, and the Company is unable to pass the cost increases on to its customers.
+Added: Furthermore, disruptions associated with suppliers have impacted and may continue to impact the Company's liquidity position.
+Added: If the normalization of supply chains and inflationary pressures is longer than anticipated, the Company may not be able to
+Added: generate sufficient cash from operations which, among other things, could negatively impact the Company's debt levels and ability to access its credit facilities, or require the Company to seek additional financing sources, which may not be available on favorable terms or at all.
+Added: If the Company suffers a liquidity shortage, the Company may be forced to reduce production levels, reduce planned capital investments, reduce workforce, decrease planned dividends, or adopt other measures.
+Added: The cost of raw materials used by the Company's products has fluctuated and may continue to fluctuate, which could materially reduce the Company's profitability.
+Added: The Company has experienced and is currently experiencing significant increases in materials costs, primarily as a result of inflationary pressures and global increases in industrial metals, including steel, lead and copper and other commodity prices, such as rubber, as a result of increased demand and limited supply.
+Added: The Company manufactures products that include raw materials that consist of steel, rubber, copper, lead, castings and counterweights.
+Added: The Company also purchases parts provided by suppliers that are manufactured from castings and steel or contain lead.
+Added: The cost of these parts is affected by the same economic conditions that impact the cost of the parts the Company manufactures.
+Added: The cost to manufacture lift trucks and related service parts has been and will continue to be affected by fluctuations in prices for these raw materials.
+Added: If costs of these raw materials increase, the Company's profitability could be materially reduced.
The Company is subject to risks relating to its global operations.
The Company is a U.S.-based multinational corporation that has global operations.
−Removed: Operating globally subjects the Company to changes in government regulations and policies in a large number of jurisdictions around the world, including those related to
−Removed: tariffs and trade barriers, investments, property ownership rights, taxation, and exchange controls.
+Added: Operating globally subjects the Company to changes in government regulations and policies in a large number of jurisdictions around the world, including those related to tariffs and trade barriers, investments, property ownership rights, taxation, and exchange controls.
Changes in the relative values of currencies occur from time to time and could affect the Company's operating results.
6 unchanged sentences
Economic and political conditions in the United States and abroad may lead to significant changes in tax rules and regulations.
−Removed: For example, Brexit and proposals to reform non-U.S.
+Added: For example, proposals to reform non-U.S.
tax laws or other regulations could significantly impact how multinational corporations do business.
Although the Company cannot predict the final form or impact of any regulation or other proposal, if adopted at all, such regulations and proposals could, if enacted, have a material adverse impact on the Company's profitability.
+Added: Furthermore, international trade may also be disrupted by geopolitical conflict and hostilities in the regions or involving the countries in which the Company operates.
+Added: This could aggravate each of the foregoing risks, as well as disrupt our ability to operate in affected areas, including collecting on commercial receivables.
In addition, operating globally subjects the Company to risks related to the health and welfare of its employees and the employees of suppliers, as well as the workplaces where the Company’s products or critical components from suppliers are manufactured.
Conditions resulting from natural disasters or global health epidemics or pandemics, including COVID-19, may prevent or delay the Company’s ability to obtain critical components or manufacture and sell the Company’s products.
−Removed: These disruptions could materially affect the Company’s operations and revenues and profitability could be significantly reduced.
+Added: These disruptions could materially affect the Company’s liquidity, operations and revenues and profitability could be significantly reduced.
The lift truck business is cyclical.
5 unchanged sentences
If there is a downturn in the general economy, or in the industries served by lift truck customers, the Company's revenue and profitability could decrease significantly, and the Company may not be able to sustain or grow the business.
−Removed: The Company depends on a limited number of suppliers for specific critical components.
−Removed: The Company depends on a limited number of suppliers for some of its critical components, including diesel, gasoline and alternative fuel engines and cast-iron counterweights used to counterbalance some lift trucks.
−Removed: Some of these critical components are imported and subject to regulation, primarily with respect to customary inspection of such products by the U.S.
