5 unchanged sentences
Risks Related to Our Business and Operations
−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 fuel cell 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 significant shortages of key components for certain products which has negatively affected production levels.
−Removed: 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.
−Removed: 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 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 or suspend planned dividends, or adopt other measures.
−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: 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.
−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 may 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 Company is subject to risks relating to its global operations.
16 unchanged sentences
This could aggravate each of the foregoing risks, as well as disrupt our ability to operate in affected areas, including collecting on commercial receivables.
+Added: The Company relies on the timely and free flow of goods through open and operational international shipping lanes and ports from suppliers and manufacturing locations.
+Added: Disruptions of shipping lanes from labor disputes or sea piracy, or at ports, common carriers, or suppliers could create significant risks, particularly if these disputes result in work slowdowns, lockouts, strikes, or other disruptions during periods of significant importing or manufacturing.
+Added: These factors could potentially result in delayed or cancelled orders by customers, unanticipated inventory accumulation or shortages, and harm to the business, results of operations, and financial condition.
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.
1 unchanged sentence
These disruptions could materially affect the Company’s liquidity, operations and revenues and profitability could be significantly reduced.
+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: Although 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 and may in the future negatively affect 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 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.
+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 may continue to experience significant increases in materials costs, primarily as a result of inflationary pressures and global increases in the costs of industrial metals, including steel, lead and copper and other commodities, 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 may 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.
+Added: If the Company's strategic initiatives, including the introduction of new products, do not prove effective, revenues, profitability and market share could be significantly reduced.
+Added: Changes in the timing of implementation of the Company's current strategic initiatives may result in a delay in the expected recognition of future costs and realization of future benefits.
+Added: In addition, if future industry demand levels are lower than
+Added: expected or customers' demands change, the Company may not be successful in implementing its strategic initiatives.
+Added: If the Company is unable to successfully implement these strategic initiatives, revenues, profitability, growth prospects and market share could be significantly reduced.
+Added: Failure to compete effectively within the Company's industry could result in a significant decrease in revenues and profitability.
+Added: The Company experiences intense competition in the sale of lift trucks and aftermarket parts.
+Added: Competition in the lift truck industry is based primarily on strength and quality of dealers, brand loyalty, customer service, new lift truck sales prices, availability of products and aftermarket parts, comprehensive product line offerings, product performance, quality and innovation, including features, and the cost of ownership over the life of the lift truck.
+Added: The Company competes with several global manufacturers that operate in all major markets.
+Added: These manufacturers may have lower manufacturing costs and greater financial resources than the Company, which may enable them to commit larger amounts of capital in response to changing market conditions.
+Added: If the Company fails to compete effectively, revenues and profitability could be significantly reduced.
The lift truck business is cyclical.
6 unchanged sentences
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.
−Removed: 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 fluctuations in the value of these currencies and fluctuations in the related currency exchange rates.
−Removed: As a result, the Company's
−Removed: sales have historically been affected by, and may continue to be affected by, these fluctuations.
+Added: Because the Company conducts transactions in various currencies, including euros, Japanese yen, U.S.
+Added: dollars, Chinese renminbi, British pounds, Swedish kroner, Mexican pesos 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 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.
5 unchanged sentences
As a result, ineffective or poorly performing dealers could result in a significant decrease in revenues and profitability and the Company may not be able to sustain or grow its business.
−Removed: If the Company's strategic initiatives, including the introduction of new products, do not prove effective, revenues, profitability and market share could be significantly reduced.
−Removed: Changes in the timing of implementation of the Company's current strategic initiatives may result in a delay in the expected recognition of future costs and realization of future benefits.
−Removed: In addition, if future industry demand levels are lower than expected, the actual annual cost savings could be lower than expected.
−Removed: If the Company is unable to successfully implement these strategic initiatives, revenues, profitability and market share could be significantly reduced.
The Company may not be successful in commercializing Nuvera’s technology, which success would depend, in part, on the Company’s ability to protect Nuvera’s intellectual property.
