| Industries |
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| Asset Management and Custody Banks |
| Application Software |
| Independent Power Producers and Energy Traders |
| Automobiles and Components |
| Electrical Components and Equipment |
| Exposures |
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| Provide |
| Military |
| Express intent |
| Economic |
| Ease |
| Regime |
| Policy |
| Judicial |
| Event Codes |
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| Solicit support |
| Agree |
| Adjust |
| Yield to order |
| Host meeting |
| Request |
| Consult |
| Pessimistic comment |
| Sports contest |
| Reject |
| Yield |
| Wiki | Wiki Summary |
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| Risk management | Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.\nRisks can come from various sources including uncertainty in international markets, threats from project failures (at any phase in design, development, production, or sustaining of life-cycles), legal liabilities, credit risk, accidents, natural causes and disasters, deliberate attack from an adversary, or events of uncertain or unpredictable root-cause. |
| Extraordinary assumptions and hypothetical conditions | In the field of real estate appraisal, extraordinary assumptions and hypothetical conditions are two closely related types of assumptions which are made as predicating conditions of an appraisal problem. Under the Uniform Standards of Professional Appraisal Practice (USPAP), they are two of the assignment conditions on which an appraisal assignment is predicated, the others being general assumptions, laws & regulations, supplemental standards, jurisdictional exceptions, and other conditions affecting scope of work. |
| Generally Accepted Accounting Principles (United States) | Generally Accepted Accounting Principles (GAAP or U.S. GAAP, pronounced like "gap") is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the latter differ considerably from GAAP and progress has been slow and uncertain. |
| Uncertainty | Uncertainty refers to epistemic situations involving imperfect or unknown information. It applies to predictions of future events, to physical measurements that are already made, or to the unknown. |
| Cone of Uncertainty | In project management, the Cone of Uncertainty describes the evolution of the amount of best case uncertainty during a project. At the beginning of a project, comparatively little is known about the product or work results, and so estimates are subject to large uncertainty. |
| Surgery | Surgery is a medical or dental specialty that uses operative manual and instrumental techniques on a person to investigate or treat a pathological condition such as a disease or injury, to help improve bodily function, appearance, or to repair unwanted ruptured areas.\nThe act of performing surgery may be called a surgical procedure, operation, or simply "surgery". |
| Operation Condor | Operation Condor (Spanish: Operación Cóndor, also known as Plan Cóndor; Portuguese: Operação Condor) was a United States-backed campaign of political repression and state terror involving intelligence operations and assassination of opponents. It was officially and formally implemented in November 1975 by the right-wing dictatorships of the Southern Cone of South America.Due to its clandestine nature, the precise number of deaths directly attributable to Operation Condor is highly disputed. |
| Trustmark (bank) | Trustmark is a commercial bank and financial services company headquartered in Jackson, Mississippi, United States, with subsidiaries Trustmark National Bank, Trustmark Investment Advisors, and Fisher Brown Bottrell Insurance. The bank's initial predecessor, The Jackson Bank, was chartered by the State of Mississippi in 1889. |
| Financial analysis | Financial analysis (also referred to as financial statement analysis or accounting analysis or Analysis of finance) refers to an assessment of the viability, stability, and profitability of a business, sub-business or project. \nIt is performed by professionals who prepare reports using ratios and other techniques, that make use of information taken from financial statements and other reports. |
| Federal takeover of Fannie Mae and Freddie Mac | In September 2008 the Federal Housing Finance Agency (FHFA) announced that it would take over the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Both government-sponsored enterprises, which finance home mortgages in the United States by issuing bonds, had become illiquid as the market for those bonds collapsed in the subprime mortgage crisis. |
| Open market operation | In macroeconomics, an open market operation (OMO) is an activity by a central bank to give (or take) liquidity in its currency to (or from) a bank or a group of banks. The central bank can either buy or sell government bonds (or other financial assets) in the open market (this is where the name was historically derived from) or, in what is now mostly the preferred solution, enter into a repo or secured lending transaction with a commercial bank: the central bank gives the money as a deposit for a defined period and synchronously takes an eligible asset as collateral. |
| History of computer science | The history of computer science began long before our modern discipline of computer science, usually appearing in forms like mathematics or physics. Developments in previous centuries alluded to the discipline that we now know as computer science. |
| Gaussian elimination | In mathematics, Gaussian elimination, also known as row reduction, is an algorithm for solving systems of linear equations. It consists of a sequence of operations performed on the corresponding matrix of coefficients. |
| Theoretical computer science | Theoretical computer science (TCS) is a subset of general computer science and mathematics that focuses on mathematical aspects of computer science such as the theory of computation, lambda calculus, and type theory.\nIt is difficult to circumscribe the theoretical areas precisely. |
