Cover and table of contents

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Cover and table of contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended October 31, 2022

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 0-7977

NORDSON CORPORATION

(Exact name of Registrant as specified in its charter)

Ohio

(State of incorporation)

28601 Clemens Road Westlake, Ohio

(Address of principal executive offices)

34-0590250

(I.R.S. Employer Identification No.)

44145

(Zip Code)

(440) 892-1580

(Registrant’s Telephone Number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on which Registered
Common Shares, without par valueNDSNNasdaq Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No ☐

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No x

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes x No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes x No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filerxAccelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Indicate by check mark whether the Registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

The aggregate market value of Common Shares, no par value per share, held by nonaffiliates (based on the closing sale price on the Nasdaq Stock Market) as of April 29, 2022 was approximately $12,407,909,520.

There were 57,156,824 Common Shares outstanding as of November 30, 2022.

Documents incorporated by reference:

Portions of the Proxy Statement for the 2023 Annual Meeting - Part III of the Form 10-K

Table of Contents
PART I4
Item 1.Business4
General Description of Business4
Corporate Purpose and Goals4
Principal Products and Uses5
Manufacturing, Raw Materials and Other Resources6
Intellectual Property7
Seasonal Variation in Business7
Competitive Conditions7
Compliance with Governmental Regulations7
Human Capital Resources8
Available Information9
Item 1A.Risk Factors9
Item 1B.Unresolved Staff Comments17
Item 2.Properties18
Item 3.Legal Proceedings19
Item 4.Mine Safety Disclosures19
Information about Our Executive Officers20
PART II21
Item 5.Market for the Company’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities21
Market Information and Dividends21
Performance Graph21
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations23
Critical Accounting Policies and Estimates23
Item 7A.Quantitative and Qualitative Disclosures About Market Risk30
Item 8.Financial Statements and Supplementary Data31
Consolidated Statements of Income31
Consolidated Statements of Comprehensive Income32
Consolidated Balance Sheets33
Consolidated Statements of Shareholders’ Equity34
Consolidated Statements of Cash Flows35
Notes to Consolidated Financial Statements36
Management’s Report on Internal Control Over Financial Reporting62
Report of Independent Registered Public Accounting Firm - Internal Controls Opinion63
Report of Independent Registered Public Accounting Firm - Financial Statement Opinion64
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure66
Item 9A.Controls and Procedures66
Item 9B.Other Information66
Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections66

Nordson Corporation 2

Table of Contents
PART III67
Item 10.Directors, Executive Officers and Corporate Governance67
Item 11.Executive Compensation67
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters67
Equity Compensation Table68
Item 13.Certain Relationships and Related Transactions, and Director Independence68
Item 14.Principal Accountant Fees and Services68
PART IV69
Item 15.Exhibits and Financial Statement Schedule69
(a) 1. Financial Statements69
(a) 2. Financial Statement Schedule69
(a) 3. Exhibits69
Index to Exhibits70
Item 16.Form 10-K Summary72
Signatures72
Schedule II – Valuation and Qualifying Accounts and Reserves74

Nordson Corporation 3

PART I

NOTE REGARDING AMOUNTS AND FISCAL YEAR REFERENCES

In this annual report, all amounts related to United States dollars and foreign currency and to the number of Nordson Corporation’s common shares, except for per share earnings and dividend amounts, are expressed in thousands unless otherwise indicated. Unless the context otherwise indicates, all references to “we,” “us,” “our,” or the “Company” mean Nordson Corporation.

Unless otherwise noted, all references to years relate to our fiscal year ending October 31.

Next: Item 1. Business