3 unchanged sentences
Nuvera’s fuel-cell technology may not be economically viable if the Company is unable to prevent others from infringing or successfully challenging the validity of certain patents and other intellectual property rights attributable to Nuvera.
−Removed: Failure to compete effectively within the Company's industry could result in a significant decrease in revenues and profitability.
−Removed: The Company experiences intense competition in the sale of lift trucks and aftermarket parts.
−Removed: Competition in the lift truck industry is based primarily on strength and quality of dealers, brand loyalty, customer service, new lift truck sales prices, availability of products and aftermarket parts, comprehensive product line offerings, product performance, product quality and features and the cost of ownership over the life of the lift truck.
−Removed: The Company competes with several global manufacturers that operate in all major markets.
−Removed: These manufacturers may have lower manufacturing costs and greater financial resources than the Company, which may enable them to commit larger amounts of capital in response to changing market conditions.
−Removed: If the Company fails to compete effectively, revenues and profitability could be significantly reduced.
If the global capital goods market declines, the cost saving efforts the Company has implemented may not be sufficient to achieve the benefits expected.
1 unchanged sentence
If revenues are lower than expected, the programs the Company has implemented may not achieve the benefits expected.
−Removed: Furthermore, the Company may be forced to take additional cost saving steps that could result in additional charges that materially adversely affect the ability to compete or implement the Company's current business strategies.
+Added: Furthermore, the Company may be forced to
+Added: take additional cost saving steps that could result in additional charges that materially adversely affect the ability to compete or implement the Company's current business strategies.
The Company is subject to recourse or repurchase obligations with respect to the financing arrangements of some of its customers.
3 unchanged sentences
Total amounts subject to these types of obligations were $162.4 million and $133.2 million at December 31, 2023 and 2022, respectively.
−Removed: Generally, the Company maintains a perfected security interest in the assets financed such that, in the event the Company
−Removed: 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 related 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.
The Company cannot be certain, however, that the security interest will equal or exceed the amount of the recourse or repurchase obligations.
6 unchanged sentences
Risks Related to Cybersecurity
−Removed: 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.
−Removed: The Company relies on information technology networks and systems, including the internet, to process, transmit and store electronic information, and to manage or support a variety of business processes and activities, including supply chain, manufacturing, distributing, invoicing and collection.
−Removed: The Company uses information technology systems to record, process and summarize financial information and results of operations for internal reporting purposes and to comply with regulatory financial reporting and legal and tax requirements.
−Removed: These technological networks and systems have been and may in the future be susceptible to damage, disruptions or shutdowns due to failures during the process of upgrading or replacing software, databases or components;
+Added: The Company may be unable to protect its information systems against service interruptions, data corruption, cyber-based attacks or network breaches, which have in the past and could in the future disrupt business operations and could materially adversely affect the Company's operating results, financial position or reputation.
+Added: The Company relies on information technology networks and systems, some of which are managed by third parties, in connection with various business activities.
+Added: These activities include processing, transmitting and storing electronic information, and managing or supporting a variety of business processes and activities, including supply chain, manufacturing, distributing, invoicing and collection.
+Added: The Company uses information systems to record, process and summarize financial information and results of operations for internal reporting purposes and to comply with regulatory financial reporting and legal and tax requirements.
+Added: The Company’s information systems have been and may in the future be susceptible to damage, disruptions or shutdowns due to failures during the process of upgrading or replacing software, databases or components;
power outages;
hardware failures;
−Removed: or computer viruses or other types of cyber attacks.
−Removed: In addition, security breaches could result in unauthorized disclosure of confidential information.
−Removed: 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: insider threats;
+Added: or cybersecurity threats, including, but not limited to, ransomware, malware, phishing and denial of service attacks, which are increasing in frequency and sophistication.
+Added: In addition, security breaches, whether in the Company’s systems or those of third parties on which the Company relies, could result in unauthorized access to and disclosure of confidential, personal or sensitive information and loss of intellectual property and pose a risk to the security, confidentiality, availability and integrity of the Company’s data, as well as the data of the Company’s suppliers, customers and employees.
