2 unchanged sentences
For more than four decades, we sold only one product, WD-40 ® Multi-Use Product, a maintenance product which acts as a lubricant, rust preventative, penetrant and moisture displacer.
−Removed: Over the last two decades, we have evolved and expanded our product offerings through both research and development activities and through the acquisition of several brands worldwide.
+Added: Over the last several decades, we have evolved and expanded our product offerings through both research and development activities and through the acquisition of several brands worldwide.
As a result, we have built a family of brands and product lines that deliver high quality performance at a good value to our end users.
4 unchanged sentences
Our strategic initiatives are the areas where we will continue to focus our time, talent and resources in future periods.
−Removed: We have recently decided to refresh our strategic initiatives to more accurately and holistically reflect the top priorities of the Company as we look towards fiscal year 2022 and beyond.
−Removed: These strategic initiatives include:
+Added: Our strategic initiatives include:
(i) building a business for the future;
7 unchanged sentences
We understand that we cannot achieve this without attracting, developing and engaging outstanding people, whom we refer to collectively as a tribe, that strive for operational excellence daily.
−Removed: The principal driver of our growth continues to be taking the blue and yellow brand with the little red top, to new users in global markets.
−Removed: We continue to be focused and committed to innovation and renovation of our
−Removed: We see innovation and renovation as important factors to the long-term growth of our brands and product lines, and intend to continue to work on future products, product lines, product packaging, product delivery systems and promotional innovations and renovations in order to expand our product portfolio to help us grow.
+Added: The principal driver of our growth continues to be taking the blue and yellow can with the little red top, to new users in global markets.
+Added: We continue to be focused and committed to innovation and renovation of our products.
+Added: We see innovation and renovation as important factors to the long-term growth of our brands and product lines, and intend to continue to work on future products, product lines, product packaging, and product delivery systems, as well as promotional innovations and renovations in order to expand our product portfolio to help us grow.
We are also focused on expanding our current brands in existing markets with new product development.
Our product development teams support new product development and current product improvement for our brands.
−Removed: Over the years, our research and development team has made an innovation impact on most of our brands.
+Added: Over the years, our research and development team has made an impact on most of our brands through our innovation activities.
Key innovations for our products include, but are not limited to, WD-40 EZ-Reach ® Flexible Straw, WD-40 Smart Straw ® , WD-40 Trigger Pro ® , WD-40 Specialist ® , WD-40 BIKE ® , 3-IN-ONE RVcare ® and 3-IN-ONE ® Professional Garage Door Lube.
4 unchanged sentences
We believe that a tribe is a group of people who come together to feed and defend one another in order to fulfill a common purpose.
−Removed: Our purpose can only be achieved with the efforts of our 540 tribe members who create positive lasting memories for our stakeholders, especially our end users as they work to ensure that our products solve problems in factories, workshops, and homes around the world.
+Added: Our purpose can only be achieved with the efforts of our 583 tribe members who create positive lasting memories for our stakeholders, including our end users as they work to ensure that our products solve problems in factories, workshops, and homes around the world.
Our workforce is distributed globally in 15 countries, with approximately 34% in the Americas, 42% in EMEA, 15% in Asia-Pacific, and 9% corporate employees.
1 unchanged sentence
The average tenure of our global tribe is 8 years.
−Removed: One of our most important strategic initiatives is to attract, develop and engage outstanding tribe members.
+Added: A foundational strategic initiative is to attract, develop and engage outstanding tribe members.
We believe that our ability to attract, develop, engage, and retain outstanding tribe members is the result of our inclusive, purpose-driven, learning focused and values guided culture.
3 unchanged sentences
As a result of the culture we have nurtured and evolved, we have increased employee engagement over time while expanding the size of our tribe to support our growing business.
−Removed: Our most recent biennial global employee engagement survey, which was conducted in January 2020 by an independent third-party, resulted in a very high employee engagement rating of 93%.
+Added: Our most recent biennial global employee engagement survey, which was conducted in January 2022 by an independent third-party, resulted in a very high employee engagement level of 93%.
Consistently living our company values grants each of us the freedom and agility to make autonomous decisions yet remain aligned as we act in the best interest of all our stakeholders across the globe.
−Removed: Our approach to diversity and inclusion focuses on what unites us rather than what separates us.
−Removed: Our diverse global tribe, hired primarily within local markets, contain an array of talent and experiences, work in harmony to solve problems and bring purpose to our work life.
−Removed: Our tribe is comprised of talented and dedicated members, many of whom collaborate with their international peers in the areas of :
+Added: Our approach to diversity and inclusion focuses on what unites us:
+Added: a common purpose as a tribe.
+Added: Our diverse global tribe, hired primarily within local markets, contains an array of talent and experiences, work collaboratively to solve problems and bring meaning to our work life.
+Added: Our tribe is comprised of talented and dedicated members, many of whom work together with their international peers in the areas of :
marketing, sales, customer service, finance and accounting, legal, information technology, human resources, supply chain and logistics, innovation, R&D, quality, and other technical fields.
We believe our culture is a competitive advantage, and we prioritize it as such.
−Removed: Understanding the views, perspectives and experiences of our end-users and tribe members are a foundational element in maintaining and growing the WD-40 Company brand and business.
+Added: Understanding the views, perspectives and experiences of our end-users and tribe members is foundational in maintaining and growing the WD-40 Company brand and business.
Our language, norms, artifacts, and traditions result in psychological safety, learning, and goal achievement.
