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What Changed
Risk factors · Feb 21, 2025 → Feb 23, 2026
28 added · 11 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
We may not continue to succeed in developing and implementing policies and strategies that are effective in each location where we do business, which could have a material adverse effect on our consolidated results of operations, financial position or cash flows. Our increasing reliance on artificial intelligence (“AI”) technologies in our products, services, and operations presents several risks that could adversely impact our business, financial condition, and results of operations. We are increasingly incorporating AI capabilities into the development of technologies and our business operations, and into our products and services.
Any failure in our AI initiatives could materially harm our business, financial condition, and results of operations. We are subject to information technology system failures, network disruptions and breaches in data security. We rely to a large extent upon information technology systems and infrastructure to operate our business.
Additionally, it may take considerable time for us to investigate and evaluate the full impact of cyber-attacks, particularly for sophisticated attacks, which may inhibit our ability to provide prompt, full, and reliable information about cybersecurity incidents to our customers, regulators, and the public.
Defense of litigation, particularly certain types of actions such as antitrust, patent infringement, personal injury, product liability, breach of contract, wage hour and class action lawsuits, can be costly and time consuming even if ultimately successful, and if not successful could have a material adverse effect on our consolidated results of operations, financial position or cash flows. 19 Table of Contents Our operations may present a safety risk to our employees and others. Notwithstanding our emphasis on safety and the precautions we take related to health and safety, we may be unable to avoid safety incidents relating to our operations that result in injuries or deaths of our employees, contractors or others.
Insider Activity
In the 90 days to Feb 26, 2026: 1 insider bought $193K · 6 sold $11.0M.
Date
Insider
Action
Shares
Price
Value
Feb 26, 2026
Cook Gregory BEVP & PRES - INST GROUP
Sell
3,519
$304.25
$1.1M
Feb 25, 2026
Mckibben Tracy BDirector
Sell
1,265
$308.66
$390K
Feb 24, 2026
Beck ChristopheCHAIRMAN & CEO
Sell
18,120
$307.32
$5.6M
Increases in income tax rates, changes in income tax laws or unfavorable resolution of tax matters could have a material adverse impact on our financial results. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S.
Ongoing changes in U.S. trade policy through administrative action or litigation create a heightened level of uncertainty for our business.
We conduct business in more than 170 countries and, in 2025, approximately 47% of our net sales were generated from customers outside the United States.
The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.
References to past events are provided by way of example only and are not intended to be a complete listing or a representation as to whether or not such factors have occurred in the past. Additionally, macroeconomic and geopolitical developments, including public health crises, escalating global conflicts, supply chain disruptions, labor market constraints, rising rates of inflation and high interest rates, may amplify many of the risks discussed below to which we are subject.
There may also be other related challenges and risks as we complete implementation of our ERP system upgrade, and businesses which we have acquired, or may in the future acquire, may have information technology system vulnerabilities which could increase our risk of cybersecurity attacks.
Although we maintain insurance, our insurance coverage may not be sufficient in type or amount to prevent or recover losses resulting from cybersecurity attacks. Our results could be materially and adversely affected by difficulties in securing the supply of certain raw materials or by fluctuations in the cost of raw materials. The prices of raw materials used in our business fluctuate, and in recent years we have experienced periods of significant increased raw material costs.
In addition, volatility and disruption in economic activity and conditions could disrupt or delay the performance of our suppliers and thus impact our ability to obtain raw materials at favorable prices or on favorable terms, which may materially and adversely affect our business. We may experience business disruption if we fail to execute organizational change and management transitions. Our continued success will depend on the efforts and abilities of our executive officers and certain other key employees, particularly those with sales and sales management responsibilities, to drive business growth, development and profitability.
No longer disclosed
In February 2025, the U.S. proposed a 25% additional tariff on imports from Canada and Mexico and a 10% additional tariff on imports from China.
In addition, volatility and disruption in economic activity and conditions could disrupt or delay the performance of our suppliers and thus impact our ability to obtain raw materials at favorable prices or on favorable terms, which may materially and adversely affect our business. Our increasing reliance on artificial intelligence (“AI”) technologies in our products, services, and operations presents several risks that could adversely impact our business, financial condition, and results of operations. We are increasingly incorporating AI capabilities into the development of technologies and our business operations, and into our products and services.
Any failure in our AI initiatives could materially harm our business, financial condition, and results of operations. Severe public health outbreaks not limited to COVID-19 may adversely impact our business. The COVID-19 pandemic had a rapid and significant negative impact on the global economy, including a significant downturn in the foodservice, hospitality and travel industries.
Changes to labor and employment laws and regulations, as well as related rulings by courts and administrative bodies, could materially and adversely affect our operations and expose us to potential financial liability. 19 Table of Contents Defense of litigation, particularly certain types of actions such as antitrust, patent infringement, personal injury, product liability, breach of contract, wage hour and class action lawsuits, can be costly and time consuming even if ultimately successful, and if not successful could have a material adverse effect on our consolidated results of operations, financial position or cash flows. A chemical spill or release could materially and adversely impact our business. As a manufacturer and supplier of chemical products, there is a potential for chemicals to be accidentally spilled, released or discharged, either in liquid or gaseous form, during production, transportation, storage or use.
In 2018, the U.S. imposed tariffs on certain imports from China and other countries, resulting in retaliatory tariffs by China and other countries.
We conduct business in more than 170 countries and, in 2024, approximately 47% of our net sales originated outside the United States.
Our actual results could differ materially from those anticipated in the forward-looking statements as a result of specific factors, including the risks and uncertainties described below. Additionally, macroeconomic and geopolitical developments, including public health crises, escalating global conflicts, supply chain disruptions, labor market constraints, rising rates of inflation and high interest rates may amplify many of the risks discussed below to which we are subject.
We may not continue to succeed in developing and implementing policies and strategies that are effective in each location where we do business, which could have a material adverse effect on our consolidated results of operations, financial position or cash flows. We may experience business disruption if we fail to execute organizational change and management transitions. Our continued success will depend on the efforts and abilities of our executive officers and certain other key employees, particularly those with sales and sales management responsibilities, to drive business growth, development and profitability.
Our operations could be materially and adversely affected if for any reason we are unable to successfully execute organizational change and management transitions at leadership levels. We are subject to information technology system failures, network disruptions and breaches in data security. We rely to a large extent upon information technology systems and infrastructure to operate our business.
There may be other related challenges and risks as we complete implementation of our ERP system upgrade. 17 Table of Contents Our results could be materially and adversely affected by difficulties in securing the supply of certain raw materials or by fluctuations in the cost of raw materials. The prices of raw materials used in our business fluctuate, and in recent years we have experienced periods of significant increased raw material costs.
Increases in income tax rates, changes in income tax laws or unfavorable resolution of tax matters could have a material adverse impact on our financial results. Future events may impact our deferred tax position, including the utilization of foreign tax credits and undistributed earnings of international affiliates that are considered to be reinvested indefinitely. We evaluate the recoverability of deferred tax assets and the need for deferred tax liabilities based on available evidence.