| Heating, ventilation, and air conditioning | Heating, ventilation, and air conditioning (HVAC) is the use of various technologies to control the temperature, humidity, and purity of the air in an enclosed space. Its goal is to provide thermal comfort and acceptable indoor air quality. |
| European emission standards | The European emission standards are vehicle emission standards for exhaust emissions of new vehicles sold in the European Union and EEA member states and the UK. The standards are defined in a series of European Union directives staging the progressive introduction of increasingly stringent standards. Details of Euro 7, the final standard, will be announced in 2022 and probably come into force in 2025. |
| Japanese Industrial Standards | Japanese Industrial Standards (JIS) (日本産業規格, Nihon Sangyō Kikaku, formerly 日本工業規格 Nihon Kōgyō Kikaku until June 30, 2019) are the standards used for industrial activities in Japan, coordinated by the Japanese Industrial Standards Committee (JISC) and published by the Japanese Standards Association (JSA). The JISC is composed of many nationwide committees and plays a vital role in standardizing activities across Japan. |
| Air Conditioning, Heating and Refrigeration Institute | The Air Conditioning, Heating, and Refrigeration Institute (AHRI), formed in 2008 by a merger of the Air-Conditioning and Refrigeration Institute (ARI) and the Gas Appliance Manufacturers Association (GAMA), is a North American trade association of manufacturers of air conditioning, heating, and commercial refrigeration equipment.The organization performs political advocacy on behalf of its member industries, maintains technical standards, certifies products, shares data, conducts research, and awards scholarships.AHRI's 2017 annual meeting was held at Trump National Doral Miami. AHRI paid Trump Doral $700,650 for the event. |
| Product liability | Product liability is the area of law in which manufacturers, distributors, suppliers, retailers, and others who make products available to the public are held responsible for the injuries those products cause. Although the word "product" has broad connotations, product liability as an area of law is traditionally limited to products in the form of tangible personal property. |
| Strict liability | In criminal and civil law, strict liability is a standard of liability under which a person is legally responsible for the consequences flowing from an activity even in the absence of fault or criminal intent on the part of the defendant.\nUnder the strict liability law, if the defendant possesses anything that is inherently dangerous, as specified under the "ultrahazardous" definition, the defendant is then strictly liable for any damages caused by such possession, no matter how careful the defendant is safeguarding them.In the field of torts, prominent examples of strict liability may include product liability, abnormally dangerous activities (e.g., blasting), intrusion onto another's land by livestock, and ownership of wild animals.Other than activities specified above (like ownership of wild animals, etc), US courts also consider the following activities as "ultrahazardous":\nstoring flammable liquids in quantity in an urban area\npile driving\nblasting\ncrop dusting\nfumigation with cyanide gas\nemission of noxious fumes by a manufacturing plant located in a settled area\nlocating oil wells or refineries in populated communities\ntest firing solid-fuel rocket motors.On the other hand, US courts rule the following activities as not "ultrahazardous": parachuting, drunk driving, maintaining power lines, and letting water escape from an irrigation ditch.Traditional criminal offenses that require no element of intent (mens rea) include statutory rape and felony murder. |
| Limited liability company | A limited liability company (LLC) is the US-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. |
| Limited liability | Limited liability is a legal status where a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a corporation, company or partnership. If a company that provides limited liability to its investors is sued, then the claimants are generally entitled to collect only against the assets of the company, not the assets of its shareholders or other investors. |
| Vicarious liability | Vicarious liability is a form of a strict, secondary liability that arises under the common law doctrine of agency, respondeat superior, the responsibility of the superior for the acts of their subordinate or, in a broader sense, the responsibility of any third party that had the "right, ability or duty to control" the activities of a violator. It can be distinguished from contributory liability, another form of secondary liability, which is rooted in the tort theory of enterprise liability because, unlike contributory infringement, knowledge is not an element of vicarious liability. |
| Profit (economics) | An economic profit is the difference between the revenue a commercial entity has received from its outputs and the opportunity costs of its inputs. It equals to total revenue minus total cost, including both explicit and implicit costs. |
| SAP ERP | SAP ERP is an enterprise resource planning software developed by the German company SAP SE. SAP ERP incorporates the key business functions of an organization. The latest version of SAP ERP (V.6.0) was made available in 2006. |
| Small Is Profitable | Small Is Profitable: The Hidden Economic Benefits of Making Electrical Resources the Right Size is a 2002 book by energy analyst Amory Lovins and others. The book describes 207 ways in which the size of "electrical resources"—devices that make, save, or store electricity—affects their economic value. |
| If We May | If We May is an album jazz standards by pianist Paul Bley recorded in 1993 and released on the SteepleChase label.\n\n\n== Reception ==\nAllmusic awarded the album 4 stars, stating, "The music is quite accessible to straightahead fans even if Bley gives these warhorses some new twists, and he shows that he can swing with the best of them (not that anyone really doubted it)". |
| May | May is the fifth month of the year in the Julian and Gregorian calendars and the third of seven months to have a length of 31 days.\nMay is a month of spring in the Northern Hemisphere and autumn in the Southern Hemisphere. |
