What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2024-02-28 compared with 2023-02-28 · 96 added, 88 removed, 153 unchanged (55% of the section changed)

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("Simpson," the "Company," "we," "us," or "our,") through its subsidiaries, including, Simpson Strong-Tie Company Inc.

("SST"), designs, engineers and is a leading manufacturer of high quality wood and concrete construction products designed to make structures safer and more secure.

Our products are designed to perform at high levels and be easy to use and cost-effective for customers.

Our wood construction products are used in light-frame construction and include connectors, truss plates, fastening systems, fasteners and pre-fabricated lateral resistive systems.

Our concrete construction products are used in concrete, masonry and steel construction and include adhesives, chemicals, mechanical anchors, carbide drill bits, powder actuated tools, fiber reinforced materials and other repair products used for protection and strengthening.

We market our products to the residential construction, light industrial and commercial construction, remodeling and do-it-yourself (“DIY”) markets domestically in North America, primarily in the United States, and Europe internationally.

We also provide engineering services in support of some of our products and increasingly offer design and other software that facilitates the specification, selection and use of our products.

The Company has continuously manufactured structural connectors since 1956 and believes that the Simpson Strong-Tie® brand benefits from strong brand name recognition in residential, light industrial and commercial applications among architects and engineers who frequently request the use of our products.

Recent Acquisition

As previously disclosed, on April 1, 2022, the Company successfully completed the acquisition of ETANCO.

("SST"), designs, engineers and is a leading manufacturer of structural solutions for wood, concrete, and steel connections.

These solutions help customers design and build safer and stronger structures.

The Company is relentlessly focused on providing customers the best in-class field support, technical expertise, digital tools, and training.

Our research, rigorous testing, and focus on innovation enable us to design cost-effective, high-performing, and easy-to-install solutions for a multitude of applications in wood, steel, and concrete structures.

Our products for wood construction are used in light-frame building applications and include connectors, truss plates, screw fastening systems, fasteners and pre-fabricated lateral-force resisting systems.

Our products for concrete construction products are used in concrete, masonry and steel building applications and include adhesives, chemicals, mechanical anchors, carbide drill bits, powder actuated tools, fiber reinforced materials, and other repair products used for protecting and strengthening structures.

We market our products to the residential construction, commercial construction, original equipment manufacturer ("OEM"), component manufacturers and national retail markets domestically in North America, primarily in the United States, and internationally, primarily in Europe.

We also provide engineering services to support and enhance products and specifications of products while growing our offering of digital tools and design, planning and estimating software to facilitate the specification, selection and use of our products.

Acquisition of ETANCO

As previously disclosed, on April 1, 2022, the Company successfully completed the acquisition of 100% of the outstanding equity interest of FIXCO Invest S.A.S.

(together with its subsidiaries, "ETANCO").

ETANCO is a leading designer, manufacturer and distributor of fixing and fastening solutions for the European building and construction market.

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For more information, see “Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

The Company attracts and retains customers by designing, manufacturing and selling high quality products that perform well, are easy to use and cost-effective for customers.

The Company attracts and retains customers by designing, manufacturing and selling high quality, high-performing products that are cost-effective and easy for our customers to install.

The Company manufactures and warehouses its products in geographic proximity to its markets to help ensure availability and facilitate timely delivery to customers, which enables us to promptly respond to customer requests for specially designed products and services.

The Company maintains levels of inventory intended to operate with minimum backlog and fill most customer orders within a few days.

The Company maintains levels of inventory intended to operate with minimum backlog and fill most customer orders within 24-48 hours.

High levels of manufacturing automation and flexibility allow the Company to maintain its high-quality standards while continuing to provide prompt delivery to meet our customers' needs.

The Company intends to continue efforts to increase market share in both the wood construction and concrete construction product groups by:

• maintaining frequent customer contacts and service levels;

• continuing to sponsor seminars to inform architects, engineers, contractors and building officials on appropriate use, proper installation and identification of the Company’s products;

• continuing to invest in mobile, web and software applications for customers to both help them do their jobs more efficiently and allow us to connect with them utilizing social media, blog posts and videos;

• continuing to invest in Building Information Modeling ("BIM") software services and solutions for home builders and lumber-building material suppliers;

• continuing to innovate, advance and diversify our product offerings.

