3 unchanged sentences
Although the risks are organized by headings, and each risk is discussed separately, many are interrelated.
−Removed: If any of the risks actually occur, the Company's business, financial condition or results of operations could be materially and adversely affected.
+Added: If any of the risks actually occur, the Company's business, financial condition, results of operations or stock price could be materially and adversely affected.
Risks Related to Our Business and Operations
4 unchanged sentences
Department of Homeland Security.
−Removed: 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: 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 negatively affected production levels.
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.
Furthermore, disruptions associated with suppliers have impacted and may continue to impact the Company's liquidity position.
−Removed: If the normalization of supply chains and inflationary pressures is longer than anticipated, the Company may not be able to
−Removed: 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.
−Removed: 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: If the normalization of supply chains and inflationary pressures is longer than anticipated, the Company may not be able to 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 or suspend planned dividends, or adopt other measures.
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: 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 has experienced and may continue to experience 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.
The Company manufactures products that include raw materials that consist of steel, rubber, copper, lead, castings and counterweights.
1 unchanged sentence
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.
+Added: The cost to manufacture lift trucks and related service parts has been and may continue to be affected by fluctuations in prices for these raw materials.
If costs of these raw materials increase, the Company's profitability could be materially reduced.
1 unchanged sentence
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 tariffs and trade barriers, investments, property ownership rights, taxation, and exchange controls.
−Removed: Changes in the relative values of currencies occur from time to time and could affect the Company's operating results.
+Added: Operating globally subjects the Company to a number of operational risks relating 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.
+Added: Increasing emphasis and changing expectations with respect to environmental, social and governance matters may impose additional costs on the Company or expose the Company to new or additional risks.
+Added: In addition, changes in the relative values of currencies occur from time to time and could affect the Company's operating results.
Further, existing free trade laws and regulations provide certain beneficial duties and tariffs for qualifying imports and exports, subject to compliance with the applicable classification and other requirements.
7 unchanged sentences
tax laws or other regulations could significantly impact how multinational corporations do business.
+Added: The Company's effective income tax rate could be volatile and materially change as a result of changes in tax laws, mix of earnings and other factors.
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.
2 unchanged sentences
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.
−Removed: 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.
+Added: Conditions resulting from natural disasters or global health epidemics or pandemics may prevent or delay the Company’s ability to obtain critical components or manufacture and sell the Company’s products.
These disruptions could materially affect the Company’s liquidity, operations and revenues and profitability could be significantly reduced.
8 unchanged sentences
Because the Company conducts transactions in various currencies, including euros, U.S.
−Removed: dollars, Japanese yen, British pounds, Chinese renminbi, Mexican pesos, Swedish kroner and Australian dollars, lift truck pricing is subject to the effects of
−Removed: fluctuations in the value of these currencies and fluctuations in the related currency exchange rates.
−Removed: As a result, the Company's sales have historically been affected by, and may continue to be affected by, these fluctuations.
+Added: dollars, Japanese yen, British pounds, Chinese renminbi, Mexican pesos, Swedish kroner and Australian dollars, lift truck pricing is subject to the effects of fluctuations in the value of these currencies and fluctuations in the related currency exchange rates.
+Added: As a result, the Company's
+Added: sales have historically been affected by, and may continue to be affected by, these fluctuations.
In addition, exchange rate movements between currencies in which the Company purchases materials and components and manufactures certain products and the currencies in which the Company sells those products have been affected by and may continue to result in exchange losses that could materially reduce operating margins.
29 unchanged sentences
Total amounts subject to these types of obligations were $133.2 million and $106.8 million at December 31, 2022 and 2021, respectively.
−Removed: Generally, the Company maintains a perfected security interest in the assets financed such that, in the event the Company becomes obligated under the terms of the recourse or repurchase obligations, it may take title to the assets financed.
+Added: Generally, the Company maintains a perfected security interest in the assets financed such that, in the event the Company
+Added: becomes obligated under the terms of the recourse or repurchase obligations, it may take title to the assets financed.
The Company cannot be certain, however, that the security interest will equal or exceed the amount of the recourse or repurchase obligations.
5 unchanged sentences
Any of these technologies may have more established or otherwise more attractive manufacturing, distribution and operating cost features, which could negatively impact customers’ preferences for product lines that incorporate fuel-cell technology and, as a result, diminish the marketability of products incorporating Nuvera technology.
−Removed: Risks Related to Cybersecurity and Business Disruptions
+Added: Risks Related to Cybersecurity
The Company may be unable to protect its information technology infrastructure against service interruptions, data corruption, cyber-based attacks or network breaches, which have in the past and could in the future disrupt business operations or result in a loss of data confidentiality.
7 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.
−Removed: 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.
−Removed: 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.
−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, 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.
−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.
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
−Removed: 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 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.
8 unchanged sentences
The Company could incur a charge to earnings if reserves prove to be inadequate or the average cost per claim or the number of claims exceed estimates, which could have a material adverse effect on results of operations and liquidity for the period in which the charge is taken and any judgment or settlement amount is paid.
+Added: In addition, insurance coverage is increasingly expensive, contains more stringent terms and may be difficult to obtain in the future.
Actual liabilities relating to environmental matters may exceed the Company's expectations.
15 unchanged sentences
jurisdictions for violations of their laws with respect to the Company's non-U.S.
−Removed: In addition, these laws may be changed or new laws may be enacted in the future.
+Added: In addition, these laws may be changed or new laws may be enacted in the future, including, for example, with respect to environmental, climate change, health and safety and cybersecurity matters.
litigation is often expensive, time consuming and distracting.
17 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.