| List of elements facing shortage | Since 2011, the European Commission assesses a 3-year list of Critical Raw Materials (CRMs) for the EU economy within its Raw Materials Initiative. To date, 14 CRMs were identified in 2011, 20 in 2014, 27 in 2017 and 30 in 2020. |
| Bill of materials | A bill of materials or product structure (sometimes bill of material, BOM or associated list) is a list of the raw materials, sub-assemblies, intermediate assemblies, sub-components, parts, and the quantities of each needed to manufacture an end product. A BOM may be used for communication between manufacturing partners or confined to a single manufacturing plant. |
| Combined Joint Task Force – Operation Inherent Resolve | Combined Joint Task Force – Operation Inherent Resolve (CJTF–OIR) is multinational military formation established by the U.S.-led international coalition against the Islamic State of Iraq and the Levant (ISIL) with the stated aim to "degrade and destroy" the organization. Led by United States Army Central (ARCENT), it is composed of military forces and personnel from over 30 countries.Formed in October 2014 by U.S. Central Command, CJTF-OIR was intended to replace the ad hoc arrangements that had been established to coordinate operations against ISIL, following its rapid gains in Iraq in June. |
| Risk Factors |
|---|
| and its subsidiaries, unless the context requires otherwise |
| 9 _________________________________________________________________ [60]Table of Contents Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on information currently available to management as well as management’s assumptions and beliefs |
| All statements, other than statements of historical fact, included in this Form 10-K constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements identified by the words “may,” “will,” “should,” “plan,” “predict,” “anticipate,” “believe,” “intend,” “estimate” and “expect” and similar expressions |
| Such statements reflect our current views with respect to future events, based on what we believe are reasonable assumptions; however, such statements are subject to certain risks and uncertainties |
| In addition to the specific uncertainties discussed elsewhere in this Form 10-K, the risk factors set forth below may affect our performance and results of operations |
| Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those in the forward-looking statements |
| We disclaim any intention or obligation to update or review any forward-looking statements or information, whether as a result of new information, future events or otherwise |
| Risk Factors The following risk factors and other information included in this Form 10-K should be carefully considered |
| We believe these are the principal material risks currently facing our business, however, additional risks and uncertainties not presently known to us or that we presently deem less significant may also impair our business operations |
| If any of the following risks actually occur, our business, financial condition or results of operations could be materially adversely affected |
| Cooler than Normal Summers and Warmer than Normal Winters May Depress Our Sales |
| Demand for our products and for our services is strongly affected by the weather |
| Cooler than normal summers depress our sales of replacement air conditioning and refrigeration products and warmer than normal winters have the same effect on our heating products |
| We are subject to appliance efficiency regulations promulgated under NAECA and various state regulations concerning the energy efficiency of our products |
| As of January 23, 2006, all residential central air conditioners manufactured after such date must comply with a minimum 13 SEER standard under NAECA This standard increased the minimum SEER standard by 30 percent |
| We are currently in compliance with the new standard; however, air conditioning products with ratings lower than 13 SEER manufactured prior to January 23, 2006 can continue to be sold legally after that date |
| Therefore, quantities of non-13 SEER compliant product that remain in the industry’s distribution pipeline after January 23, 2006 may have an adverse effect on our operating results during the 2006 cooling season |
| Similar new standards are being promulgated for commercial air conditioning and refrigeration equipment |
| Implementation of the new 13 SEER minimum efficiency standard for residential air conditioners and any new standards for commercial air conditioning and refrigeration equipment could adversely impact our results of operations, due to lower factory productivity, increased costs of production and distribution, potential margin pressures, increased costs related to warranty and product liability claims and higher levels of working capital and we may not be able to realize the price increases required to offset the increases in cost of goods sold |
| We May Incur Substantial Costs as a Result of Warranty and Product Liability Claims Which Could Negatively Affect Our Profitability |
| The development, manufacture, sale and use of our products involve risks of warranty and product liability claims |
| In addition, because we own installing heating and air conditioning dealers in the United 10 _________________________________________________________________ [61]Table of Contents States and Canada, we incur the risk of liability claims for the installation and service of heating and air conditioning products |
| Our product liability insurance policies have limits that, if exceeded, may result in substantial costs that would have an adverse effect on our future profitability |
| In addition, warranty claims are not covered by our product liability insurance and certain product liability claims may not be covered by our product liability insurance either |
| Our Business Could be Adversely Affected by an Economic Downturn |
| Our business is affected by a number of economic factors, including the level of economic activity in the markets in which we operate |