The Company intends to continue efforts to increase market share in its geographic markets of North America, Europe, and Asia/Pacific as well as across its broad product range through:

• An increasingly diverse portfolio of products and software, and a commitment to developing complete solutions for the markets we serve;

• Our long-standing reputation, relationships and engagement with engineers, building officials, and contractors to design safer, stronger structures and improve construction standards and practices;

• A dedication to innovation and extensive product engineering along with rigorous research and testing in our nine state-of-the-art labs;

• Striving for best-in-class field support, technical expertise, digital tools, and training to make it easy to select, specify, install and purchase our products;

• Industry-leading product availability and delivery standards on our vast product offering across multiple distribution channels, with typical delivery within 24-48 hours and high fill rates;

• A deep commitment to trades education and partnering with organizations that provide training and career opportunities to attract more people to the construction industry and alleviate labor shortages;

• Building out or introducing additional solutions and offerings to our end-market customers in the residential, OEM, commercial, national retail, and component manufacturer areas.

Products and Services

Historically, the Company’s product lines have encompassed connectors, anchors, fasteners, lateral resistive systems, and truss plates, as well as repair and strengthening product lines for the industrial and transportation markets.

See “Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Note 19 — Segment Information” to the Company’s consolidated financial statements for financial information regarding revenues by product

Through, the acquisition of ETANCO, the Company expanded its product portfolio to include commercial building envelope solutions and significantly increased its market presence across Europe.

Many of the Company’s products are approved by building code evaluation agencies.

Historically, the Company’s product lines have encompassed connectors, anchors, fasteners, lateral-force resisting systems, and truss plates, as well as repair and strengthening product lines for the industrial and transportation markets.

The Company has established a presence in Europe through acquisition of companies with existing customer bases, such as the acquisition of ETANCO, and through servicing U.S.-based customers operating in Europe.

The Company also distributes connector, anchor, and epoxy products in Canada, Mexico, Chile, Australia, and New Zealand.

Additionally, with the acquisition of ETANCO, the Company expanded its product portfolio to include commercial building envelope solutions and significantly increased its market presence across Europe.

Many of the Company’s products are code-listed and approved by building code evaluation agencies.

To achieve these approvals, the Company conducts extensive product testing, which is witnessed and certified by independent testing laboratories.

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This test and load information is used by architects, engineers, contractors, building officials, and homeowners in selecting our products and comparing them to those of competitors, and is useful across all applications of the Company’s products, ranging from the deck constructed by a homeowner to a multi-story structure designed by an architect or engineer.

Wood Construction Products.

The Company produces and markets over 15,000 standard and custom wood construction products.

These products are used primarily to strengthen, support and connect wood applications in residential and commercial construction and DIY projects.

Structural Products for Wood Construction.

The Company produces and markets over 15,000 standard and custom products for wood construction applications.

These products are used primarily to strengthen, support and connect wood applications in residential and commercial construction and do-it-yourself (“DIY”) projects.

The Company’s wood construction products contribute to structural integrity and resistance to seismic, wind and gravitational forces.

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Included in this category are connectors, holddowns, and truss connector plates.

• Fasteners - The fastening line includes various nails, screws and staples, which are complemented by the Company's Quik Drive auto-feed screw driving system, which is used in numerous applications such as building envelope applications, decking, subfloors, drywall and roofing;

• Lateral Resistive Systems - Lateral resistive systems are assemblies used to resist earthquake or wind forces and include steel and wood shearwalls, Anchor Tiedown Systems (ATS), and steel moment frames.

Concrete Construction Products.

The Company produces and markets over 3,000 standard and custom concrete construction products.

The Company’s concrete construction products are composed of various materials including steel, chemicals and carbon fiber.

• Fasteners - The fastening line includes various nails, screws and staples, which are complemented by the Company's multiple screw fastening systems, which are used in numerous applications such as building envelope applications, decking, subfloors, drywall and roofing;

• Lateral-Force Resisting Systems - Lateral-force resisting systems are assemblies used to resist earthquake or wind forces and include pre-fabricated steel and wood shearwalls, Anchor Tiedown Systems (ATS), and yield-link connections for steel moment and braced frames.

Structural Products for Concrete Construction.

The Company produces and markets over 3,000 standard and custom products for concrete construction applications.

These products are composed of various materials including steel, chemicals and carbon fiber.

They are used primarily to anchor, protect and strengthen concrete, brick and masonry applications in industrial, infrastructure, residential, commercial and DIY projects.

