What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-03-03 compared with 2024-02-28 · 83 added, 72 removed, 177 unchanged (47% of the section changed)

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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.

The Company is relentlessly focused on providing customers with 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.

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.

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").

Our products for concrete construction 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.

The Company markets its products to the residential construction, light industrial, commercial construction, original equipment manufacturer ("OEM"), component manufacturers and national retail markets domestically in North America, primarily in the United States, and internationally, predominantly in Europe.

Our European operations includes our subsidiary FIXCO, Invest S.A.S.

(together with its subsidiaries, “ETANCO”), which we acquired in 2022 to expand our product portfolio to include commercial building envelope solutions.

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

ETANCO's primary product applications directly align with the addressable markets in which the Company operates, expands our portfolio of solutions, including mechanical anchors, fasteners and commercial building envelope solutions, and significantly increase our market presence across Europe.

We continue to believe that the acquisition of ETANCO will support continued growth in our European business, including expansion into new geographies, sales channels and commercial building offerings.

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

Simpson also provides engineering services to support and enhance products and their specification while growing its offering of digital tools and design, planning and estimating software to facilitate the specification, selection and use of our products.

The Company has continuously manufactured structural connectors since 1956 and believes that it benefits from the strong name recognition of the Simpson Strong-Tie® brand in residential, light industrial, and commercial markets.

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.

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• 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.

• Expanding our solutions and offerings to our end-market customers in the residential, commercial, OEM, component manufacturer, and national retail areas.

Products and Services

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.

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 category.

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.

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 category.

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 adhesive 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.

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These tests also provide the basis of load ratings for the Company’s structural products.

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.

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 wood deck constructed by a homeowner to a multi-story steel structure designed by an architect or engineer.

Structural Products for Wood Construction.

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As described below, the Company’s wood construction products include:

• Connectors - Connectors are prefabricated metal products that attach wood, concrete, masonry or steel together and are essential for tying wood construction elements together and create safer and stronger buildings.

• Connectors - Connectors are prefabricated metal products designed to join wood, concrete, masonry or steel together and are essential for tying wood construction elements together and create safer and stronger buildings.

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 multiple screw fastening systems, which are used in numerous applications such as building envelope applications, decking, subfloors, drywall and roofing;

• Fasteners - The fastening line includes variety of nails, screws and staples, which are complemented by the Company's multiple screw fastening systems, which are used exclusively 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.

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Engineering and Design Services.

The Company’s engineers not only design and test products, but also provide engineering support for customers in connection with a number of products that the Company manufactures and sells.

The Company’s engineers not only design and test products, but also provide customers with engineering support for a number of products manufactured and sold by the Company.

This support might range from the discussion of a load value in a catalog to testing the suitability of an existing product in a unique application.

For the truss product line, the Company’s engineers review the output of the Company’s software to assist customers in ensuring that trusses are properly designed and specified, and in some instances seal design diagrams.

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.

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 design and construction 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 digital 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 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.

Whether focusing on residential, commercial, or outdoor structures, the Company’s technology and digital 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 existing and identify new distributions channels in the markets it serves and expand into new markets.

The Company seeks to expand existing and identify new distributions channels in the markets it serves and expand into new adjacent 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 Europe segment includes operations primarily in France, the United Kingdom, Germany, Denmark, Switzerland, Portugal, Poland, The Netherlands, Belgium, Spain, Sweden, Norway, and Italy.

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

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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 intends to increase penetration of the residential market by expanding to 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.

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The Company works directly with wood component manufacturer customers.

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.

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

• OEM Relationships.

The Company works closely with manufacturers of engineered wood, composite laminated timber and original equipment manufacturers ("OEMs") for off-site construction to develop and expand the application and sales of its engineered wood connector, fastener, anchor, and truss products.

The Company works closely with manufacturers of engineered wood, composite laminated timber and OEMs for off-site construction to develop and expand the application and sales of its engineered wood connector, fastener, anchor, and truss products.

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

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

The Company also intends to expand opportunities with 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.

The Company evaluates distributors' product mix and conducts promotion to encourage them 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 some markets, the Company sells to a wide range of end customers (contractors) mainly through direct sales.

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

The majority of SST’s products have been developed through its internal research and development program.

The majority of our products have been developed through its internal research and development team.

The Company believes it is the only U.S.

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The Company’s engineering, sales, product management, and marketing teams work together with architects, engineers, building inspectors, code officials, builders and customers in the new product development process.

The Company’s product research and development is based largely on products or solutions that are identified within the Company, feedback or requests from customers for new or specialty products and in connection with the Company’s strategic initiatives to expand into new markets and/or develop new product lines.

The Company’s strategy is to develop new products on a proprietary basis, to seek patents when appropriate and to rely on trade secret protection for others or depending on availability and circumstances, the Company will acquire products or solutions meeting our strategic initiatives.

The Company’s product research and development is based largely on products or solutions that are identified within the Company, feedback or requests from customers for new or specialty products or in connection with the Company’s strategic initiatives to expand into new markets and/or develop new product lines.

The Company’s strategy is to develop new products on a proprietary basis, to seek patents when appropriate, and to rely on trade secret protection for others.

Depending on availability and circumstances, the Company will acquire products or solutions meeting our strategic initiatives.

Since at least 2006, the Company generally develops 45 to 70 new products each year.

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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.

The 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 continues to focus on the 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.

Our mission is to provide solutions that help people design and build safer, stronger structures.

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.

Currently, 26 of the top 30 U.S.

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

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

Its mission is to deliver innovative solutions that help people design and build safer, stronger structures.

The Company’s products improve the performance and integrity of the structures they are installed in, helping to make those structures more resilient and sustainable, and often helping to save lives in times of natural disasters and catastrophes.

