⚠ AI Risk Brief Interpretation layer — deterministic data below

ALLE removed macroeconomic risk factor while modifying tariff and pricing risks, reflecting refined operational risk positioning amid persistent trade uncertainty.

Direction ↔ Mixed

ThemesTariffs & Trade Policy Interest Rates & Inflation Supply Chain

Classification is based on semantic text similarity scoring and may include approximations. “No match” means no high-confidence textual match was found — not necessarily that a section was removed.

🔴 No Match in Current Filing Disclosure change7/10

Our business operations and performance have been, and are expected to continue to be, impacted by global macroeconomic factors. Ongoing macroeconomic challenges could adversely impact our business, results of operations, financial conditions and cash flows.

This section from the 2024 filing does not have a high-confidence textual match in the 2025 filing. It may have been removed, merged, or substantially reworded.

Macroeconomic challenges, including ongoing supply chain disruptions and delays, material, electronic component and labor shortages, cost inflation, rising interest rates and volatility in the capital markets, have impacted, and may continue to impact, our business, our…

View 2024 text

Macroeconomic challenges, including ongoing supply chain disruptions and delays, material, electronic component and labor shortages, cost inflation, rising interest rates and volatility in the capital markets, have impacted, and may continue to impact, our business, our customers and our suppliers. These challenges may also make it more challenging for us to manufacture and deliver products to our customers, could cause periodic production interruptions and supply constraints, impact our ability to forecast and plan for future business activities and, if not adequately managed, could have a material adverse impact on our business, results of operations, financial condition and cash flows.
Further, demand for our products and solutions is impacted by the strength of institutional, commercial and residential construction and remodeling markets, which are sensitive to national, regional and local economic conditions. As a result, deterioration of these macroeconomic conditions (or weakness in these conditions existing for an extended period of time), a decline in general economic activity or recession in the U.S. or global economy could slow demand for new construction or remodeling projects and result in our customers cancelling or delaying orders, which in turn could erode average selling prices and result in declines in our revenues, profitability and cash flows.

🟡 Modified Our global operations subject us to political, economic and regulatory risks, including uncertainty related to the imposition of new or increased tariffs and the global trade environment more generally. 🔒

🟡 Modified Our business performance is impacted by the strength of the institutional, commercial and residential construction and remodeling markets and global macroeconomic factors. 🔒

🟡 Modified Increased prices, whether due to inflationary pressures or other factors, could negatively impact our margin performance and our financial results. 🔒

And 2 more changes in the full comparison.

5 changes in this historical filing

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