On March 19, 2024, the Company announced the sale process and entered into an agreement to sell its Pharma Solutions business, for a value of up to $2.85 billion. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2025.

The company is actively engaged in a strategic and financial transformation, including the sale process for the Pharma Solutions business and non-core business divestitures. The company is implementing a refreshed growth-focused strategy.

The company is making strategic investments in capacity and increasing inventory to drive improved profitability. The company is also focused on driving cost discipline measures and recovering margin to pre-inflation levels.

The company is focused on maintaining its investment grade rating while investing in the business, continuing to pay dividends, and repaying debt. The company has no rating downgrade triggers that would accelerate the maturity dates of its senior unsecured debt.

The company is monitoring the Russia-Ukraine war and the Israel-Hamas war, and is taking steps to limit its exposure to these conflicts. The company has a reserve of approximately $3 million related to expected credit losses on receivables from customers located in Russia and Ukraine.

The company is implementing cost discipline measures and is aiming to recover margin to pre-inflation levels. The company is also optimizing its manufacturing operations.

The company's substantial amount of indebtedness could impact its liquidity, credit ratings, and ability to return capital to its shareholders.

The company is involved in various legal proceedings, including securities class actions, and is subject to regulatory investigations. The outcomes of these proceedings could have a material impact on the company's financial results.

Inflationary trends, including in the price of input costs, such as raw materials, transportation, and energy, and supply chain disruptions could negatively impact the company's financial results.

Changes in demand from large multi-national customers due to increased competition and the company's ability to maintain “core list” status with customers could negatively impact the company's financial results.

The company's ability to effectively compete in its market and develop and introduce new products that meet customers' needs could negatively impact the company's financial results.

The company's ability to successfully develop innovative and cost-effective products that allow customers to achieve their own profitability expectations could negatively impact the company's financial results.

The company is optimizing its manufacturing operations to improve efficiency and reduce costs.

Cost of goods sold decreased $188 million to $1.875 billion (64.7% of sales). The decrease in cost of goods sold was primarily driven by lower raw material costs and manufacturing expenses.

The company is focused on successfully managing its working capital and inventory balances to improve efficiency and reduce costs.

The company is enhancing its innovation efforts to develop new and improved products and technical product support.

R&D expenses increased $5 million to $166 million (5.7% of sales).

The company's information technology systems are vulnerable to a significant data breach or other disruption, which could negatively impact the company's financial results.

The company is committed to maintaining its history of paying a dividend to investors, which is determined by the Board of Directors at its discretion based on various factors.

The company has evaluated and re-prioritized its capital projects and expects that capital spending in 2024 will be approximately 4.9% of sales, up from 4.1% in 2023.

The company is focused on repaying debt to improve its financial position.

The company's ability to meet increasing customer, consumer, shareholder and regulatory focus on sustainability could negatively impact the company's financial results.

The company's ability to comply with, and the costs associated with compliance with, regulatory requirements and industry standards, including regarding product safety, quality, efficacy and environment impact, could negatively impact the company's financial results.

The company's ability to comply with, and the costs associated with compliance with, U.S. and foreign environmental protection laws could negatively impact the company's financial results.

Disruption in the development, manufacture, distribution or sale of our products from international conflicts could negatively impact the company's financial results.

The impact of global economic uncertainty on demand for consumer products could negatively impact the company's financial results.

The impact of currency fluctuations or devaluations in the principal foreign markets in which we operate could negatively impact the company's financial results.