The Company’s concrete construction products contribute to structural integrity and resistance to seismic, wind and gravitational forces.

The Company’s product solutions for concrete construction applications contribute to structural integrity and resistance to seismic, wind and gravitational forces.

These products are sold in all segments of the Company.

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• Anchor Products - Anchor products include adhesives, mechanical anchors, carbide drill bits and powder-actuated pins and tools used for numerous applications of anchoring or attaching elements onto concrete, brick, masonry and steel;

• Construction, Repair, Protection and Strengthening Products - Concrete construction repair, protection and strengthening products include grouts, coatings, sealers, mortars, fiberglass and fiber-reinforced polymer systems and asphalt products.

• Repair, Protection and Strengthening Products - Concrete construction repair, protection and strengthening products include grouts, coatings, sealers, mortars, fiberglass and fiber-reinforced polymer systems and asphalt products.

Engineering and Design Services.

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Generally, in connection with any engineering services the Company provides, the Company’s engineers serve as a point of reference and support for the customer’s engineers and other service professionals, who ultimately determine and are responsible for the engineering approach and design loads for any project.

The growth of the Company’s business, as well as many of its current growth initiatives, have been and are currently facilitated by its current technology and software solutions, as well as its ongoing software development initiatives.

The Company has an ever-growing suite of advanced technology tools, including software, to improve operational efficiencies in the building industry.

The Company’s early software solutions started by supporting engineers and designers with product selection and specification applications as well as estimating solutions for builders and retailers.

The Company strategically expanded its software offerings to enhance collaboration with building industry partners in an effort to streamline workflows, reduce labor time and costs, improve accuracy, support scalability, and increase its profitability.

The Company has grown its software solutions to support the growth of many customer groups, such as component manufacturers, builders and lumber yards.

The Company has also introduced software applications for the DIY and repair and remodel markets.

Whether focusing on residential, commercial, or outdoor structures, the Company’s technology solutions are designed to solve challenges, simplify tasks and provide cost-effective product and design recommendations that ultimately enhance customer efficiency and business success.

The Company’s customer-facing software and other technology solutions are anticipated to expand over time to address the growing needs of its end-markets to become a larger portion of the Company’s overall value-added offerings.

Distribution Channels and Markets

The Company seeks to expand its product and distribution coverage through several channels:

• Distributors.

The Company regularly evaluates its distribution coverage and the service levels provided by its distributors, and from time to time implements changes.

The Company evaluates distributor product mix and conducts promotions to encourage distributors to add the Company’s products that complement the mix of product offerings in their markets.

The Company seeks to expand existing and identify new distributions channels in the markets it serves and expand into new markets.

Presently, the Company primarily serves in three geographic markets, which are also its operating segments, consisting of the North America, Europe and Asia/Pacific segments.

The North America segment includes operations primarily in the U.S.

The Europe segment includes operations primarily in France, the United Kingdom, Germany, Denmark, Switzerland, Portugal, Poland, The Netherlands, Belgium, Spain, Sweden, Norway, Italy and Romania.

The Asia/Pacific segment includes operations primarily in Australia, New Zealand, China, Taiwan, and Vietnam.

These segments are similar in several ways, including similarities in the products manufactured and distributed, the types of materials used, the production processes, the distribution channels and the product applications.

The Company sells its products through multiple channels, including the following:

The Company intends to increase penetration of the residential market by expanding its markets in which it sells products directly to lumber dealers and cooperatives.

The Company's sales force maintains ongoing contact with these customers and supports the inventory levels, resets, and displays.

• Home Centers.

The Company intends to increase penetration of the DIY markets by continuing to expand its product offerings through home centers.

The Company intends to increase penetration of the DIY and contractor customer markets by continuing to expand its product offerings through home centers.

The Company’s sales force maintains ongoing contact with home centers to work with them in a broad range of areas, including inventory levels, retail display maintenance and product knowledge training.

The Company’s strategy is to ensure that the home center retail stores are fully stocked with adequate supplies of the

Company’s products carried by those stores.

The Company’s strategy is to ensure that the home center retail stores are fully stocked with adequate supplies of the Company’s products carried by those stores.

The Company has further developed extensive bar coding and merchandising aids and has devoted a portion of its research and development efforts to DIY products.

The Company’s sales to home centers increased year-over-year in 2023, 2022 and 2021.

The Company brought back Lowe's as a home center customer in the second quarter of 2020.