Currently, in the U.S.

26 of the top 30 builders (based on number of housing starts per year) are engaged in our builder program.

The Company encounters a variety of competitors that vary by product line, end market, and geographic area.

The Company's competitors include many regional or specialized companies, as well as large U.S.

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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 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:

Since 1956, through the Simpson Strong-Tie® brand, the Company has led the industry in the wood connectors products space and a growing presence in both the concrete and fastener markets in the U.S.

The Company has successfully increased its market share over the years through:

• designing and marketing end-to-end construction product systems;

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• active involvement with code officials to improve building codes and construction practices.

We believe these value-added services are competitive differentiators for us and provide us with a competitive advantage, helping us to achieve industry-leading margins, strong brand recognition and a trusted reputation.

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.

We are also investing in software technology, such as 3D visualization software tools, truss design and specification software and BIM software, in order to drive increased specification and use of our building material products with homeowners, truss component manufacturers, builders and distributors as well as to support our customers with additional solutions and services.

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.

The Company believes these value-added services are competitive differentiators and provides the Company with a competitive advantage, helping it to achieve industry-leading margins, strong brand recognition and a trusted reputation.

The Company also provides 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 is also investing in software technology, such as 3D visualization software tools, truss design and specification software, Artificial Intelligence ("AI"), and construction-related software, in order to drive increased specification and use of our building material products with engineers, truss component manufacturers, builders, lumber dealers, and homeowners as well as to support our customers with additional solutions and services.

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

housing market as well as to respond to the needs of our customers, the Company has made investments over the years in adjacent products such as anchors, fasteners, and software solutions and expanded operations internationally into Europe.

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

housing starts, though they are still a leading indicator for a portion of our business.

housing starts, though they are still a leading indicator for a significant portion of the business.

Raw Materials

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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 prevailing economic conditions in the marketplace.

The Company purchases 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.

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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.

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

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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.

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

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.

The Company has developed an international patent program to protect any innovative new product 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

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.

Although the Company’s sales have been seasonal and cyclical, with operating results varying from quarter to quarter, as a result of our European operations, primarily 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.

Additionally, weather conditions, such as extended cold or wet weather, affecting and sometimes delaying installation of some of its products, would negatively affect the Company's results of operations.

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

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.

Although the Company’s sales are also dependent, to a degree, on the U.S.

residential home c onstruction industry, the North America Segment accounted for approximately 77.8% of our net sales for the fiscal year ended December 31, 2024.

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.

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

Human Capital Resources

Successful execution of our strategy is largely dependent on attracting, developing and retaining key employees and leaders.

Successful execution of the Company's strategy is largely dependent on attracting, developing and retaining key employees and leaders.

The skills, experience, industry knowledge, and contributions of our employees significantly benefit our operations and performance.

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As of December 31, 2024, our employees, including those employed by consolidated subsidiaries, by region were approximately:

North America

Inclusion and Diversity

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

We strive to have a diverse culture of employees representing different genders, ages, ethnicities and abilities by implementing thoughtful, customized solutions and programs.

Inclusion and Belonging

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

We strive to have employees representing different genders, ages, ethnicities and abilities by implementing thoughtful, customized solutions and programs.

As of December 31, 2024, we had the following global gender demographics:

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All employees

22.0% 70.0% 8.0%

Individual Contributors

23.0% 68.0% 9.0%

Middle Management

20.0% 75.0% 5.0%

Senior Leadership

16.0% 84.0% —%

As of December 31, 2024, our U.S.

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1.0% 1.0% —% —%

10.0% 10.0% 8.0% 14.0%

Black or African American

9.0% 10.0% 4.0% 3.0%

Hispanic or Latino

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Native Hawaiian or Other Pacific Islander

1.0% 1.0% —% —%

Two or More Races

2.0% 2.0% 2.0% —%

52.0% 48.0% 73.0% 77.0%

Not disclosed 6.0% 7.0% 4.0% 6.0%

Talent Development

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

The Company's commitment to 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.

By investing in the Company's employees’ continuous development, we create a culture where every employee can thrive and grow.

We provide the tools, resources, and opportunities that empower our team to expand their skills, embrace new challenges, and drive our organization’s success.

We offer comprehensive global leadership development programs that provide leaders with the training, tools, and experiences necessary 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 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 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.

The Board of Directors, through its Compensation and Leadership Development Committee, monitors the relationship between the pay received by our executive officers, and Human Resources evaluates the compensation program for executive officers.

The Company's Human Resources department, along with senior management, evaluates the compensation received by all other employees.

The Company's compensation philosophy and strategy are strongly aligned with its strategic priorities and its vision for shareholder value creation.

In addition to financial compensation, the Company offers a comprehensive health and wellness package to its 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 an ongoing commitment to attract, retain, and inspire our workforce in the United States, the Company provides remote and flexible work options for positions that support this approach.

The Company regularly engages with its partners and benefits consultants to ensure its health and wellness package evolves to meet the needs of our diverse workforce both now and in the future.

Workplace Safety and Health

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In Stockton, California, two union contracts will expire in June 2027 and September 2028, respectively.

Also, we have two union contracts in San Bernardino County, California that will expire in February 2025 and in June 2026.

In Riverside, California, two union contracts will expire on February 28, 2025, which is in the process of being renegotiated and in June 2026, respectively.

The Company also has two collective bargaining agreements in France, one under the Convention collective nationale de la métallurgie and the other under Plasturgie.

Based on current information and subject to future events and circumstances, we believe that, even if new agreements are not reached before the existing labor union contracts expire, it is not expected to have a material adverse effect on the Company’s ability to provide products to customers or on the Company’s profitability.

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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 New York Stock Exchange (the "NYSE").

New York Stock Exchange (the "NYSE").

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

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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