6 unchanged sentences
The company’s business and financial performance, including collection of its accounts receivable, may be adversely affected by current and future economic conditions that may cause a decline in business and consumer spending, a reduction in the availability of credit and decreased growth of its existing customers, resulting in customers electing to delay the replacement of aging equipment.
−Removed: Higher energy costs, rising interest rates, weakness in the residential construction, housing and home improvement markets, financial market volatility, inflation, recession and acts of terrorism may also adversely affect the company’s business and financial performance.
+Added: Higher energy costs, rising interest rates, weakness in the residential construction, housing and home improvement markets, financial market volatility, inflation, recession, global hostilities and acts of terrorism may also adversely affect the company’s business and financial performance.
Additionally, the company may experience difficulties in scaling its operations due to economic pressures in the U.S.
and international markets.
−Removed: Uncertainty surrounding the terms of the United Kingdom’s withdrawal from the European Union may have a negative effect on global economic conditions, financial markets or the Company’s business.
−Removed: In June 2016, a majority of voters in the United Kingdom elected to withdraw from the European Union in a national referendum.
−Removed: On January 31, 2020, the U.K.
−Removed: officially exited the European Union and entered into a transition period to negotiate the final terms of Brexit.
−Removed: The transition period ended on December 31, 2020.
−Removed: Although the U.K.
−Removed: and the European Union have entered into a trade and cooperation agreement (the “TCA”), which came into full force on May 1, 2021, significant parts of the U.K.
−Removed: economy are not addressed in detail by the TCA and a number of issues have been the subject of further bilateral negotiations since the beginning of 2021.
−Removed: The potential future impact of Brexit remains unclear and could adversely impact certain areas of labor and trade in addition to creating further short-term uncertainty and currency volatility.
−Removed: Changes to the trading relationship between the U.K.
−Removed: and the European Union could result in increased cost of goods imported into and exported from the U.K.
−Removed: and may decrease the profitability of the company's U.K.
−Removed: and other operations.
−Removed: Additional currency volatility could drive a weaker British pound, which increases the cost of goods imported into the U.K.
−Removed: and may decrease the profitability of the company's U.K.
−Removed: Currency exchange rates for the British pound and the euro with respect to each other and to the U.S.
−Removed: dollar may be negatively affected by Brexit, which could cause volatility in our financial results.
−Removed: With a range of outcomes still possible, the impact from Brexit remains uncertain and will depend, in part, on the final outcome of tariff, trade, regulatory and other negotiations.
The company is subject to currency fluctuations and other risks from its operations outside the United States.
10 unchanged sentences
The company is monitoring the global outbreak of the COVID-19 pandemic and taking steps to mitigate the risks posed by its spread, including working with its customers, employees, suppliers and other stakeholders.
−Removed: The pandemic has adversely affected, and is expected to continue to adversely affect, the company's financial results, condition and outlook.
+Added: The pandemic has adversely affected, the company's financial results, condition and outlook.
Certain elements of the company's business (including its supply chain, distribution systems, production levels and research and development activities) and operations have been negatively impacted due to significant portions of the company's workforce being unable to work effectively due to quarantines, government orders and guidance, facility closures, illness, travel restrictions, implementation of precautionary measures and other restrictions.
3 unchanged sentences
Furthermore, the pandemic has impacted and may further impact the broader economies of affected countries, including adversely impacting economic growth, the proper functioning of financial and capital markets, foreign currency exchange rates, inflation and interest rates, all of which could continue to negatively impact the company.
−Removed: Due to the global breadth of the pandemic's spread and the range of governmental and community reactions, there is uncertainty around the pandemic's ultimate impact and the timing of recovery, including as a result of the emergence of new COVID-19 variants, uncertainty regarding vaccine effectiveness on certain variants and vaccine availability.
−Removed: Therefore, the pandemic could lead to an extended disruption of economic activity and the impact on the company's consolidated results of operations, financial position and cash flows could be material.
+Added: Due to the global breadth of the pandemic's spread and the range of governmental and community reactions, there is uncertainty around the pandemic's ultimate impact and the timing of recovery.
+Added: The lingering effects of the pandemic could lead to an extended disruption of economic activity and the impact on the company's consolidated results of operations, financial position and cash flows could be material.
In addition, the continuation or a resurgence of the pandemic could exacerbate the other risk factors.
1 unchanged sentence
The company now has and may continue to have a significant amount of indebtedness.
−Removed: At January 1, 2022, the company had $2.4 billion of borrowings and $2.7 million in letters of credit outstanding.
+Added: At December 31, 2022, the company had $2.7 billion of borrowings and $1.9 million in letters of credit outstanding.
