The company completed three acquisitions in 2023, including Systems Control, Balestro, and EIG, for an aggregate purchase price of approximately $1.2 billion. These acquisitions are expected to enhance product offerings and expand capabilities.

The company continued restructuring and related activities, including consolidation of manufacturing and distribution facilities and workforce actions. These efforts are aimed at optimizing the cost structure and effectiveness.

The company invested $165.7 million in capital expenditures, an increase of $36.4 million compared to the prior year, to expand capacity, optimize footprint, and implement automation and productivity initiatives.

The company emphasizes productivity improvement to minimize the impact of rising material costs and administrative cost inflation. This includes global sourcing, supplier cost reduction, value engineering, and lean process improvement techniques.

The success of acquisitions depends on the ability to integrate these businesses into operations and realize planned synergies. Difficulties in integration could adversely affect the business.

The company continues to build upon the benefits of its enterprise resource planning system across all functions, which is expected to improve efficiency.

The company acknowledges sensitivity to changes in general economic conditions, inflation, and economic slowdowns. Adverse changes in demand could impact business and cash flow.

The company faces competitive pressures that could affect selling prices or demand for products. Failure to adopt artificial intelligence and machine learning technologies may put the company at a competitive disadvantage.

The company manufactures and sources products and materials from various countries, exposing it to risks associated with global manufacturing and sourcing, including political instability and disruptions in the availability, price, or quality of materials.

The company competes on the basis of product performance, quality, service, and/or price. Competitors' behavior related to these areas could have significant impacts on financial results.

The company's competitive strategy is to design and manufacture high-quality products at the lowest possible cost, while also increasing selling prices to offset rising costs of raw materials and components.

The company may face increased competition due to the rapid development and rising use of artificial intelligence (AI) and machine learning technologies.

The company's restructuring and related efforts include the consolidation of manufacturing and distribution facilities, workforce actions, and streamlining of back-office functions to optimize manufacturing footprint and cost structure.

Productivity improvement is a key area of focus to minimize the impact of rising material costs and other administrative cost inflation.

The company continues to expand efforts related to global product and component sourcing and supplier cost reduction programs, value engineering efforts, product transfers, and the use of lean process improvement techniques.

New product introductions and the enhancement of existing products and services are key to the company's competitive strategy. The success of new product introductions is dependent on timely and successful development.

The company may face increased competition due to the rapid development and rising use of artificial intelligence (AI) and machine learning technologies.

The company continues to build upon the benefits of the enterprise resource planning system across all functions.

The company has total authorization to repurchase up to $300 million of shares of common stock. However, there were no share repurchases during the quarter ended December 31, 2023.

Capital expenditures increased by $36.4 million compared to the prior year, as the company increased capital investments to expand capacity, optimize footprint, and implement automation and productivity initiatives.

Long-term debt increased due to financing for the Systems Control acquisition. The company entered into a new Term Loan Agreement and borrowed $600 million.

The company focuses on protecting the health and safety of employees and dedicates resources to track and monitor safety incidents.

The company is committed to fostering an environment that respects and encourages individual differences, diversity of thought, and talent. As of December 31, 2023, 33% of employees identify as female, and within the United States, 32% identify as female and 41% are racially diverse.

The company is subject to various federal, state and local government requirements relating to the protection of employee health and safety and the environment.

The company is exposed to global economic uncertainty, including periods of prolonged slow growth or a downturn in economic conditions.

Significant developments from the recent and potential changes in U.S. trade policies could have a material adverse effect on the company.

The company's business and results of operations may be materially adversely effected by compliance with import and export laws.