Brady Corp Files 2024 10-K: $51.26B Assets, $7.22B Net Income

Ticker: BRC · Form: 10-K · Filed: Sep 6, 2024 · CIK: 746598

Sentiment: neutral

Topics: 10-K, annual-report, financials

TL;DR

BRADY CORP 2024 10-K: $51.26B assets, $7.22B net income. Solid year.

AI Summary

Brady Corporation filed its 2024 10-K on September 6, 2024, reporting on its fiscal year ending July 31, 2024. The company's total assets were $51.26 billion, with total liabilities amounting to $44.04 billion. Net income for the period was $7.22 billion, and the company reported earnings per share of $3.54. Brady Corporation is incorporated in Wisconsin and headquartered in Milwaukee.

Why It Matters

This filing provides a comprehensive overview of Brady Corporation's financial health and performance for the fiscal year 2024, crucial for investors and stakeholders to assess the company's stability and profitability.

Risk Assessment

Risk Level: low — The filing is a standard annual report (10-K) for a publicly traded company, indicating routine financial disclosure rather than an immediate crisis.

Key Numbers

Key Players & Entities

FAQ

What were Brady Corporation's total assets as of July 31, 2024?

Brady Corporation reported total assets of $51,261,487 as of July 31, 2024.

What was Brady Corporation's net income for the fiscal year ended July 31, 2024?

The company reported a net income of $7,219,025 for the fiscal year ended July 31, 2024.

What is Brady Corporation's state of incorporation?

Brady Corporation is incorporated in Wisconsin (WI).

When was this 10-K filing submitted to the SEC?

This 10-K filing was submitted to the SEC on September 6, 2024.

What were the total liabilities for Brady Corporation as of July 31, 2024?

Brady Corporation's total liabilities were $44,042,462 as of July 31, 2024.

Filing Stats: 4,267 words · 17 min read · ~14 pages · Grade level 16.7 · Accepted 2024-09-06 07:09:34

Key Financial Figures

Filing Documents

Business

Item 1. Business 3 General Development of Business 3 Narrative Description of Business 4 Overview 4 Research and Development 5 Operations 5 Human Capital Management 6 Information Available on the Internet 7

Risk Factors

Item 1A. Risk Factors 7

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 11

Cybersecurity

Item 1C. Cybersecurity 12

Properties

Item 2. Properties 12

Legal Proceedings

Item 3. Legal Proceedings 13

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 13 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 14

[Reserved]

Item 6. [Reserved] 16

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 16

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 24

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 25

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 54

Controls and Procedures

Item 9A. Controls and Procedures 54

Other Information

Item 9B. Other Information 57

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 57 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 58

Executive Compensation

Item 11. Executive Compensation 63 Compensation Discussion and Analysis 63 Management Development and Compensation Committee Interlocks and Insider Participation 76 Management Development and Compensation Committee Report 76 Compensation Policies and Practices 76 Summary Compensation Table 77 Grants of Plan-Based Awards for 2024 78 Outstanding Equity Awards at 2024 Fiscal Year End 79 Option Exercises and Stock Vested for Fiscal 2024 82 Pension Benefits for Fiscal 2024 82 Non-Qualified Deferred Compensation for Fiscal 2024 82 Potential Payments Upon Termination or Change of Control 83 CEO Pay Ratio Disclosure 83 Compensation of Directors 91 Director Compensation Table — Fiscal 2024 92

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 92

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 94

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 95 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 96

Form 10-K Summary

Item 16. Form 10-K Summary 100

Signatures

Signatures 101 2 Table of Contents PART I

Forward-Looking Statements

Forward-Looking Statements In this Annual Report on Form 10-K for Brady Corporation ("Brady," "Company," "we," "us," or "our"), statements that are not reported financial results or other historic information are "forward-looking statements." These forward-looking statements relate to, among other things, the Company's future financial position, business strategy, targets, projected sales, costs, income, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations. The use of words such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "should," "project" or "plan" or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements by their nature address matters that are, to different degrees, uncertain and are subject to risks, assumptions, and other factors, some of which are beyond Brady's control, that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For Brady, uncertainties arise from: Increased cost of raw materials and labor as well as material shortages and supply chain disruptions Decreased demand for the Company's products Ability to compete effectively or to successfully execute the Company's strategy Ability to develop technologically advanced products that meet customer demands Ability to identify, integrate, and grow acquired companies, and to manage contingent liabilities from divested businesses Difficulties in protecting websites, networks, and systems against security breaches and difficulties in preventing phishing attacks, social engineering or malicious break-ins Risks associated with the loss of key employees Extensive regulations by U.S. and non-U.S. governmental and self-regulatory entities Global climate change and environmental regulations Litigation, including product liability claims Foreign currency fluctuations Changes in tax legisl

Business

Item 1. Business General Development of Business Brady was incorporated under the laws of the state of Wisconsin in 1914. Brady is a global manufacturer and supplier of identification solutions and workplace safety products that identify and protect premises, products and people. The ability to provide customers with a broad range of proprietary, customized and diverse products for use in various applications across multiple industries and geographies, along with a commitment to quality and service, have made Brady a leader in many of its markets. The Company is organized and managed on a geographic basis with two reportable segments: Americas & Asia and Europe & Australia. This regional operating structure allows the Company to further integrate its businesses, support continued growth through the application of the best go-to-market strategies in key geographies, facilitate new product development within recent acquisitions and further simplify and scale the global business. The Company's primary objective is to build upon its market position and increase shareholder value by enabling a highly competent and experienced organization to focus on the following key competencies: Innovative products — Technologically-advanced, internally-developed proprietary products that drive revenue growth and sustain gross profit margins 3 Table of Contents Customer service — Understanding customer needs and providing a high level of customer service Global leadership position in niche markets Digital capabilities Compliance expertise Operational excellence — Continuous productivity improvement, automation, and product customization capabilities Brady's long-term sales growth and profitability will depend not only on the overall economic environment and our ability to successfully navigate changes in the macro environment, but also on our ability to develop and market innovative products, deliver a high level of customer service, advance our digital capabilities, a

Risk Factors

Item 1A. Risk Factors Investors should carefully consider the risks set forth below and all other information contained in this report and other documents we file with the SEC. The risks and uncertainties described below are those that we have identified as material, but are not the only risks and uncertainties facing us. Our business is also subject to general risks and uncertainties that affect many other companies, such as market conditions, geopolitical events, changes in laws or accounting rules, fluctuations in interest rates, terrorism, wars or conflicts, major health concerns, natural disasters or other disruptions of expected economic or business conditions. Additional risks and uncertainties not currently known to us or that we currently believe are immaterial also may impair our business and financial results. Business Risks Raw material and other cost inflation as well as product shortages could adversely affect our business and financial results. We manufacture certain parts and components of our products and therefore require raw materials from suppliers, which could be interrupted for a variety of reasons, including availability and pricing. Our prices and lead times for raw materials and other components necessary for production have continued to fluctuate over the past year, including increased raw production costs, increased wage rates, and extended lead times. Significant increases could adversely affect our profit margins and results of operations. Changes in trade policies; supply chain disruptions; and the imposition of duties and tariffs and potential retaliatory countermeasures could adversely impact the price or availability of raw materials, which could adversely affect our profit margins and results of operations. In addition, labor shortages or an increase in the cost of labor could adversely affect our profit margins and results of operations. Due to competitive pressures or other factors, we may not be able to pass along increased r

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