1 unchanged sentence
Our mission, reputation and business success rely on our ability to design and provide safe, high quality and reliable products that earn and maintain customer trust.
−Removed: Our products are often used in high-risk and unpredictable environments, and MSA and its subsidiaries face an inherent business risk of exposure to product liability claims.
+Added: Our products and solutions are often used in high-risk and unpredictable environments, and MSA and its subsidiaries face an inherent business risk of exposure to product liability or other legal claims or penalties related to the design, manufacture, marketing, or sale of our products and solutions.
In the event the parties using our products are injured or any of our products prove to be defective, we could be subject to claims.
5 unchanged sentences
In most instances the products at issue were manufactured many years ago and are not currently offered for sale, but in some instances, product liability claims may relate to current products.
−Removed: Our subsidiary, Mine Safety Appliances Company, LLC (“MSA LLC”) was named as a defendant in 1,690 cumulative trauma lawsuits comprised of 4,660 claims at June 30, 2022.
+Added: Our subsidiary, Mine Safety Appliances Company, LLC (“MSA LLC”) was named as a defendant in 1,544 cumulative trauma lawsuits comprised of 4,193 claims at September 30, 2022.
Cumulative trauma product liability claims involve exposures to harmful substances (e.g., silica, asbestos and coal dust) that occurred years ago and may have developed over long periods of time into diseases such as silicosis, asbestosis, mesothelioma or coal worker’s pneumoconiosis.
8 unchanged sentences
In the normal course of business, MSA LLC makes payments to settle these types of cumulative trauma product liability claims and for related defense costs, and records receivables for the amounts believed to be recoverable under insurance.
−Removed: MSA LLC has recorded insurance receivables totaling $126.4 million and notes receivables of $49.1 million at June 30, 2022.
+Added: MSA LLC has recorded insurance receivables totaling $125.9 million and notes receivables of $44.3 million at September 30, 2022.
Since MSA LLC is now largely self-insured for cumulative trauma claims, additional amounts recorded as insurance receivables will be limited.
Amounts recorded as insurance receivables are based on the amount of future losses presently recorded in the cumulative trauma product liability reserve.
−Removed: These projected future losses are used to calculate contingent reimbursements deemed probably of collection under negotiated Coverage-in-Place Agreements.
+Added: These projected future losses are used to calculate contingent reimbursements deemed probable of collection under negotiated Coverage-in-Place Agreements.
Reimbursements are calculated based on modeled assumptions, including claims composition, claims characteristics, and timing (each of which are relevant to calculating reimbursement under the terms of Coverage-In-Place Agreements).
−Removed: These factors, and the potential for future insurer insolvencies, could affect the timing and amount of receivables actually collected in any given period or in total.
+Added: These factors, and the potential for future insurer insolvencies, could affect the timing and amount of actual receivables collected in any given period or in total.
We have significant international operations and are subject to the risks of doing business in foreign countries and global supply chains.
29 unchanged sentences
and additional legal and economic uncertainty.
−Removed: Any one or more of these risks could have a negative impact on the success of our international operations and, thereby, have a material adverse effect our business, consolidated results of operations and financial condition.
+Added: Any one or more of these risks could have a negative impact on the success of our international operations and, thereby, have a material adverse effect on our business, consolidated results of operations and financial condition.
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.