| Our sales in the residential and commercial new construction market correlate to the number of new homes and buildings that are built, which in turn is influenced by cyclical factors such as interest rates, inflation, consumer spending habits, employment rates and other macroeconomic factors over which we have no control |
| In the HVACR business, a decline in economic activity as a result of these cyclical or other factors typically results in a decline in new construction and replacement purchases, which could result in a decrease in our sales and profitability |
| We May Not be Able to Compete Favorably in the Highly Competitive HVACR Business |
| Substantially all of the markets in which we operate are highly competitive |
| The most significant competitive factors we face are product reliability, product performance, service and price, with the relative importance of these factors varying among our product lines |
| Other factors that affect competition in the HVACR market include the development and application of new technologies, an increasing emphasis on the development of more efficient HVACR products, and new product introductions |
| Our competitors may have greater financial resources than we have, allowing them to invest in more extensive research and development and/or marketing activity |
| In addition, our Service Experts segment faces competition from independent dealers and dealers owned by utility companies and other consumer service providers, some of whom may be able to provide their products or services at lower prices than we can |
| We may not be able to compete successfully against current and future competitors and current and future competitive pressures may cause us to reduce our prices or lose market share, or could negatively affect our cash flow, which could have an adverse effect on our future financial results |
| We May Not be Able to Successfully Develop and Market New Products |
| Our future success depends on our continued investment in research and new product development and our ability to commercialize new technological advances in the HVACR industry |
| If we are unable to continue to successfully develop and market new products or to achieve technological advances on a pace consistent with that of our competitors, our business and results of operations could be adversely impacted |
| We Use a Variety of Raw Materials and Components in Our Business and Price Increases or Significant Supply Interruptions Could Increase Our Operating Costs and/or Depress Sales |
| We depend on raw materials, such as copper, aluminum and steel, and components purchased from third parties |
| We generally concentrate purchases for a given raw material or component with one or two suppliers |
| Although we believe there are alternative suppliers for all of our key raw material and component needs, if a supplier is unable or unwilling to meet our supply requirements, we could experience supply interruptions or cost increases, either of which could have an adverse effect on our gross profit |
| In addition, although we regularly pre-purchase a portion of our raw materials at a fixed price each year to hedge against price increases, a large increase in raw materials prices could significantly increase our cost of goods sold |
| Increases in the prices or quantities of raw materials or components we require or significant supply interruptions could affect the prices we charge for our products and services negatively impacting our competitive position, which may result in depressed sales |
| As of December 31, 2005, approximately 24prca of our workforce was unionized |
| As we expand our operations, we may be subject to increased unionization of our workforce |
| While we believe our relationships with the unions representing our employees are generally good, the results of future negotiations with these unions and the effects of any production interruptions or labor stoppages could have an adverse effect on our financial results |
| We are Subject to Litigation and Environmental Regulations that Could Have an Adverse Effect on Our Results of Operations |
| We are involved in various claims and lawsuits incidental to our business, including those involving product liability, labor relations and environmental matters, some of which claim significant damages |
| Given the inherent uncertainty of litigation, we cannot be certain that existing litigation or any future adverse developments will not have a material adverse impact on our financial condition |
| In addition, we are subject to extensive and changing federal, state and local laws and regulations designed to protect the environment |
| These laws and regulations could impose liability for remediation costs and civil or criminal penalties in cases of non-compliance |
| Compliance with environmental laws increases our costs of doing business |
| Because these laws are subject to frequent change, we are unable to predict the future costs resulting from environmental compliance |
| Any Future Determination that a Significant Impairment of the Value of Our Goodwill Intangible Asset has Occurred Could Have a Material Adverse Affect on Our Results of Operations |
| As of December 31, 2005, we had goodwill, net of accumulated amortization, of approximately dlra223dtta9 million on our Consolidated Balance Sheet |
| Any future determination that a significant impairment of the value of goodwill has occurred would require a write-down of the impaired portion of unamortized goodwill to fair value, which would reduce our assets and stockholders’ equity and could have a material adverse affect on our results of operations |
| We May Not be Able to Successfully Integrate and Operate Businesses that We may Acquire |
| From time to time, we may seek to complement or expand our business through strategic acquisitions |
| The success of these transactions will depend, in part, on our ability to integrate and operate the acquired businesses profitably |
| If we are unable to successfully integrate acquisitions with our operations, we may not realize the anticipated benefits associated with such transactions, which could adversely affect our business and results of operations |