In some markets, the Company sells its products directly to lumber dealers and cooperatives.

• Contractors .

In some markets, the Company sells to a wide-range of end-customers mainly through direct sales.

• Wood Component Manufacturers.

The company works directly with wood component manufacturer customers.

We continue to develop our software solutions and provide better technology solutions increasing our truss connector plate sales as well as other Simpson Strong-Tie core products sales within the component industry.

We continue to develop our software solutions, equipment offerings, and provide better technology solutions increasing our truss connector plate sales as well as other Simpson Strong-Tie core products sales within the component industry.

• OEM Relationships.

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The Company has relationships with many of the leaders in these industries.

• International Sales.

The Company has established a presence in Europe through acquisition of companies with existing customer bases and through servicing U.S.-based customers operating in Europe.

The Company also distributes connector, anchor and epoxy products in Canada, Mexico, Chile, Australia and New Zealand.

The Company seeks to expand existing and identify new distributions channels in the markets we serve, and expand into new markets.

Presently, we primarily serve three markets, which are also our operating segments, consisting of the North America, Europe and Asia/Pacific segments.

The North America segment includes operations primarily in the U.S.

The Europe segment includes operations primarily in France, the United Kingdom, Germany, Denmark, Switzerland, Portugal, Poland, The Netherlands, Belgium, Spain, Sweden, Norway, Italy and Romania.

The Asia/Pacific segment includes operations primarily in Australia, New Zealand, China, Taiwan, and Vietnam.

The Company also intends to expand opportunities with the other OEMs where its products complement their offerings.

• Distributors.

The Company regularly evaluates its distribution coverage and the service level provided by its distributors, and from time to time implement changes.

The Company evaluates distributor product mix and conducts promotion to encourage distributors to add the Company's products that complement the mix of their product offerings in their markets.

• Contractors.

In some markets, the Company sells to a wide range of end customers mainly through direct sales.

In order to innovate, advance and diversify our product offerings, the Company commits substantial resources to new product development.

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Since at least 2006, the Company generally develops 15 to 35 new products each year.

In 2022, through our research and development efforts, the Company, including ETANCO, developed over 40 new products expanding its product offerings by adding:

In 2023, through our research and development efforts, the Company developed over 50 new products expanding its product offerings by adding:

• new connectors and lateral products for wood framing applications;

• new connectors and fasteners for mass timber & offsite constructions;

• new connectors and fasteners for mass timber and offsite constructions;

• connections for structural steel construction;

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• new mechanical and adhesive anchors for concrete and masonry construction;

• new repair and strengthening systems for concrete, masonry and wood pile applications.

• new repair and strengthening systems for concrete and masonry applications.

By executing on its research and development strategy, the Company intends to continue to expand its product offerings.

The Company provides expertise and resources to offer software solutions and services to builders and lumber building material dealers, and supports efforts to further develop integrated software component solutions for the building industry.

Company also has ongoing development of truss software for the design, modeling and truss plate selection for its integrated component manufacturing customers.

The Company also has ongoing development of truss software for the design, modeling and truss plate selection for its integrated component manufacturing customers.

Simpson is a category creator in the building products space.

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Our products improve the performance and integrity of the structures they are installed in, helping to make those structures more sustainable, and often helping to save lives in times of natural disasters and catastrophe.

We sell our products through multiple channels including contractor distributors, home centers and co-ops, lumber dealers and OEMs.

Currently, 26 of the top 30 U.S.

builders (based on number of housing starts per year) are engaged in our builder program.

In terms of home centers, we were pleased to welcome back Lowe’s as a home center customer in 2020, where we had successfully completed the rollout of our product sets in over 1,700 Lowe’s stores.

We encounter a variety of competitors that vary by product line, end market and geographic area.

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While we do not believe that any single company competes with us across all of our product lines and distribution channels, certain companies compete in one or more product categories and/or distribution channels.

For over 65 years, through SST, we have led the industry with a majority market share in the wood connectors products space and a growing presence in both the concrete and fastener markets in the U.S.

For over 67 years, through Simpson Strong-Tie® brand, we have led the industry in the wood connectors products space and a growing presence in both the concrete and fastener markets in the U.S.

We’ve successfully increased our market share over the years through:

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In an effort to help mitigate our exposure to the cyclicality of the U.S.

housing market, as well as to respond to the needs of our customers, we’ve made investments over the years in adjacent products such as anchors, fasteners and software solutions and expanded operations into Europe through acquisitions.

housing market, as well as to respond to the needs of our customers, we’ve made investments over the years in adjacent products such as anchors, fasteners and software solutions and

expanded operations into Europe through acquisitions.

