What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2024-02-22 compared with 2023-02-23 · 43 added, 34 removed, 86 unchanged (47% of the section changed)

9 unchanged sentences

Principal Products, Markets and Distribution

The Company offers products and solutions consisting of mechanized cleaning equipment for both industrial and commercial use, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, and business solutions such as financing, rental and leasing programs, and machine-to-machine asset management solutions.

The Company offers products and solutions consisting of manual and mechanized cleaning equipment for both industrial and commercial use, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, and business solutions such as financing, rental and leasing programs, and machine-to-machine asset management solutions.

The Company is committed to developing cleaning technologies, including autonomous solutions, which increase cleaning productivity.

3 unchanged sentences

The Company markets its offerings under the following brands:

Tennant ® , Nobles ® , Alfa Uma Empresa Tennant™, IRIS ® , VLX™, IPC brands, Gaomei and Rongen brands as well as private-label brands.

Tennant ® , Nobles ® , Alfa Uma Empresa Tennant™, IPC, Gaomei and Rongen brands as well as private-label brands.

The Company has a portfolio of differentiated technology solutions that includes IRIS ® as an asset management solution, ec-H2O NanoClean ® as a detergent-free cleaning solution, and ReadySource ® as a rapid-drying carpet cleaning technology.

The Company's more than 40,000 customers include contract cleaners to whom organizations outsource facilities maintenance, as well as businesses that perform facilities maintenance themselves.

The Company reaches these customers through the industry's largest direct sales and service organization and through a strong and well-supported network of authorized distributors worldwide.

The Company's has an extensive global field service network.

The Company has an extensive global field service network.

We sell products directly in 15 countries and through distributors in more than 100 countries.

5 unchanged sentences

At the same time, our engineering teams are evaluating platform design to allow for available parts and to increase our sourcing flexibility.

We expect cost inflation and market supply challenges to continue into 2023 which may negatively impact our financial results.

Intellectual Property

14 unchanged sentences

Several global competitors compete with the Company in virtually every geography of the world.

However, small regional competitors are also significant competitors who vary by country, vertical market, product category or channel.

Additionally, small regional competitors are also significant competitors who vary by country, vertical market, product category or channel.

The Company competes primarily on the basis of offering a broad line of high-quality, innovative products supported by an extensive sales and service network in major markets.

Human Capital

Tennant Company has a commitment to our employees to foster a culture of integrity and stewardship as we manage our business.

This holds us accountable to our colleagues to care for one another and work together to bring to market sustainable cleaning innovations that empower others to create a cleaner, safer, and healthier world.

The following are key human capital measures and objectives that the Company currently focuses on:

As of December 31, 2023, we employed approximately 4,457 employees who are guided by our vision to design, manufacture and market sustainable solutions that help create a cleaner, safer and healthier world.

Ethics and Employee Safety

Tennant conducts annual training and other engagement activities around our Code of Conduct.

In 2022, we provided anti-bribery and data privacy training to all employees.

Tennant Company has multiple avenues, including an ethics hotline, for employees to report concerns.

Tennant Company has a commitment to our employees to foster and uphold a culture of integrity and stewardship.

We ensure that our employees are not only aware of ethical standards, but actively contribute to maintaining them.

As part of this commitment, Tennant conducts annual Code of Conduct training that empowers our staff with the knowledge and tools to make ethical decisions in their roles.

We understand the importance of fostering an environment where concerns can be raised without fear of reprisal.

To facilitate this, we offer various avenues for reporting concerns, including a dedicated ethics hotline accessible both via phone and online.

We prioritize the health and safety of all employees.

We operate under our established safety programs and employ a team of employee health and safety specialists.

In 2022, we continued enhancing our safety culture in our corporate, manufacturing and distribution facilities, and in our sales and service organizations through continuous improvement initiatives.

In addition to our established safety programs, our teams have continued to execute our enhanced COVID-19 safety protocols in our manufacturing, distribution and office facilities.

We continue to meet or exceed our safety goals and initiatives.

Diversity, Equity, and Inclusion

Tennant is proud to be an equal opportunity employer where we foster and maintain an ethical work environment free of discrimination.

Employment decisions are made on the basis of individual skill, ability, reliability, productivity, and other factors important to performance.

In 2022, we formally activated our enterprise-wide Diversity, Equity & Inclusion (DE&I) strategic initiative which is governed under our enterprise strategy office.

This initiative is primarily focused on DE&I education, maturing our governance and growing our Employee Resources Group (ERG), which provides avenues for employee input around our strategy.

Diversity in Governance

As of December 31, 2022, women represented 67% of our executive management team and 33% of our Board of Directors.

We operate under our established safety programs and employ an experienced team of health and safety specialists to provide support to employees globally.

All locations work diligently to meet and/or exceed regulatory standards applicable to each site.

Tennant employees are empowered to stop work anytime there is a potential hazard identified.

Each site maintains public and confidential ways for employees to report safety concerns to ensure employees feel free to report their concerns.

We believe attraction, development, engagement, and retention of a diverse group of employees is key to achieving our organizational objectives.

We focus on creating a high-performance culture, which includes our annual performance management process for all employees which aligns with our employee and leadership competency frameworks.

