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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.
−Removed: We currently market and sell our products in more than 176 countries and territories worldwide primarily through warehouse club stores, hardware stores, automotive parts outlets, industrial distributors and suppliers, mass retail and home center stores, value retailers, grocery stores, online retailers, farm supply, sport retailers, and independent bike dealers.
+Added: We currently market and sell our products in more than 176 countries and territories worldwide primarily through hardware stores, automotive parts outlets, industrial distributors and suppliers, mass retail and home center stores, value retailers, grocery stores, online retailers, warehouse club stores, farm supply, sport retailers, and independent bike dealers.
Our sales come from two product groups – maintenance products and homecare and cleaning products.
−Removed: Maintenance products are sold worldwide in markets throughout North, Central and South America, Asia, Australia, Europe, the Middle East and Africa.
+Added: Maintenance products are sold worldwide in markets throughout North, Central and South America, Asia, Australia, Europe, India, the Middle East and Africa.
Homecare and cleaning products are sold primarily in North America, the United Kingdom (“U.K.”) and Australia.
−Removed: We are currently conducting a strategic review regarding the future of our homecare and cleaning products.
+Added: We are continuing to conduct a strategic review regarding the future of our homecare and cleaning product portfolios in the Americas and EIMEA segments and are pursuing the sale of these portfolios in fiscal year 2025.
+Added: This potential sale will allow us to focus on our core, higher-margin maintenance products that are included in our strategic framework.
The principal driver of our sales growth is focused on our maintenance products and making them available in more places, for more people, who will find more uses, more frequently.
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We continue to be focused and committed to innovation and renovation of our products.
−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, and product delivery systems, as well as promotional innovations and renovations to expand our product portfolio to help us grow.
+Added: We see innovation and renovation as important factors to the long-term growth and sustainability 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 to expand our product portfolio, build a more sustainable future, and to help us grow.
We are also focused on expanding our current brands in existing markets with new product development.
Our research and development team supports new product development and current product improvement for our brands.
−Removed: Over the years, our research and development team has made an impact on most of our brands through our innovation activities.
+Added: Over the years, our research and development team has made impacts 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 Specialist ® Degreaser & Cleaner EZ-Pods, WD-40 ® Precision Pen, WD-40 BIKE ® , 3-IN-ONE RVcare ® and 3-IN-ONE ® Professional Garage Door Lube.
−Removed: Our homecare and cleaning products, particularly those in the U.S.
−Removed: and the U.K., are considered harvest brands which continue to provide positive returns but are becoming a smaller part of the business as sales of the maintenance products grow with the execution of our four Must Win Battles within our strategic framework.
−Removed: We are exploring options to further de-emphasize our homecare and cleaning brands, particularly those in the U.S.
−Removed: De-emphasizing these brands over time will create opportunities for our workforce to bring an even greater focus to our higher margin maintenance products.
−Removed: Although we are evaluating strategic alternatives for certain of our homecare and cleaning products we have continued to sell products within these brands but with a reduced level of marketing investment.
+Added: Our homecare and cleaning products in the Americas and EIMEA segments are considered harvest brands, which continue to provide positive returns but are becoming a smaller part of the business as sales of the maintenance products grow with the execution of our four Must Win Battles within our strategic framework.
+Added: We have continued to sell products within these brands but with a reduced level of marking investment over time.
+Added: We are continuing to conduct a strategic review regarding the future of our homecare and cleaning product portfolios in the Americas and EIMEA segments to create opportunities for our workforce to bring an even greater focus to our higher margin maintenance products and are pursuing the sale of these portfolios in fiscal year 2025.
Human Capital Resources
−Removed: Our purpose can only be achieved with the efforts of our 613 employees who create positive lasting memories for our stakeholders, including end users of our products who solve problems in factories, workshops, and homes around the world.
−Removed: Our workforce is distributed globally in 17 countries, with approximately 36% in the Americas, 42% in EMEA, 14% in Asia-Pacific, and 8% corporate employees.