As a result, the Company is less dependent on U.S.

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The Company’s practice is to seek cost savings and enhanced quality by developing business relationships with and purchasing from a limited number of suppliers.

We purchase steel at market prices, which fluctuate as a result of supply and demand driven by economic conditions in the marketplace.

We purchase steel at market prices, which fluctuate as a result of supply and demand driven by prevailing economic conditions in the marketplace.

The steel industry is highly cyclical and prices for the Company’s raw materials are influenced by numerous factors beyond the Company’s control including geopolitical and macroeconomic factors, supply constraints and supply chain disruptions, foreign currency fluctuations, import tariffs and duties, and unsettled international trade disputes.

The steel market continues to be dynamic, with a high degree of uncertainty about future pricing trends.

Given current conditions, the Company currently expects that raw material costs may continue to increase.

Numerous factors may cause steel prices to remain high in the future.

Numerous factors may cause steel prices to increase in the future.

In addition to increases in steel prices, steel mills may add surcharges for zinc, energy and freight in response to increases in their costs.

See “Item 1A — Risk Factors” and “Item 7 — Management’s Discussion and Analysis of Financial

Condition and Results of Operations.” The Company historically has not attempted to hedge against changes in prices of steel or other raw materials.

See “Item 1A — Risk Factors” and “Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The Company historically has not attempted to hedge against changes in prices of steel or other raw materials.

However, the Company may purchase and carry more steel or other raw materials in inventory to meet projected sales demand in a tight raw materials market.

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countries where products and services of the Company are sold.

The Company may, from time to time, becomes involved in trademark licensing transactions.

The Company may, from time to time, become involved in trademark licensing transactions.

Most works of authorship produced for the Company, such as computer programs, catalogs and sales literature, carry appropriate notices indicating the Company's claim to copyright protection under U.S.

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and foreign patents, the majority of which cover products that the Company currently manufactures and markets.

These patents, and applications for new patents, cover various design aspects of the Company’s products, as well as processes used in their manufacture.

These patents, and applications for new and continuation patents, cover various design aspects of the Company’s products, as well as processes used in their manufacture.

The Company continues to develop new potentially patentable products, product enhancements and product designs as well as acquire patented product.

Although the Company does not intend to apply for additional foreign patents covering existing products, the Company has developed an international patent program to protect new products that it may develop.

The Company also seeks continuation patents for all pending patents and it is dedicated to securing patents for any new developments.

Although the Company does not have plans to apply for additional foreign patents covering existing products, the Company is committed to pursuing intellectual property protection for patentable enhancements as appropriate.

The Company has developed an international patent program to protect any innovative new products that it may develop, ensuring its competitive advantage is safeguarded.

In addition to seeking patent protection, the Company relies on unpatented proprietary technology to maintain its competitive position.

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Seasonality and Cyclicality

The Company’s sales have been seasonal and cyclical, with operating results varying from quarter to quarter.

With some exceptions, our sales and income have historically been lower in the first and fourth quarters than in the second and third quarters of a fiscal year, as the Company's customers tend to purchase construction materials in the late spring and summer months for the construction season.

Weather conditions, such as extended cold or wet weather, which affected and sometimes delayed installation of some of our products, would negatively affect our results of operations.

Although the Company’s sales have been seasonal and cyclical, with operating results varying from quarter to quarter, as a result of the acquisition of ETANCO overall sales are becoming less seasonal.

Our sales and income have historically been lower in the first and fourth quarters than in the second and third quarters of a fiscal year, as the Company's customers tend to purchase construction materials in the late spring and summer months for the construction season.

Additionally, weather conditions, such as extended cold or wet weather, which affected and sometimes delayed installation of some of our products, would negatively affect our results of operations.

Operating results vary from quarter to quarter and with economic cycles.

The Company’s sales are also dependent, to a degree, on the North American residential home construction industry.

Although the Company’s sales are also dependent, to a degree, on the North American residential home construction industry, our North America Segment accounted for approximately 78% of our net sales for the fiscal year ended December 31, 2023.

As noted above, the same efforts to mitigate the Company's reliance on housing starts have also softened the effects of seasons and adverse weather on the Company's quarterly results.