In August 2020, the company issued $747.5 million aggregate principal amount of 1.00% Convertible Senior Notes due 2025 (the "Convertible Notes"), which bear interest semi-annually in arrears and mature on September 1, 2025, unless they are redeemed, repurchased or converted prior to such date in accordance with their terms.
42 unchanged sentences
Fluctuations in interest rates could adversely affect the company's results of operations and financial position.
−Removed: The company's profitability may be adversely affected during any periods of unexpected or rapid increases in interest rates.
−Removed: The company maintains a revolving credit facility, which, at January 1, 2022, bore interest at 1.375% above LIBOR per annum.
+Added: The company's profitability has been and may continue to be adversely affected during any periods of unexpected or rapid increases in interest rates.
+Added: The company maintains a revolving credit facility, which, at December 31, 2022, bore interest at 1.625% above LIBOR per annum.
A significant increase in any of the forgoing rates would significantly increase the company's cost of borrowings, reduce the availability and increase the cost of obtaining new debt and refinancing existing indebtedness and/or negatively impact the market price of the company's common stock.
1 unchanged sentence
The company has a significant amount of goodwill and indefinite life intangibles could suffer losses due to asset impairment charges.
−Removed: The company’s balance sheet includes a significant amount of goodwill and indefinite life intangible assets, which represent approximately 35% and 21%, respectively, of its total assets as of January 1, 2022.
+Added: The company’s balance sheet includes a significant amount of goodwill and indefinite life intangible assets, which represent approximately 35% and 20%, respectively, of its total assets as of December 31, 2022.
The excess of the purchase price over the fair value of assets acquired, including identifiable intangible assets, and liabilities assumed in conjunction with acquisitions is recorded as goodwill.
49 unchanged sentences
The company faces risks related to health epidemics and other widespread outbreaks of contagious disease, which could significantly disrupt its operations and impact its operating results.
−Removed: The spread of COVID-19 and other contagious diseases, or other adverse public health developments, has had, and will likely continue to have, a material and adverse effect on our business operations.
+Added: The spread of COVID-19 and other contagious diseases, or other adverse public health developments, has had a material and adverse effect on our business operations.
These effects have included and could continue to include disruptions or restrictions on our ability to travel, as well as temporary closures of our facilities or the facilities of our suppliers or customers.
−Removed: Any disruption of our suppliers or customers would likely impact our sales and operating results.
+Added: Any disruption of our suppliers' or customers' businesses would likely impact our sales and operating results.
The company may be the subject of product liability claims or product recalls, and it may be unable to obtain or maintain insurance adequate to cover potential liabilities.
70 unchanged sentences
There can be no assurance that the company will be able to succeed in marketing its products and services in international markets.
−Removed: The company may also experience difficulty in managing its international operations because of, among other things, competitive conditions overseas, management of foreign exchange risk, established domestic markets, and language and cultural differences.
+Added: The company may also experience difficulty in managing its international operations because of, among other things, competitive conditions overseas, geopolitical threats or hostilities, management of foreign exchange risk, established domestic markets, and language and cultural differences.
Any of these factors could have a material adverse effect on the success of the company’s international operations and, consequently, on the company’s business, financial condition and operating results.
8 unchanged sentences
Because the company has a significant number of workers whose employment is subject to collective bargaining agreements and labor union representation, the company is vulnerable to possible organized work stoppages and similar actions.
−Removed: Unionized employees accounted for approximately 5% of the company’s workforce as of January 1, 2022.
+Added: Unionized employees accounted for approximately 5% of the company’s workforce as of December 31, 2022.
The company has union contracts with employees at its facilities in Windsor, California;
6 unchanged sentences
The company depends significantly on its key personnel.
−Removed: The company depends significantly on the company’s executive officers and certain other key personnel, whom could be difficult to replace.
−Removed: While the company has employment agreements with certain key executives, the company cannot be certain that it will succeed in retaining this personnel or their services under existing agreements.
−Removed: The incapacity, inability or unwillingness of certain of these people to perform their services may have a material adverse effect on the company.
+Added: The company depends significantly on the company’s executive officers and certain other key personnel, who could be difficult to replace.
+Added: While the company has employment agreements with certain key executives, the company cannot be certain that it will succeed in retaining key personnel or their services under existing agreements.
+Added: The incapacity, inability or unwillingness of certain personnel to perform their services may have a material adverse effect on the company.
There is intense competition for qualified personnel within the company’s industry, and there can be no assurance that the company will be able to continue to attract, motivate and retain personnel with the skills and experience needed to successfully manage the company's business and operations.
67 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.