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Financial report summary
?Risks
- Raw material and other cost inflation as well as product shortages could adversely affect our business and financial results.
- Demand for our products may be adversely affected by numerous factors, some of which we cannot predict or control. This could adversely affect our business and financial results.
- Failure to compete effectively or to successfully execute our strategy may have a negative impact on our business and financial results.
- Failure to develop or acquire technologically advanced products that meet customer demands, including price expectations, could adversely impact our business and financial results.
- The failure to properly identify, integrate and grow acquired companies, and to manage contingent liabilities from divested businesses could adversely affect our business and financial results.
- The COVID-19 pandemic has adversely impacted our operations and business.
- Our failure or the failure of third-party service providers to protect our sites, networks and systems against security breaches, to protect our confidential information, or to facilitate our digital strategy, could adversely affect our business and financial results.
- We depend on key employees and the loss of these individuals could have an adverse effect on our business and financial results.
- We are subject to litigation that could adversely impact our business, financial results, and reputation.
- Global climate change and related emphasis on ESG matters by various stakeholders could negatively affect our business
- The global nature of our business exposes us to foreign currency fluctuations that could adversely affect our business and financial results.
- Changes in tax legislation or tax rates could adversely affect results of operations and financial statements. Additionally, audits by taxing authorities could result in tax payments for prior periods.
- Substantially all of our voting stock is controlled by two shareholders, while our public investors hold non-voting stock. The interests of the voting and non-voting shareholders could differ, potentially resulting in decisions that affect the value of the non-voting shares.
Management Discussion
- References in this Form 10-Q to “organic sales” refer to sales calculated in accordance with GAAP, excluding the impact of foreign currency translation and sales recorded from divested companies up to the first anniversary of their divestiture. The Company's organic sales disclosures exclude the effects of foreign currency translation as foreign currency translation is subject to volatility that can obscure underlying business trends. Management believes that the non-GAAP financial measure of organic sales is meaningful to investors as it provides them with useful information to aid in identifying underlying sales trends in our businesses and facilitating comparisons of our sales performance with prior periods.