The acquisition of Access Technologies in July 2022 for $915.2 million has broadened Allegion's solutions portfolio with automated entrance solutions and added an expansive service and support network throughout the U.S. and Canada.

The acquisition of plano.group in January 2023 for $36.6 million has expanded Allegion's SaaS workforce management solutions and has been incorporated into Allegion International.

The sale of Milre Systek Co. Ltd. in September 2022 for an immaterial amount resulted in a net loss on divestiture of $7.6 million, streamlining the portfolio.

The company utilizes a number of tools to improve efficiency and productivity. Implementation of new processes to operations could cause disruptions and may prove to be more difficult, costly or time consuming than expected.

Restructuring activities and other organizational changes often result in increased restructuring costs, diversion of management's time and attention from daily operations, cybersecurity and other operational risks and temporarily reduced productivity.

The company's ability to meet customers' needs and achieve cost targets depends on the ability to maintain key manufacturing and supply arrangements. Reliance on third parties reduces control over manufacturing and delivery process.

Ongoing macroeconomic challenges, including supply chain disruptions, cost inflation, and rising interest rates, have impacted and may continue to impact the business, customers, and suppliers.

Elevated levels of inflation, including rising prices for raw materials, parts and components, freight, packaging, labor and energy, increases costs to manufacture and distribute products and services, and the company may be unable to pass these increased costs on to customers.

The company is exposed to a variety of market risks, including the effects of changes in currency exchange rates. Approximately 25% of 2023 Net revenues were derived outside the U.S., and the company expects sales to non-U.S. customers to continue to represent a significant portion of consolidated Net revenues.

The markets in which the company operates include a large number of participants, including multi-national, regional and small, local companies. The company primarily competes on the basis of quality, innovation, expertise, effective channels to market, breadth of product offering and price.

The company must develop and commercialize new products and services that meet the varied and evolving needs of customers and end-users in order to remain competitive in current and future markets and in order to continue to grow business.

The company has significant customers, particularly major retailers, although no one customer represented 10% or more of total Net revenues in any of the past three fiscal years. The loss or material reduction of business could have a material adverse impact on business.

The company has, from time to time, restructured or made other adjustments to workforce and manufacturing footprint, and may need to do so in the future, in response to market or product changes, performance issues, changes in strategy, acquisitions and/or other internal or external considerations.

The company procures certain products, including raw materials and other commodities, as well as parts, components and logistical services from supplier partners located throughout the world.

Implementation of new processes to operations could cause disruptions and may prove to be more difficult, costly or time consuming than expected.

The company competes in an industry that is experiencing the convergence of mechanical, electronic and digital products. Technology and innovation play significant roles in the competitive landscape.

The company relies extensively on information technology and operational technology systems, networks and services including hardware, software, firmware and technological applications and platforms to manage and operate business.

Despite the implementation of cybersecurity measures, the network and products, including access solutions, may be vulnerable to cybersecurity attacks, computer viruses, malicious codes, malware, ransomware, phishing, social engineering, denial of service, hacking, break-ins and similar disruptions.

On June 8, 2023, the Board of Directors reauthorized the Company's existing share repurchase program and, as a result, authorized the repurchase of up to, and including, $500 million of the Company's ordinary shares.

The company paid quarterly dividends of $0.45 per ordinary share to shareholders on record as of March 15, 2023, June 15, 2023, September 18, 2023, and December 18, 2023, for a total of $158.7 million.

The company undertakes substantial capital projects for varying reasons, such as to increase production capacity or to insource certain products, parts or components.

There is an increased focus from stakeholders, as well as regulatory authorities both within the U.S. and internationally, on ESG practices and disclosure.

The U.S. and non-U.S. operations are subject to a number of laws and regulations, including fire and building codes and EHS standards.

The effects of global climate change, such as extreme weather conditions and natural disasters occurring more frequently or with more intense effects, could adversely affect business, financial condition, results of operations and cash flows.

Demand for security products and solutions relies on the institutional, commercial and residential construction and remodeling markets, which are marked by cyclicality based on overall economic conditions.

The political, economic and regulatory environments in which the company operates are becoming increasingly volatile and uncertain. Accordingly, the company is subject to multiple risks that are inherent in operating and sourcing globally.

Continued instability in U.S. and global capital and credit markets, including market disruptions, limited liquidity and interest rate volatility or reductions in the credit ratings assigned to us by independent ratings agencies, could reduce access to capital markets.