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Item 3. Quantitative and Qualitative Disclosures About Market Risk

2025-11-14 compared with 2025-08-13 · 24 added, 25 removed, 1 unchanged (98% of the section changed)

Quantitative and Qualitative Disclosures About Market Risk

In the ordinary course of business, we are exposed

to various market risk factors, including fluctuations in interest rates, changes in general economic conditions, domestic and foreign

competition, and foreign currency exchange rates.

Foreign Currency Exchange Rate Risk

In addition to our U.S.

operations, we also have international operations

in Canada and Denmark, sell our products and services to international dealers and customers, including foreign governments and engage

in sales and marketing efforts in many foreign jurisdictions.

In international sales, we face substantial competition from both U.S.

manufacturers

and international manufacturers whose governments sometimes provide R&D assistance, marketing subsidies and other assistance for their

products and services.

International sales present risks that are different and potentially greater than those encountered in our U.S.

A majority of our total net sales are from international customers.

International sales are subject to numerous political

and economic factors, including changes in foreign national priorities, foreign government budgets, global economic conditions, and fluctuations

in foreign currency exchange rates, the possibility of trade sanctions and other government actions, regulatory requirements, significant

competition, taxation, and other risks associated with doing business outside the United States.

Sales of military products and services

and any associated industrial development (offset) agreements are subject to U.S.

export regulations and foreign policy, and there could

be significant delays or other issues in reaching definitive agreements for announced programs.

See “—We cannot predict the

consequences of future macroeconomic conditions or geopolitical events, but they may adversely affect market and economic conditions,

the markets in which we operate, our ability to insure against risks, our operations or our profitability.”

the ordinary course of business, we are exposed to various market risk factors, including fluctuations in interest rates, changes in

general economic conditions, domestic and foreign competition, and foreign currency exchange rates.

Currency Exchange Rate Risk

addition to our U.S.

operations, we also have international operations in Canada and Denmark, sell our products and services to international

dealers and customers, including foreign governments and engage in sales and marketing efforts in many foreign jurisdictions.

In international

sales, we face substantial competition from both U.S.

manufacturers and international manufacturers whose governments sometimes provide

R&D assistance, marketing subsidies and other assistance for their products and services.

International sales present risks that

are different and potentially greater than those encountered in our U.S.

A majority of our total net sales are from international

International sales are subject to numerous political and economic factors, including changes in foreign national priorities,

foreign government budgets, global economic conditions, and fluctuations in foreign currency exchange rates, the possibility of trade

sanctions and other government actions, regulatory requirements, significant competition, taxation, and other risks associated with doing

business outside the United States.

Sales of military products and services and any associated industrial development (offset) agreements

are subject to U.S.

export regulations and foreign policy, and there could be significant delays or other issues in reaching definitive

agreements for announced programs.

See “—We cannot predict the consequences of future macroeconomic conditions or geopolitical

events, but they may adversely affect market and economic conditions, the markets in which we operate, our ability to insure against

risks, our operations or our profitability.”

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 3. Quantitative and Qualitative Disclosures About Market Risk