+Added: Our purpose can only be achieved with the efforts of our 644 employees who live our values and create positive lasting memories for our stakeholders, including end users solving problems in factories, workshops, and homes around the world.
+Added: Our workforce is distributed globally in 16 countries, with approximately 36% in the Americas, 42% in EIMEA, 14% in Asia-Pacific, and 8% corporate employees.
Women make up approximately 46% of our global workforce.
−Removed: The average tenure of our global workforce is eight years.
−Removed: A strategic enabler of our business is to be an employer of choice with a people-first mindset.
−Removed: This competitive advantage enables us to attract, develop and engage outstanding employees.
−Removed: One of the primary responsibilities of our leaders, whom we refer to as coaches, is to support the development needs of our employees to achieve their performance goals.
−Removed: We offer various learning opportunities to allow employees to grow from both a technical and leadership standpoint.
+Added: The average tenure of our global workforce is eight years and our average employee retention rate is greater than 90%.
+Added: Our purpose-driven and values-guided culture generates an important competitive advantage through our ability to attract, develop, retain and engage outstanding people.
Consistently living our company values grants each of us the freedom to make autonomous decisions in the best interest of all stakeholders.
−Removed: We are committed to celebrating the diversity of our individual characteristics that make us unique and creating a culture where everyone experiences a sense of belonging.
−Removed: Our organizational culture is a competitive advantage, and we prioritize it as such.
−Removed: We care about understanding the views, perspectives and experiences of our end-users and employees.
−Removed: This is foundational in maintaining and growing the WD-40 Company brand and business.
−Removed: Our language, norms, and traditions result in psychological safety, learning, and goal achievement.
−Removed: This includes a total rewards strategy that ensures each employee can sustain their well-being today and into the future.
+Added: We are committed to celebrating diversity of thought and lived experiences, providing equitable access to opportunities, and creating a culture where everyone experiences a sense of inclusion and belonging.
+Added: We are a meritocracy with a competitive performance-based total rewards strategy, where compensation and career advancement are determined by demonstrated competencies and contributions.
+Added: Our calendar year 2023 global pay equity study reaffirmed there were not statistically significant or systemic gender-based pay disparities, ensuring all compensation decisions were rooted in job-related criteria with no evidence of biased decision-making.
+Added: The Compensation and People Committee of our Board of Directors provides oversight of our relevant people-management practices.
Our workforce is comprised of the following functions:
−Removed: marketing, sales, customer service, finance and accounting, legal, information technology, human resources, supply chain and logistics, innovation, research and development, quality, and other technical fields.
−Removed: Increasingly, employees collaborate globally with their functional peers or in squads focused on common goals.
−Removed: Success is accelerated through this global collaboration and learning.
−Removed: The pandemic inspired us to launch what we call “Work from Where”, a philosophy to support the work-life integration of our global workforce.
−Removed: This “Work from Where” philosophy enables our coaches and employees to use our values in their decision-making to align on where work is completed.
−Removed: The Compensation Committee of our Board of Directors provides oversight of our relevant people-management practices.
−Removed: Our approach to compensation aligns the interests of every employee with the creation of company value over time.
−Removed: We completed a study in February 2020 to examine gender pay differences to determine if there were occasions of compensation decisions not being based on job-related criteria.
−Removed: This study identified no biased decision-making, as any differences were explainable by job-related criteria.
−Removed: The next study will be completed in late calendar year 2023.
−Removed: We will continue to conduct equitable pay studies going forward.
−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 workforce, programs, and initiatives.
−Removed: Nothing on our website, including but not limited to our ESG report, shall be deemed incorporated by reference into this Annual Report on Form 10-K.
+Added: marketing, sales, customer service, finance and accounting, legal, information technology, human resources, supply chain and logistics, innovation, research and development, environmental programs, quality, and other technical fields.