This includes a total rewards strategy that ensures each tribe member can sustain their well-being today and into the future.
−Removed: The recent global pandemic reinforced the importance of our priority to maintain the safety, health, and well-being of every tribe member.
−Removed: In response to the COVID-19 pandemic, most of our workforce worked remotely, in accordance with public health and safety guidance.
−Removed: Requisite safety protocols were implemented to ensure the health and safety of our tribe members whose roles were essential to be onsite in support of ongoing operations.
+Added: The recent and ongoing global pandemic has reinforced the importance of our priority to maintain the safety, health, and well-being of every tribe member.
+Added: During various stages of the COVID-19 pandemic, much of our workforce worked remotely, in accordance with public health and safety guidance.
The pandemic inspired us to launch what we call “Work from Where”, a philosophy to support the work-life integration of our global tribe members.
4 unchanged sentences
This study identified no biased decision-making, as any differences were explainable by job-related criteria.
−Removed: We will continue to conduct equitable pay studies going forward and will include results from
−Removed: those studies in our future ESG reports.
−Removed: We invite you to review our ESG Report (located on our Internet site at www.wd40company.com) for more information about corporate responsibility, our tribe, programs, and initiatives.
+Added: The next study will be completed in calendar year 2023.
+Added: We will continue to conduct equitable pay studies going forward and will include results from those studies in our future ESG reports.
+Added: We invite you to review our ESG
+Added: Report (located on our Internet site at www.wd40company.com) for more information about corporate responsibility, our tribe, programs, and initiatives.
Nothing on our website shall be deemed incorporated by reference into this Annual Report on Form 10-K.
15 unchanged sentences
The multi-purpose drip oil is a lubricant with unique spout options that allow for precise applications to small mechanisms and assemblies, tool maintenance and threads on screws and bolts.
−Removed: 3-IN-ONE Oil is the market share leader among drip oils.
+Added: 3-IN-ONE Oil is the market share leader among drip oils in many countries.
It also has wide industrial applications in such areas as locksmithing, HVAC, marine, farming and construction.
39 unchanged sentences
Manufacturing
−Removed: We outsource directly or through our marketing distributors the manufacturing of our finished products to various third-party contract manufacturers.
−Removed: The Company or its marketing distributors use contract manufacturers in the U.S., Canada, Mexico, Brazil, Argentina, Colombia, the U.K., Italy, Australia, China, South Korea and India.
−Removed: Although we have definitive minimum purchase obligations included in the contract terms with certain contract manufacturers, when such obligations have been included, they have either been immaterial or the minimum amounts have been such that they are well below the volume of goods that we have historically purchased.
+Added: We outsource our finished goods manufacturing directly or through our marketing distributors to various third-party manufacturers.
+Added: The Company or its marketing distributors use contract manufacturers in the U.S., Canada, Mexico, Brazil, Argentina, Colombia, the U.K., Italy, Poland, Australia, China, South Korea and India.
+Added: Although we have definitive minimum purchase obligations included in the contract terms with certain contract manufacturers, when such obligations have been included, they have either been immaterial or the minimum amounts have been such that they are below the volume of goods that we have historically purchased.
Supply needs are communicated by us to our contract manufacturers, and we are committed to purchase the products manufactured based on orders and short-term projections, ranging from two months to six months, provided to the contract manufacturers.
4 unchanged sentences
Where possible and where it makes business sense, we work with secondary or multiple suppliers to qualify additional supply and, historically, we have been able to obtain adequate capacity and raw materials.
−Removed: However, during the COVID-19 pandemic, the Company has experienced certain constraints, particularly in its Americas supply chain.
−Removed: These challenges include general aerosol-related production capacity constraints primarily due to increased demand at third-party manufacturers along with shortages of certain
−Removed: other raw materials and freight services.
−Removed: The primary components and raw materials for our products include petroleum-based specialty chemicals and aerosol cans, which are manufactured from commodities that are subject to market price fluctuations.
+Added: However, during the COVID-19 pandemic, we have experienced certain constraints, particularly in our Americas supply chain.
+Added: These challenges include general aerosol-related production capacity constraints primarily due to increased demand at third-party manufacturers along with shortages of certain other raw
+Added: materials and freight services.
+Added: The primary components and raw materials for most of our products include specialty chemicals and aerosol cans, which are manufactured from commodities that are subject to market price fluctuations.
The availability of these components and raw materials is affected by a variety of supply and demand factors, including global market conditions, plant capacity utilization, and natural disasters.
−Removed: Although we expect these components and raw materials to continue to be readily available in the future and we have developed resiliency and risk mitigation plans, we will continue to be exposed to some level of market risks, as described above.
+Added: We have been experiencing input cost inflation that has impacted the cost of certain raw materials and freight services over the last couple of years.
+Added: Actions that we are taking to increase prices with our customers and cost savings initiatives that are currently underway will mitigate some of these inflationary pressures.
+Added: Our business results depend on the effective management and remedy of any supply disruptions.
+Added: We expect these components and raw materials to continue to be readily available in the future and we have developed sourcing alternatives and risk mitigation plans.
+Added: We expect some level of market constraints to persist in fiscal year 2023, as described above.
Research and Development
3 unchanged sentences
In addition, the research and development team engages in activities and product development efforts which are necessary to ensure that we meet all regulatory requirements for the formulation of our products.
+Added: Our research and development team currently conducts global testing at a laboratory facility that we lease in New Jersey.
The markets for our products, particularly those related to our homecare and cleaning products, are highly competitive.
16 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.