Reno- JV is a smart man and one covering his you know what. Read Smith's annual deck. Security div. is dropping and pulling their entire company down. And if you want to speak about debt, look at the size of Smiths unfunded obligations.
I would also say Smith's has coasted on its current product mix believing that no one could compete with them. Fools. There is one constant, and that is change. Consider how foolish he is to speak about new threats but not to have an answer for those threats. THAT is strictly a marketing function-- to see ahead and to report back on market-wide developments. The SWOT grid is your dashboard. But Smith's has dug their pit and its ready for their occupation.
That explanation by JV is another way of saying: fire me, unless he did give them a future look and they dismissed it.
But you wisely have pieced other parts of the puzzle together and for that, I thank you!
Best of Luck to All IMSC Longs!