+Added: The success of our teams is accelerated through global collaboration and our bold ambition to become a world-class learning organization.
Maintenance Products
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Our signature product is WD-40 Multi-Use Product in the blue and yellow can with the little red top.
−Removed: It is included within the maintenance product category and accounts for a significant majority of our sales.
−Removed: We have various products and product lines which we currently sell under the WD-40 Brand and they are as follows:
+Added: It accounts for a significant majority of our sales in the maintenance product category.
+Added: We have various products and product lines which we currently sell under the WD-40 Brand:
WD-40® Multi-Use Product – The WD-40 Multi-Use Product is a market leader in many countries among multi-purpose maintenance products and is sold as an aerosol spray with various unique delivery systems, a non-aerosol trigger spray, a precision pen, and in liquid-bulk form through mass retail stores, hardware stores, automotive parts outlets, online retailers, warehouse club stores and industrial distributors and suppliers.
−Removed: The WD-40 Multi-Use Product is sold worldwide in North, Central and South America, Asia, Australia, Europe, the Middle East and Africa.
+Added: The WD-40 Multi-Use Product is sold worldwide in North, Central and South America, Asia, Australia, Europe, India, the Middle East and Africa.
WD-40 Multi-Use Product has a wide variety of consumer uses in, for example, household, marine, automotive, construction, repair, sporting goods and gardening applications, in addition to numerous industrial applications.
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and many countries in Europe, as well as parts of Canada, Latin America, Australia and Asia.
−Removed: Within the WD-40 Specialist product line, we also sell bike-specific products across all our segments, motorbike-specific products in Europe, lawn and garden specific products in Australia, and automotive specific products in Asia.
+Added: Within the WD-40 Specialist product line, we also sell bike-specific products across all our segments, motorbike-specific products in Europe and Asia, lawn and garden specific products in Australia, and automotive specific products in Asia.
We also have the following additional brands which are included within our maintenance products group:
−Removed: 3-IN-ONE ® – The 3-IN-ONE brand consists of multi-purpose drip oil, specialty drip oils, and spray lubricant products, as well as other specialty maintenance products.
−Removed: 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.
+Added: 3-IN-ONE ® – The 3-IN-ONE brand consists of multi-purpose drip oil, specialty drip oils, and specialty aerosol maintenance products.
+Added: The multi-purpose drip and specialty oil lubricant feature the Marksman ® Spout to deliver precise application to small mechanisms and assemblies, tool maintenance and threads on screws and bolts.
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.
−Removed: In addition to the drip oil line of products, the 3-IN-ONE brand also includes professional-grade aerosol maintenance products, such as 3-IN-ONE RVcare products, 3-IN-ONE Garage Door Lubricant and 3-IN-ONE Lock Dry Lube.
+Added: In addition to the drip oil line of products, the 3-IN-ONE brand also includes professional-grade aerosol specialty maintenance products, such as 3-IN-ONE RVcare products, 3-IN-ONE Garage Door Lubricant and 3-IN-ONE Lock Dry Lube.
The long legacy, brand awareness and high quality of the 3-IN-ONE brand and its established distribution network have enabled these products to gain international acceptance.
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Homecare and Cleaning Products
−Removed: We sell our homecare and cleaning products in certain locations worldwide and they include a portfolio of well-known brands as follows:
+Added: We sell our homecare and cleaning products in certain locations worldwide and they include a portfolio of well-known brands.
+Added: We are pursuing the sale of these portfolios in the Americas and EIMEA segments in fiscal year 2025.
+Added: our homecare and cleaning product brands will continue to be held for use due to their significance to the business within certain regional markets in the Asia-Pacific segment.
+Added: We are actively pursuing the sale in fiscal year 2025 of the following homecare and cleaning product brands in the Americas and EIMEA segments:
2000 Flushes ® – The 2000 Flushes brand is a line of long-lasting automatic toilet bowl cleaners.
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Spot Shot ® – The Spot Shot brand is sold as an aerosol and a liquid trigger carpet stain and odor eliminator.
