8 unchanged sentences
However, there can be no assurance that any or all such actions taken by the Company will be fully effective in successfully managing currency risk, including in the event of a significant and sudden decline in the value of any of the foreign currencies of the Company’s worldwide operations.
−Removed: One of the Company ’s wholly owned European subsidiaries (the “Euro Issuer”) has two outstanding unsecured senior notes issued in Europe (collectively, the “Euro Notes”), each of which was issued with a principal amount of €500.0.
+Added: One of the Company ’s wholly owned European subsidiaries (the “Euro Issuer”) has two outstanding unsecured senior notes issued in Europe (collectively, the “Existing Euro Notes”), each of which was issued with a principal amount of €500.0.
The 0.750% Euro Senior Notes, which were issued in May 2020, mature on May 4, 2026, while the 2.000% Euro Senior Notes, which were issued in October 2018, mature on October 8, 2028.
+Added: Additionally, on June 16, 2025, the Company issued €600.0 aggregate principal amount of unsecured 3.125% Senior Notes due June 16, 2032 (the “2032 Euro Notes”, and, together with the Existing Euro Notes, the “Euro Notes”).
The Company and the Euro Issuer also have a commercial paper program (the “Euro Commercial Paper Program” and, together with the U.S.
6 unchanged sentences
A 10% change in foreign currency exchange rates would not have a material effect on the value of the hedges as of December 31, 2025 and 2024.
−Removed: The Company does
−Removed: not engage in purchasing forward contracts for trading or speculative purposes, and our derivative financial instruments are with large financial institutions with strong credit ratings.
+Added: The Company does not engage in purchasing forward contracts for trading or speculative purposes, and our derivative financial instruments are with large financial institutions with strong credit ratings.
As of December 31, 2025, the Company does not have any significant concentration of exposure with any one counterparty.
−Removed: Refer to Note 1 and Note 5 of the Notes to Consolidated Financial Statements for a discussion of derivative financial instruments.
+Added: Refer to Note 1 and Note 5 of the accompanying Notes to Consolidated Financial Statements for a discussion of derivative financial instruments.
Interest Rate Risk
The Company is subject to market risk from exposure to changes in interest rates based on the Company’s financing activities.
−Removed: The Company manages its exposure to interest rate risk through a mix of fixed and variable rate debt.
+Added: The Company attempts to manage its exposure to interest rate risk through a mix of fixed and variable rate debt and hedging contracts in some cases.
The Company currently has various fixed rate senior notes outstanding, in both the United States and Europe, with various maturity dates, the most recent of which were issued in 2025.
−Removed: In April 2024, the Company issued the April Senior Notes:
−Removed: (i) $450.0 aggregate principal amount of the Original 2027 Senior Notes, (ii) $450.0 aggregate principal amount of the 2029 Senior Notes and (iii) $600.0 aggregate principal amount of the 2034 Senior Notes.
−Removed: Then, in October 2024, the Company issued the October Senior Notes:
−Removed: (i) $250.0 aggregate principal amount of the Additional 2027 Senior Notes, (ii) $750.0 aggregate principal amount of the 2035 Senior Notes and (iii) $500.0 aggregate principal amount of the 2054 Senior Notes.
−Removed: Refer to Note 4 of the accompanying Notes to Consolidated Financial Statements herein for further discussion related to these debt instruments.
+Added: In August 2025, the Company entered into $1,500.0 10-year and $1,000.0 30-year notional treasury lock derivative instruments to hedge interest rate risk prior to the issuance of the November Senior Notes.
+Added: In November 2025, the Company issued the November Senior Notes.
+Added: The treasury locks were settled upon the issuance of the 4.625% Senior Notes and the 5.300% Senior Notes, respectively, for a cumulative loss of $88.0 ($67.4 after-tax).
+Added: The cumulative after-tax loss was recorded in Accumulated other comprehensive income (loss) and is being amortized to Interest expense over the terms of the 4.625% Senior Notes and the 5.300% Senior Notes, respectively.