+Added: While various procedures and controls have been and are being utilized to mitigate such risks, there can be no guarantee that the actions and controls the Company implements, or which the Company has caused or will cause third-party service providers to implement, will be sufficient to protect and mitigate associated risks to the Company’s information systems, information or other property.
+Added: Moreover, the Company may not be aware of all vulnerabilities associated with its information systems.
+Added: The Company has experienced cyber security threats and vulnerabilities in the Company’s information systems and those of the Company’s third-party providers.
+Added: Such prior events have not had a material impact on the Company’s financial condition, results of operations or liquidity.
+Added: In addition, the amount of insurance coverage the Company maintains may be inadequate or difficult to obtain in order to cover claims or liabilities relating to a cybersecurity attack.
+Added: If, in the future, the Company’s or a third party’s information systems suffer severe damage, disruption, breach, or shutdown, and business continuity plans do not effectively resolve the issues in a timely manner, then the Company could be subject to litigation with third parties, government enforcement actions, penalties, disruption to operations and product systems, unauthorized release of confidential or otherwise protected information, corruption of data, or remediation costs, which could result in a negative impact on the Company’s operating results, financial condition or reputation.
+Added: Reports of unauthorized access to the Company's products, systems and
+Added: data, regardless of their veracity, may result in the perception that the products, systems or data are capable of being hacked, which could harm its brands, prospects and operating results.
+Added: Further, the amount of insurance coverage the Company maintains may be inadequate to cover claims or liabilities relating to a cybersecurity attack.
+Added: Security breaches with respect to the Company’s products could interfere with its business, dealers, and customers, exposing it to liability that would cause its business and reputation to suffer.
+Added: Some of the Company’s products include cyberphysical components and systems typically used for telematics services, automated vehicles and remote system updates.
+Added: While the Company has implemented security measures intended to prevent unauthorized access to these products, malicious actors have attempted, and may attempt in the future, to gain unauthorized access to such products including through such components and systems in order to gain control of the products, change the products’ functionality, user interface, or performance characteristics, or gain access to data stored in or generated by the products.
+Added: Any unauthorized access to or control of the products or systems or any loss of data could result in litigation with third parties, government enforcement actions, penalties, disruption to product systems, unauthorized release of confidential or otherwise protected information, corruption of data, or remediation costs, which could materially adversely affect the Company’s operating results, financial position, growth opportunities or reputation.
Risks Related to Legal and Regulatory Matters
13 unchanged sentences
The Company cannot be sure that it will succeed in defending these claims, that judgments will not be rendered against the Company with respect to any or all of these proceedings or that reserves set aside or insurance policies will be adequate to cover any such judgments.
+Added: In addition, insurance coverage is increasingly expensive, contains more stringent terms, may be difficult to obtain in the future and may be inadequate to cover related claims and liabilities.
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.
−Removed: 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.
21 unchanged sentences
The Company is highly dependent on the skills, experience and services of key personnel, and the loss of key personnel could have a material adverse effect on its business, operating results and financial condition.
−Removed: Employment and retention of qualified personnel is important to the successful conduct of the Company's business.
−Removed: Therefore, the Company's success also depends upon its ability to recruit, hire, train and retain additional skilled and experienced management personnel.
+Added: Competition for, and availability of skilled personnel is challenging in the markets in which the Company competes, and employment and retention of qualified and skilled front-line personnel is important to the successful conduct of the Company's business.
+Added: The Company's success depends upon its ability to recruit, hire, train and retain additional skilled and experienced management personnel.
The Company's inability to hire and retain personnel with the requisite skills could impair its ability to manage and operate its business effectively and could significantly reduce profitability.
8 unchanged sentences
Because certain members of the Company’s extended founding family could prevent other stockholders from exercising significant influence over significant corporate actions, the Company may be a less attractive takeover target, which could adversely affect the market price of its common stock.
−Removed: UNRESOLVED STAFF COMMENTS
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.