To support employee development, we have deployed a number of resources including our philosophy and development tools for all employees via our intranet.

We also provide leaders access to on-demand eLearnings and targeted live training sessions.

In addition, we engage in annual talent conversations to help identify, develop, and deploy talent to achieve our objectives and address talent risks.

We believe talent feedback is key to engagement and survey our employees regularly.

Also, we provide other feedback and engagement avenues such as all employee quarterly town halls and leadership meetings.

We take action to drive improvement in our ability to engage and retain talent.

Diversity, Equity, and Inclusion (DE&I)

Tennant Company believes that an inclusive and diverse workforce contributes to our business success.

The inclusion of diverse perspectives enables innovation and our ability to serve customers.

We continue our DE&I focus through strategies which engage and educate our employees, promote inclusion, and drive effective governance.

Tennant Company proudly continues our commitment to be an equal opportunity employer.

We make employment decisions based on the basis of individual skill, ability, reliability, productivity, and other factors important to performance.

Women represent 50% of our executive management team and 33% of our Board of Directors as of December 31, 2023.

Gender Equitable Pay

1 unchanged sentence

The most recent assessment found that the median total income for females was 99.6% of the median total income for males, suggesting there is no evidence of a gender pay gap in the United States at Tennant Company.

The following table represents employees by gender and region as of December 31, 2022:

Employee Gender Statistics

The following table represents employees by region and gender as of December 31, 2023:

Female Male Total

3 unchanged sentences

Total 1,025 3,432 4,457

Attraction, development, engagement and retention of talent is key to achieving our organizational objectives.

We focus on creating a high-performance culture through our annual performance management process, which aligns with our employee and leadership competency framework.

We engage in annual talent conversations to identify, develop and deploy talent to achieve our objectives and address talent risks.

Total Rewards

Tennant Company’s philosophy is to reward employees competitively for the work they perform consistent with position, skill level, experience, knowledge and geographic location.

We evaluate the competitiveness of our pay levels annually against relevant labor markets and adjust our programs as appropriate.

We offer a comprehensive total rewards package to our employees that includes pay, benefits, recognition and well-being programs which are tailored by geographic location, statutory requirements and competitive practice as appropriate.

Each year, we evaluate the competitiveness of our pay levels against relevant labor markets and adjust our programs as appropriate.

We offer a comprehensive total rewards package to our employees that includes pay, benefits, recognition, and well-being programs which are tailored by geographic location, statutory requirements, and competitive practice.

Available Information

6 unchanged sentences

Barb Balinski (60) joined the Company in 2018 as Vice President of Engineering and in March 2021, she was named Senior Vice President, Innovation and Technology, leading Research & Development (R&D), Marketing, and Information Technology (IT) functions for Tennant Company.

Prior to joining Tennant, Barb held leadership positions of increasing responsibility with the engineering team for the Integrated Business Units at Whirlpool Corporation, a multinational manufacturer of home appliances, from 2005 to 2017, most recently as Director, Product Development, from 2013 to 2017.

Prior to joining Tennant, Ms.

Balinski held leadership positions of increasing responsibility with the engineering team for the Integrated Business Units at Whirlpool Corporation, a multinational manufacturer of home appliances, from 2005 to 2017, most recently as Director, Product Development, from 2013 to 2017.

Prior to Whirlpool Corporation, she spent eleven years with Saturn Corporation, a subsidiary of General Motors.

5 unchanged sentences

From 1992 to 2006, he held various positions with Graco Inc., a designer, manufacturer and marketer of systems and equipment to move, measure, control, dispense and spray fluid and coating materials, including Worldwide Director of Marketing, Contractor Equipment Division.

McKnight, Senior Vice President, Chief Administrative Officer

McKnight (55) joined the Company in June 2014 as Senior Vice President of Global Human Resources.

In 2017, she was named Senior Vice President and Chief Administrative Officer.

Prior to joining the Company, she was Vice President of Human Resources at Alliant Techsystems (ATK) where she held divisional and corporate leadership positions in the areas of compensation, talent management, talent acquisition and general human resource management from 2002 to 2014.

Prior to ATK, she was with New Jersey-based NRG Energy, Inc.

Erickson, Senior Vice President, General Counsel and Corporate Secretary

15 unchanged sentences

From 1993 to 2006, he held various positions with Maytag Corporation, including Vice President, Jenn-Air Brand, Director of Marketing, Maytag Brand, and Director of Cooking Category Management.

Christianson, Senior Vice President, Chief Human Resources Officer

Christianson (54) joined the Company in November 2023 as Senior Vice President, Chief Human Resources Officer.

From 2017 to October 2023, Mr.

Christianson served in various Human Resources Vice President roles at Thrivent, a Fortune 500 financial services company.

He held senior positions at Honeywell International from 2011 to 2017, including global Vice President of HR for the Environmental, Combustion, and Controls business unit.

From 1998 to 2011, he worked at Medtronic, a global healthcare technology leader, where he held HR leadership roles in corporate, business units, and EMEA.

Prior to Medtronic, he held HR and consulting roles with Emerson Electric and Ernst & Young.

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