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North America

Inclusion & Diversity

Inclusion and Diversity

Our commitment to diversity and inclusion starts at the top with a highly skilled and diverse board.

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11% 11% 8% 14%

10 % 10 % 8 % 8 %

Black or African American

10 % 12 % 3 % 4 %

Hispanic or Latino

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Native Hawaiian or Other Pacific Islander

— % — % — % — %

Two or More Races

52% 49% 75% 83%

54 % 51 % 77 % 88 %

Not disclosed 5% 6% 3% —%

Talent Development

Talent development underpins our efforts to execute our strategy and continue to develop, manufacture and market innovative products and services.

The opportunity to grow and develop skills and abilities, regardless of job role, division, or geographical location is critical to the success of the Company as a global organization and we continually invest in our employees’ career growth and provide employees access to a wide variety of learning and development resources, including a suite of online courses for developing both soft and technical skills.

Our focus on talent development is fundamental to executing our strategy and advancing the development, manufacture, and marketing of innovative products and services.

The opportunity to grow and develop skills and abilities, regardless of job role, division, or geographical location is critical to the success of the Company as a global organization.

We continually invest in

our employees’ career growth and provide employees access to a wide variety of learning and development resources, including a suite of online courses for developing both soft and technical skills.

Our extraordinary leadership development programs provide employees with training, tools and experiences that are targeted to develop their full leadership potential.

The Company’s compensation philosophy is to attract, retain, motivate, and differentiate employees through its rewards programs.

We believe people should be paid for what they do and how they do it, regardless of their gender, race, or other personal characteristics and are committed to internal pay equity.

We believe people should be paid for what they do and how they do it, regardless of their gender, race, or other personal characteristics, and we are committed to internal pay equity.

Our Board of Directors, through its Compensation and Leadership Development Committee, monitors the relationship between the pay received by our executive officers, and Human Resources monitors the relationship of pay received by all other employees.

We believe our compensation philosophy and strategy are strongly aligned with our corporate strategic priorities and our vision for stockholder value creation.

In addition to financial compensation we offer a health and wellness package to our employees, which is designed to provide a range of options that are customizable to suit their individual and/or family needs.

In addition, in an effort to continue to attract, retain, and motivate our workforce, in the U.S., we offer remote and flexible work packages for positions which allow for remote work.

We continue to engage our partners and benefits consultants to ensure our health and wellness package continues to meet the needs of our diverse workforce today and into the future.

In addition to financial compensation, we offer a health and wellness package to our employees which is designed to provide a range of options that can be personalized to suit their individual and/or family needs.

As part of our ongoing commitment to attract, retain, and inspire our workforce in the United States, we provide remote and flexible work options for positions that support remote work.

We regularly engage our partners and benefits consultants to ensure our health and wellness package evolves to meet the needs of our diverse workforce both now and in the future.

Workplace Safety and Health

A vital part of our business is providing our workforce with a safe, healthy and sustainable working environment.

manufacturing facilities around the world to explore new opportunities to reduce potential employee exposure to occupational injuries.

Our continuous focus on workplace safety has enabled us to preserve business continuity without sacrificing our commitment to keeping our colleagues and workplace visitors safe since the COVID-19 outbreak.

Our Environmental, Health and Safety program focuses on implementing change through employee observation feedback channels to recognize risk and continuously improve our processes, as well as conducting regular risk reviews and self-audits at our manufacturing facilities around the world to explore new opportunities to reduce potential employee exposure to occupational injuries.

Our continuous focus on workplace safety has enabled us to preserve business continuity without sacrificing our commitment to keeping our colleagues and workplace visitors safe.

Labor Relations

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Each of these documents is made available free of charge.

We intend to disclose on our website any amendment to, or waiver of, any provisions of our Code of Business Conduct and Ethics that apply to any of our directors, executive officers or senior financial officers that would otherwise be required to be disclosed under the rules of the SEC or the NYSE.

The foregoing information regarding our website and its content is for your convenience only.

The information contained in or connected to our website is not deemed to be incorporated by reference in this Annual Report or filed with the SEC.

In addition, the SEC maintains a website that contains reports, proxy and information statements, and other information regarding issuers, where you may obtain a copy of all information we file publicly with the SEC.

In addition, the SEC maintains a website that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, where you may obtain a copy of all information we file publicly with the SEC.

The SEC website address is www.sec.gov.

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.

What changed 10-K

Item 1. Business