Fiscal period ending 2025-12-31 versus 2024-12-31
— view filing on EDGAR →
Concentrated Russia exposure — 30% of cash, 7% of assets, 5% of sales — is the dominant new risk, carrying live sanctions, capital controls, and asset-seizure threat. Tariffs have moved from hypothetical to realized cost pressure, and new PFAS/silica litigation and EPR regulatory obligations add further legal and compliance burden. The aggregate risk picture has deteriorated meaningfully across geopolitical, legal, and regulatory dimensions.
3 company-specific
· 1 common-mode
Company-specific changes
New
New disclosure of material Russia exposure: 5% sales, 7% assets, 30% cash held in Russia, $30M interest income. Sanctions, capital controls, supply disruption, asset seizure risk, and Ukraine conflict create substantive geopolitical and operational risks.
The Company faces risks and uncertainties related to its operations in Russia. The Company maintains operations in Russia through its Global Ceramic and Flooring ROW reporting segments. The Company…
Revised
New specific disclosure of PFAS litigation and silica dust claims with potential remediation costs and injunctive relief exposure.
The Company is exposed to litigation, claims and other legal proceedings relating to its products, operations and compliance with various laws and regulations. In the ordinary course of business, the…
Revised
New disclosure of Extended Producer Responsibility (EPR) regulations in California and New York, with specific compliance obligations including registration, fees, labeling, and recordkeeping. Adds concrete regulatory risk not previously disclosed.
Regulatory and Legal Risks The Company has been, and in the future may be, subject to costs, liabilities and other obligations under existing or new laws and regulations. The Company is subject to…
Also disclosed — common-mode (Tariffs trade policy)
Tariffs trade policy
Revised
Tariffs shifted from hypothetical risk to realized impact. New language: "have impacted" and "have increased" indicate actual harm occurring, not just potential. Added uncertainty about domestic manufacturing benefits and inability to predict scope.
Increased tariffs may increase the Company’s costs of goods sold and/or decrease consumer discretionary spending. Current U.S. tariff policies have impacted certain of the Company’s sourcing and…