The company completed acquisitions of SPX FLOW's Air Treatment business and Howden Roots LLC during 2023, strengthening its position in core product categories and broadening exposure to high-growth, sustainable end markets.

Aftermarket parts, consumables, and services revenue represented 35.8% of total company revenue in 2023, highlighting the recurring nature of the business and the importance of its installed base.

The company intends to continue to expand its international operations, with 58% of revenues coming from outside the United States in 2023, indicating a focus on global growth opportunities.

The company maintained a high level of employee engagement, with an 89% participation rate in its engagement survey and a score of 81, demonstrating effective human capital management practices.

Despite a cybersecurity incident in April 2023, the company proactively took actions to maintain business continuity and minimize disruption, and the incident did not have a material impact on results of operations or cash flows.

The company continues to implement restructuring activities across its global manufacturing, sales, and distribution footprint, which include workforce reductions and facility consolidations, to improve processes, eliminate excess capacity, and reduce costs.

The company acknowledges its exposure to risks associated with instability in the global economy and financial markets, which could negatively impact revenues, liquidity, suppliers, and customers.

The company highlights the risk of information systems failure or disruption due to cyber terrorism or other actions, which could adversely impact business operations and result in financial loss or liability.

The company's international operations are subject to various risks, including political or economic instability, differences in foreign laws, currency fluctuations, and trade restrictions, which could adversely affect operations.

The company operates in competitive markets with numerous companies producing similar products, which are highly fragmented due to the wide variety of product technologies, applications, and selling channels.

The company competes based on product quality, performance, energy efficiency, customer service, and local presence, indicating the importance of these factors for maintaining market position.

The company's ability to compete effectively depends on its success in anticipating and responding to competitive factors, including new products and services, customer preferences, and pricing pressures.

The company faces risks related to large or rapid increases in the cost of raw materials and component parts, as well as substantial decreases in their availability, which could materially and adversely affect operating results.

The company continually seeks ways to simplify or improve processes, eliminate excess capacity, and reduce costs, including through restructuring activities, which may impact operating results if not implemented effectively.

The company is consolidating facilities and relocating manufacturing processes to lower-cost regions, which requires maintaining customer demand and high quality throughout the transition.

The company's ability to develop new products based on technological innovation, including those that incorporate artificial intelligence or drive sustainability, is critical to its competitive position.

The company's ability to maintain or increase its market share depends on continued investment in research and development, which may not always be successful.

The company highlights the increasing importance of equipment controls and software in its flow control applications for optimizing current systems and enabling the Industrial Internet of Things (IIOT) evolution.

The company repurchased $263.0 million of common stock and paid cash dividends of $32.4 million during the year ended December 31, 2023, indicating a commitment to returning capital to shareholders.

The company had net repayments on long-term debt of $27.6 million during the year ended December 31, 2023, reflecting a focus on reducing debt levels.

The company expects capital expenditures to be approximately 2% of consolidated revenues in 2024, indicating a continued investment in its operations.

The company is committed to diversity, equity, and inclusion, with specific goals to increase representation in leadership positions and a focus on talent attraction, retention, and development.

The company has an environmental policy and active environmental management program aimed at complying with regulations and reducing pollutants, but faces potential reputational challenges if unable to meet ESG standards.

The company acknowledges increasing expectations from shareholders, customers, and regulatory agencies for a more proactive response to environmental, social, and governance matters, which may impose additional costs or expose the company to new risks.

The company's financial results closely follow changes in the industries and end-markets it serves, with demand for most of its products depending on the level of capital investment and maintenance expenditures by its customers.

A significant portion of the company's revenues and costs are denominated in currencies other than the U.S. dollar, making it susceptible to fluctuations in foreign exchange rates.

The company's products are sold in many industries, some of which are cyclical and may experience periodic contractions, which could adversely affect demand and profitability.