Knowles Corporation Files 2023 Annual Report on Form 10-K

TL;DR

<b>Knowles Corporation has submitted its annual 10-K filing for fiscal year 2023, detailing financial performance and position.</b>

AI Summary

Knowles Corp (KN) filed a Annual Report (10-K) with the SEC on February 21, 2024. Knowles Corporation filed its 10-K report for the fiscal year ending December 31, 2023. The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key financial statement items such as Retained Earnings, Common Stock, and Additional Paid-In Capital are detailed for multiple periods. The report references specific accounting standards and financial elements like Property, Plant, and Equipment Net, and Cost of Goods and Services Sold. Knowles Corporation is classified under the SIC code 3651 for Household Audio & Video Equipment.

Why It Matters

For investors and stakeholders tracking Knowles Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Knowles Corporation's financial health and operational results for the past fiscal year, crucial for investors assessing performance and future prospects. The detailed financial data, including historical comparisons, allows stakeholders to analyze trends in revenue, profitability, and balance sheet items, informing investment decisions.

Risk Assessment

Risk Level: medium — Knowles Corp shows moderate risk based on this filing. The company's financial performance and market position are subject to the complexities of the electronics and audio equipment industry, which can involve rapid technological changes and competitive pressures, as indicated by its SIC code and the need for detailed financial reporting.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Knowles Corporation's performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period.)
• 2024-02-21 — Filing Date (The date the 10-K was filed with the SEC.)
• 3651 — SIC Code (Standard Industrial Classification for Household Audio & Video Equipment.)
• 001-36102 — SEC File Number (The SEC file number associated with the company.)

Key Players & Entities

• Knowles Corp (company) — Filer of the 10-K report
• 2023-12-31 (date) — Fiscal year end date
• 2024-02-21 (date) — Filing date
• 3651 (industry_code) — Standard Industrial Classification code for Household Audio & Video Equipment
• DE (state) — State of incorporation
• IL (state) — State for business and mailing address
• 60143 (zip_code) — ZIP code for business and mailing address
• Cornell Dubilier Member (entity) — Mentioned in relation to financial data

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-21: Filing Date — The date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (Provides detailed financial and operational information for the fiscal year.)

SIC Code

Standard Industrial Classification code used to classify businesses by industry. (Helps categorize Knowles Corporation within the Household Audio & Video Equipment sector.)

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value per share KN New York Stock E
• $10,000 — high school years. Knowles has pledged $10,000 annually to provide a PEAK student the

Filing Documents

• kn-20231231.htm (10-K) — 2647KB
• a20231231exhibit211.htm (EX-21.1) — 24KB
• a20231231exhibit231.htm (EX-23.1) — 2KB
• a20231231exhibit311.htm (EX-31.1) — 11KB
• a20231231exhibit312.htm (EX-31.2) — 11KB
• a20231231exhibit321.htm (EX-32.1) — 7KB
• clawbackpolicyadoptedmay.htm (EX-97.1) — 8KB
• clawbackpolicyadoptedmay001.jpg (GRAPHIC) — 247KB
• clawbackpolicyadoptedmay002.jpg (GRAPHIC) — 265KB
• kn-20231231_g1.jpg (GRAPHIC) — 119KB
• 0001587523-24-000017.txt (&nbsp;) — 16899KB
• kn-20231231.xsd (EX-101.SCH) — 75KB
• kn-20231231_cal.xml (EX-101.CAL) — 130KB
• kn-20231231_def.xml (EX-101.DEF) — 692KB
• kn-20231231_lab.xml (EX-101.LAB) — 1307KB
• kn-20231231_pre.xml (EX-101.PRE) — 1039KB
• kn-20231231_htm.xml (XML) — 2619KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 19 Item 1C. Cybersecurity 19 Item 2.

Properties

Properties 20 Item 3.

Legal Proceedings

Legal Proceedings 21 Item 4. Mine Safety Disclosures 21 Information about our Executive Officers 22 PART II 23 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 23 Item 6. [Reserved] 24 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 43 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 90 Item 9A.

Controls and Procedures

Controls and Procedures 90 Item 9B. Other Information 91 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 91 PART III 92 Item 10. Directors, Executive Officers, and Corporate Governance 92 Item 11.

Executive Compensation

Executive Compensation 92 Item 12.

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

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 92 Item 13. Certain Relationships and Related Transactions, and Director Independence 93 Item 14. Principal Accountant Fees and Services 93 PART IV 94 Item 15. Exhibits and Financial Statement Schedules 94 Item 16. Form 10-K Summary 97

SIGNATURES

SIGNATURES 98 2 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS Unless the context otherwise requires, references in this Annual Report on Form 10-K to "Knowles," the "Company," "we," "our," or "us" refer to Knowles Corporation and its consolidated subsidiaries. Our Company We are a market leader and global provider of high performance capacitors and radio frequency ("RF") filtering products, balanced armature speakers, advanced micro-acoustic microphones, and audio solutions serving the medtech, defense, electric vehicle, industrial, communications, consumer electronics markets. Our focus on the customer, combined with unique technology, proprietary manufacturing techniques, and global operational expertise, enables us to deliver innovative solutions across multiple applications. Knowles, founded in 1946 and headquartered in Itasca, Illinois, has approximately 7,100 employees at facilities located in 14 countries around the world. Our Strategy The Company is focused on delivering high value, differentiated solutions to a diverse set of end markets. In the Precision Devices ("PD") segment, our high performance capacitors and RF filtering solutions enable some of the most demanding applications in the defense, medtech, and electric vehicle markets. The acquisition of Cornell Dubilier ("CD") on November 1, 2023 expands our portfolio offering to include high-performance film, electrolytic, and mica capacitors used in medtech, defense, and industrial electrification applications. Our capacitor portfolio includes products with highly specialized requirements, such as high voltage, high temperature, and high reliability. Additionally, we deliver RF filtering solutions across a broad range of applications and frequencies primarily serving the defense market. The combination of CD's broad selection of capacitors, coupled with our organic PD offerings, significantly expands our serviceable available market. We continue to focus on sales growth and improved margins by expanding our presence in profitable marke

View Full Filing

View this 10-K filing on SEC EDGAR