−Removed: Customs and Border Protection under the auspices of the U.S.
−Removed: Department of Homeland Security.
−Removed: While most components are available from numerous sources or in quantities sufficient to meet requirements, the Company has experienced shortages of key components for certain products which has affected production levels.
−Removed: The results of operations have been and could be adversely affected if the Company is unable to obtain these critical components, or if the costs of these critical components were to increase significantly, due to regulatory compliance or otherwise, and the Company was unable to pass the cost increases on to its customers.
−Removed: The cost of raw materials used by the Company's products has fluctuated and may continue to fluctuate, which could materially reduce the Company's profitability.
−Removed: At times, the Company has experienced significant increases in materials costs, primarily as a result of global increases in industrial metals, including steel, lead and copper and other commodity prices, such as rubber, as a result of increased demand and limited supply.
−Removed: The Company manufactures products that include raw materials that consist of steel, rubber, copper, lead, castings and counterweights.
−Removed: The Company also purchases parts provided by suppliers that are manufactured from castings and steel or contain lead.
−Removed: The cost of these parts is affected by the same economic conditions that impact the cost of the parts the Company manufactures.
−Removed: The cost to manufacture lift trucks and related service parts has been and will continue to be affected by fluctuations in prices for these raw materials.
−Removed: If costs of these raw materials increase, the Company's profitability could be materially reduced.
The pricing and costs of the Company's products have been and may continue to be impacted by currency fluctuations, which could materially increase costs, and result in material exchange losses and reduce operating margins.
52 unchanged sentences
If these information technology systems suffer severe damage, disruption, breach, or shutdown, and business continuity plans do not effectively resolve the issues in a timely manner, there could be a negative impact on operating results or the Company may suffer financial or reputational damage.
+Added: The Company faces risks related to the global COVID-19 pandemic, which has adversely affected and may continue to adversely affect the Company’s business, results of operations, financial condition and liquidity.
+Added: The Company faces risks related to pandemics and other public health crises, including the global COVID-19 pandemic, which has reached and disrupted areas in which the Company has operations, suppliers, customers and employees.
+Added: The COVID-19 pandemic and actions taken by governments and others in response have resulted in and may continue to cause the closure of certain of the Company’s customers’ facilities, which in turn has reduced and may continue to reduce demand for its products.
+Added: Furthermore, as a result of the COVID-19 pandemic, certain of the Company’s suppliers have been unable to provide materials to its facilities.
+Added: This disruption to the Company’s supply chain has negatively impacted its business, liquidity and results of operations and it is unable to predict the ultimate duration of such disruption and whether it will be able to secure supplies from alternate suppliers on favorable terms or at all.
+Added: Moreover, the Company has closed and may continue to close certain of its facilities in response to the COVID-19 pandemic and measures taken by governments in response, which has and may continue to have a negative impact on its business and results of operations.
+Added: The COVID-19 pandemic has also disrupted the Company’s internal operations, including by causing a large number of its employees to work remotely, subjecting the Company to heightened cyber and other risks.
+Added: There is also a heightened risk that a significant portion of the Company’s workforce will suffer illness or otherwise not be permitted or be unable to work.
+Added: The Company cannot predict whether any of these disruptions will continue or whether its operations will experience more significant or frequent disruptions in the future.
+Added: Any measures the Company implements to mitigate these risks and disruptions may not be successful.
Risks Related to Legal and Regulatory Matters
3 unchanged sentences
These regulations are complex and vary among the legal jurisdictions in which the Company operates.
−Removed: Obtaining the necessary authorizations, including any required license, for a particular transaction may be time-consuming, is not guaranteed, and may result in the delay or loss of sales opportunities.
+Added: Obtaining the necessary
+Added: authorizations, including any required license, for a particular transaction may be time-consuming, is not guaranteed, and may result in the delay or loss of sales opportunities.
Furthermore, U.S.
45 unchanged sentences
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.