Quantitative and Qualitative Disclosures About Market Risk
+Added: (amounts in millions)
The Company, in the normal course of doing business, is exposed to a variety of risks, including market risks associated with foreign currency exchange rates and changes in interest rates.
The Company does not have any significant concentration with any one counterparty.
−Removed: There has been no material change in the Company’s assessment of its sensitivity to foreign currency exchange rate risk since its presentation set forth in Part II, Item 7A “Quantitative and Qualitative Disclosures About Market Risk” in its 2020 Annual Report.
+Added: There has been no material change in the Company’s assessment of its sensitivity to foreign currency exchange rate risk since its presentation set forth in Part II, Item 7A.
+Added: Quantitative and Qualitative Disclosures About Market Risk in its 2021 Annual Report.
From time to time, the Company may borrow under the Revolving Credit Facility and Commercial Paper Programs.
−Removed: Any borrowings under the Euro Commercial Paper Program and Revolving Credit Facility, in addition to the outstanding borrowings under the Company’s 2026 Euro Notes and 2028 Euro Notes, as discussed in Note 4 of the accompanying Condensed Consolidated Financial Statements, are and may continue to be denominated in foreign currencies, and there can be no assurance that the Company can successfully manage these changes in exchange rates, including in the event of a significant and sudden decline in the value of any of the foreign currencies for which such borrowings are made.
−Removed: In addition, any borrowings under the Revolving Credit Facility either bear interest at or trade at rates that fluctuate with a spread over LIBOR, while any borrowings under the Commercial Paper Programs are subject to floating interest rates.
−Removed: Therefore, when the Company borrows under these debt instruments, the Company is exposed to market risk from exposure to changes in interest rates.
−Removed: As of September 30, 2021, outstanding borrowings under the U.S.
+Added: Any borrowings under the Euro Commercial Paper Program and Revolving Credit Facility, in addition to the outstanding borrowings under the Company’s Euro Notes, as discussed in Note 4 of the accompanying Notes to Condensed Consolidated Financial Statements, are and may continue to be denominated in foreign currencies, and there can be no assurance that the Company can successfully manage changes in exchange rates, including in the event of a significant and sudden decline in the value of any of the foreign currencies for which such borrowings are made.
+Added: In addition, 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.
+Added: dollar borrowings are either the base rate or the adjusted term Secured Overnight Financing Rate (“SOFR”).
+Added: Similarly, any borrowings under the new two-year, $750.0 unsecured delayed draw term loan credit agreement (the “2022 Term Loan”), which was entered into by the Company in April of 2022, bear interest at rates that fluctuate with a spread that varies, based on the Company’s debt rating, over either the base rate or the adjusted term SOFR.
+Added: Any borrowings under the Commercial Paper Programs are subject to floating interest rates.
+Added: Therefore, when the Company borrows under these debt instruments, the Company is exposed to market risk related to changes in interest rates.
+Added: As of March 31, 2022, outstanding borrowings under the U.S.
Commercial Paper Program were at a weighted average floating interest rate of 0.95%, while there were no outstanding borrowings under the Revolving Credit Facility and Euro Commercial Paper Program.
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