−Removed: Legal Proceedings
+Added: Item 3 Legal Proceedings
Legal matters
−Removed: While we are involved from time to time in claims and legal proceedings that result from, and are incidental to, the conduct of our business including business and commercial litigation, employee and product liability claims, there are no material pending legal proceedings to which the Company or any of its subsidiaries is a party, or of which any of the Company’s property is subject.
−Removed: It is possible, however, that an adverse resolution of an unexpectedly large number of such individual claims or proceedings could in the aggregate have a material adverse effect on results of operations for a particular year or quarter.
−Removed: Mine Safety Disclosures
+Added: We are involved from time to time in claims and legal proceedings that result from, and are incidental to, the conduct of our business including business and commercial litigation, and employee and product liability claims.
+Added: As previously reported in the first quarter of 2023, we lodged a civil and criminal legal claim and insurance claim related to a misappropriation of inventory in Brazil and as a consequence we have written-off $7.4 million of our inventory to cost of goods sold in our Consolidated Financial Statements.
+Added: In the second quarter of 2023, we incurred additional charges of $8.0 million as we exited the Brazilian trading relationship associated with the inventory misappropriation.
+Added: The costs incurred in the second quarter of 2023 include $5.0 million to cost of goods sold and $3.0 million to selling, general and administration costs.
+Added: A corresponding asset for the potential legal or insurance recoveries has not been recorded for the resulting financial losses arising from this matter.
+Added: In addition, unrelated to the Brazil matter, in the unlikely event there are an unexpectedly large number of individual claims or proceedings with an adverse resolution, this could in the aggregate have a material adverse effect on the results of operations for a particular year or quarter.
+Added: Item 4 Mine Safety Disclosures
Not applicable.
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.