−Removed: The brand also includes environmentally friendly products such as Spot Shot Instant Carpet Stain & Odor Eliminator and Spot Shot Pet Instant Carpet Stain & Odor Eliminator, which have non-toxic and biodegradable formulas.
−Removed: Spot Shot products are sold primarily through grocery and mass retail channels, online retailers, warehouse club stores and hardware and home center stores in the U.S., Canada and the United Kingdom.
−Removed: Spot Shot products are sold in the U.K.
−Removed: under the 1001 ® brand name.
−Removed: Carpet Fresh ® – The Carpet Fresh brand is a line of room and rug deodorizers sold as powder and aerosol quick-dry foam products.
−Removed: These products are sold primarily through grocery, mass, and value retail channels as well as through online retailers in the U.K.
−Removed: and Australia.
+Added: The brand includes Spot Shot Instant Carpet Stain & Odor Eliminator and the environmentally friendly product Spot Shot Pet Instant Carpet Stain & Odor Eliminator, which has a non-toxic and biodegradable formula.
+Added: Spot Shot products are sold primarily through grocery, online retailers, warehouse club stores and hardware and home center stores in the U.S., Canada and the United Kingdom.
+Added: Carpet Fresh ® /1001 ® – The Carpet Fresh and 1001 brands are a line of room and rug deodorizers sold as powder and aerosol quick-dry foam products.
+Added: These products are sold primarily through grocery, mass, and value retail channels as well as through online retailers in the United Kingdom.
Although Carpet Fresh brand products are also sold in the U.S., they are sold by a third party under a licensing agreement.
In the U.K., these products are sold under the 1001 ® brand name.
−Removed: In Australia, they are sold under the no vac ® brand name.
−Removed: 1001 ® – The 1001 brand includes carpet and household cleaners and rug and room deodorizers which are sold primarily through mass retail, grocery and home center stores in the U.K.
−Removed: Lava ® /Solvol ® – The Lava and Solvol brands consist of heavy-duty hand cleaner products which are sold in bar soap and liquid form through hardware, grocery, industrial, automotive and mass retail channels as well as through online retailers.
−Removed: Lava is sold primarily in the U.S., while Solvol is sold exclusively in Australia.
+Added: Lava ® – The Lava brand consists of heavy-duty hand cleaner products which are sold in bar soap and liquid form through hardware, grocery, industrial, automotive and mass retail channels as well as through online retailers primarily in the United States.
X-14 ® – The X-14 brand is a line of quality automatic toilet bowl cleaners.
−Removed: X-14 is sold primarily in the U.S.
−Removed: through grocery and mass retail channels as well as through online retailers.
+Added: Although X-14 brand products are also sold in the U.S., they are sold by a third party under a licensing agreement.
+Added: We will continue to hold for use the following homecare and cleaning product brands in the Asia-Pacific segment:
+Added: no vac ® – The no vac brand includes a range of aerosol quick-dry foaming carpet and fabric sanitizers and deodorizers products, and spot stain cleaners.
+Added: Products are sold through grocery, value, hardware and mass retail channels in Australia and New Zealand.
+Added: Solvol ® – The Solvol brand consists of heavy-duty hand cleaner products which are sold in bar soap and liquid form through hardware, grocery, industrial, automotive and mass retail channels as well as through online retailers in Australia.
Sales and Marketing
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We or our marketing distributors use contract manufacturers in the U.S., Mexico, Brazil, Argentina, Colombia, the U.K., Italy, Poland, 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 below the volume of goods that we have historically purchased.
−Removed: Supply needs are communicated by us to our contract manufacturers, and we are committed to purchasing the products manufactured based on orders and short-term projections, ranging from two months
−Removed: to six months, provided to the contract manufacturers.