+Added: Refer to Note 4 and Note 5 of the accompanying Notes to Consolidated Financial Statements herein for further discussion related to these debt instruments.
Any borrowings under the Revolving Credit Facility bear interest at rates that fluctuate with a spread that varies, based on the Company’s debt rating, over certain currency-specific benchmark rates, which benchmark rates in the case of U.S.
1 unchanged sentence
Any borrowings under the Commercial Paper Programs are subject to floating interest rates.
+Added: Borrowings under each Delayed Draw Term Loan bear interest at rates that fluctuate with a spread over either the base rate or the adjusted term SOFR, which spread varies based on the Company’s debt rating.
+Added: The Floating Rate Senior Notes bear interest at a floating rate per annum, reset quarterly, equal to compounded SOFR, plus 0.53%.
Therefore, when the Company borrows under these debt instruments, the Company is exposed to market risk related to changes in interest rates.
−Removed: As of December 31, 2024 and 2023, the Company had no borrowings outstanding under the Revolving Credit Facility, U.S.
−Removed: Commercial Paper Program and Euro Commercial Paper Pro gram.
−Removed: However , the Company borrowed under the U.S.
−Removed: Commercial Paper Program throughout much of 2024, the proceeds of which were used for general corporate purposes, including, but not limited to, partially funding the acquisition of Carlisle Interconnect Technologies (“CIT”) in May 2024, as discussed further in Note 11 of the Notes to Consolidated Financial Statements.
−Removed: Although all such borrowings were repaid before the end of 2024, the Company may make additional borrowings under any of its debt instruments from time to time in the future.
−Removed: As of December 31, 2024 , less than 1% of the Company’s outstanding borrowings were subject to floating interest rates.
−Removed: To the extent that interest rates change related to floating rate debt and the Company borrows under any of our floating rate debt instruments in the future (Commercial Paper Programs as well as our Revolving Credit Facility), our interest expense and interest payments will be impacted accordingly.
−Removed: A 10% change in the interest rate at December 31, 2024 and 2023 under our Revolving Credit Facility or Commercial Paper Programs would not have a material effect on interest expense.
−Removed: Although the Company does not expect changes in interest rates to have a material effect on income or cash flows in 2025, there can be no assurance that interest rates will not change significantly from current levels.
+Added: As of December 31, 2025 and 2024, the Company had no borrowings outstanding under the Revolving Credit Facility, Commercial Paper Pro grams and Delayed Draw Term Loans.
+Added: However, the Company borrowed $1,534.1 under each of the Delayed Draw Term Loans in January 2026 to fund a portion of the consideration for the CommScope acquisition.
+Added: In addition, the Company borrowed under the U.S.
+Added: Commercial Paper Program during 2025 from time to time, the proceeds of which were used for general corporate purposes, including, but not limited to, partially funding the Andrew acquisition in January 2025, as discussed further in Note 11 of the Notes to Consolidated Financial Statements.
+Added: Although all such borrowings were repaid before the end of 2025, the Company may make additional borrowings under the Revolving Credit Facility and the Commercial Paper Programs from time to time in the future.
+Added: As of December 31, 2025 , 3% of the Company’s outstanding borrowings were subject to floating interest rates .
+Added: Outstanding borrowings subject to floating interest rates will be higher going forward as a result of the borrowings under the Delayed Draw Term Loans that occurred subsequent to December 31, 2025, as discussed above.
+Added: To the extent that interest rates change and the Company has outstanding borrowings under any of our floating rate debt instruments (Commercial Paper Programs, Revolving Credit Facility and Delayed Draw Term Loans), our interest expense and interest payments will be impacted accordingly.
+Added: A 10% change in the interest rate at December 31, 2025 and 2024 under our Revolving Credit Facility, Commercial Paper Programs, Delayed Draw Term Loans or Floating Rate Senior Notes would not have a material effect on interest expense.
+Added: Although the Company does not expect changes in interest rates to have a material effect on net income or cash flows in 2026, there can be no assurance that interest rates will not change significantly from current levels.
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.