+Added: Although we have contractual minimum purchase obligations with certain contract manufacturers, such obligations are either immaterial or below the volume of goods that we have historically purchased.
+Added: Supply needs are communicated by us to our contract manufacturers, and we are committed to purchasing the products manufactured based on orders and short-term projections, ranging from two months to six months, provided to the contract manufacturers.
We also formulate and manufacture concentrate used in our WD-40 products at certain of our own facilities and at third-party contract manufacturers.
−Removed: In addition to the commitments to purchase products from contract manufacturers described above, we may also enter into commitments with other manufacturers from time to time to purchase finished goods and components to support innovation and renovation initiatives and/or supply chain initiatives.
+Added: In addition to the commitments to purchase products from contract manufacturers described above, we may also enter into commitments with other manufacturers from time to time to purchase finished goods and components to support innovation and/or supply chain initiatives.
Sources and Availability of Components and Raw Materials
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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: We have been experiencing input cost inflation that has impacted the cost of certain raw materials and freight services over the last several years.
+Added: We have historically experienced input cost inflation that impacted the cost of certain raw materials and freight services.
As a result, we took actions to increase prices with our customers to help mitigate some of these inflationary pressures.
−Removed: We also have and continue to implement cost savings initiatives to help mitigate those pressures.
+Added: We also implemented cost savings initiatives to mitigate those pressures.
Our business results depend on the effective management and remedy of any supply disruptions.
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.
−Removed: We expect some level of challenging market conditions to persist in fiscal year 2024, as described above.
Research and Development
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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: The research and development team also helps shape our environmental goals and business objectives by innovating and implementing sustainable practices and products.
Our research and development team currently conducts global testing at a laboratory facility that we lease in New Jersey.
−Removed: The markets for our products, particularly those related to our homecare and cleaning products, are highly competitive.
+Added: The markets for our products are highly competitive.
Our products compete both within their own product classes as well as within product distribution channels, competing with many other products for store placement and shelf space.
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We rely on the awareness of our brands among consumers, the value offered by those brands as perceived by consumers, product innovation and renovation and our multiple channel distributions as our primary strategies.
−Removed: New products typically encounter intense competition, which may require advertising and promotional support and activities.
−Removed: When or if a new product achieves consumer acceptance, ongoing advertising and promotional support may be required in order to maintain its relative market position.
+Added: New products and our entry into new markets typically encounter intense competition, which may require additional investments in advertising and promotional activities.
+Added: When a new product achieves consumer acceptance, ongoing advertising and promotional support may be required to maintain its relative market position.
Trademarks and Patents
−Removed: We own a number of patents, but rely primarily upon our established trademarks, brand names and marketing efforts, including advertising and sales promotions, to compete effectively.
+Added: We own a number of patents, but primarily rely upon our established trademarks, brand names and marketing efforts, including advertising and sales promotions, to compete effectively.
The WD-40 brand, 3-IN-ONE, Lava, Solvol, X-14, 2000 Flushes, Carpet Fresh and no vac, Spot Shot, GT85, and 1001 trademarks are registered or have pending registrations in various countries throughout the world.
WD-40 Company, the WD-40 ® logo, WD-40 ® Multi-Use Product, WD-40 Specialist ® , WD-40 BIKE ® , 3-IN-ONE ® , GT85 ® , 2000 Flushes ® , no vac ® , 1001 ® , Spot Shot ® , Lava ® , Solvol ® , X-14 ® , and Carpet Fresh ® and other trademarks or service marks of WD-40 Company or its subsidiaries are the property of WD-40 Company or its subsidiaries.
−Removed: Other service marks, trademarks, and tradenames referred to in this Annual Report on Form 10-K are the property of their respective
+Added: Other service marks, trademarks, and tradenames referred to in this Annual Report on Form 10-K are the property of their respective owners.
Except as set forth above and solely for convenience, the trademarks and tradenames in this Annual Report on Form 10-K are generally referred to without the ® and ™ symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto.
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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.