1 unchanged sentence
We are potentially exposed to market risks associated with changes in foreign currency translation rates, interest rates and commodity prices.
+Added: See also Note 23, Derivative Instruments and Hedging Activities for more information on these risks.
We selectively use financial instruments to reduce these risks.
20 unchanged sentences
Dollar strengthened against the Japanese Yen, our Japanese-based competitors would have a greater pricing advantage over us.
−Removed: Our revenue by geography was as follows (dollars in millions):
+Added: Our revenue by geography was as follows for the periods presented (dollars in millions):
+Added: Year Ended December 31,
Percentage of
1 unchanged sentence
United States
−Removed: Rest of world
+Added: Rest of Europe
+Added: Rest of Asia Pacific
Total revenue
−Removed: Changes in foreign currency exchange rates increased our revenue by approximately 0.4% in the year ended December 31, 2023, and decreased it by 2.2% in the year ended December 31, 2022.
+Added: Changes in foreign currency exchange rates decreased our revenue by approximately 0.4% during the year ended December 31, 2024, and increased our revenue by approximately 0.4% during the year ended December 31, 2023.
Assets and liabilities of our foreign subsidiaries, where the functional currency is the local currency, are translated into U.S.
2 unchanged sentences
Adjustments resulting from financial statement translations are included as a separate component of shareholders’ equity.
−Removed: We recorded a net gain of $15.1 million and a net loss of $22.0 million, in the years ended December 31, 2023, and December 31, 2022, respectively, from currency translation adjustments.
+Added: We recorded a net loss of $79.6 million and a net gain of $76.2 million, during the years ended December 31, 2024, and 2023, respectively, from currency translation adjustments.
A 10% depreciation in functional currencies, relative to the U.S.
Dollar, at December 31, 2024, would have resulted in a reduction of shareholders’ equity of approximately $763.2 million.
−Removed: Gains and losses resulting from foreign currency transactions are reported in interest and other income (expense), net in the consolidated statements of income and comprehensive income.
−Removed: Our foreign currency transaction gain (loss), net were net losses of $13.3 million and $5.8 million for years ended December 31, 2023, and 2022, respectively.
−Removed: The impact of currency exchange rate movement can be positive or negative in any period.
−Removed: We periodically enter into foreign currency contracts in order to minimize the volatility that fluctuations in currency translation have on our monetary transactions.
−Removed: Under these arrangements, we typically agree to purchase a fixed amount of a foreign currency in exchange for a fixed amount of U.S.
−Removed: Dollars or other currencies on specified dates with maturities of less than twelve months, with some agreements extending to longer periods.
−Removed: These transactions do not qualify for hedge accounting and, accordingly, the instrument is recorded at fair value with the corresponding gains and losses recorded in the consolidated statements of income and comprehensive income.
As of December 31, 2024, we have several cross-currency and interest rate swap agreements with a notional value of $131.6 million of U.S.
3 unchanged sentences
GAAP hedge accounting guidance, changes in fair value of the derivative that relates to changes in the foreign currency spot rate are recorded in the currency translation adjustment in comprehensive income (loss) and remain in accumulated comprehensive income (loss) in shareholders’ equity until the sale or substantial liquidation of the foreign operation.
−Removed: The difference between the interest rate received and paid under the interest rate cross-currency swap derivative agreement is recorded in interest income in the statement of income.
+Added: The before tax gains and losses related to hedges of net asset investments in international operations that were recorded within the cumulative translation adjustment section of other comprehensive income were loss of $89.1 for the year ended December 31, 2024, and gains of $100.9 million, and $58.0 million for the years ended December 31, 2023, and 2022 respectively.
+Added: The difference between the interest rate received and paid under the cross-currency swap derivative agreement is recorded in interest income in the statement of income.
+Added: Gains and losses resulting from foreign currency transactions are reported in interest and other income (expense), net in the consolidated statements of income and comprehensive income.
+Added: Our foreign currency transaction gain (loss), net were net gains of $23.7 million and net losses of $13.3 million for years ended December 31, 2024, and 2023, respectively.
From time to time, we have entered into forward currency contracts designed to minimize the volatility that fluctuations in foreign currency have on our cash flows related to purchases and sales denominated in foreign currencies.
2 unchanged sentences
These transactions are recorded at fair value with the corresponding gains and losses recorded in interest and other income (expense), net in the consolidated statements of income and comprehensive income.
−Removed: At December 31, 2023, and 2022, we had forward currency contracts with notional amounts aggregating $489.5 million and $187.2 million, respectively.
+Added: The impact of currency exchange rate movement can be positive or negative in any period.
We will continue to evaluate our currency risks, and in the future, may utilize foreign currency contracts more frequently.
1 unchanged sentence
We regularly invest excess cash in short-term investments that are subject to changes in interest rates.
−Removed: We believe that the market risk arising from holding these financial instruments is minimal because of our policy of investing in short-term financial instruments issued by highly rated financial institutions.
+Added: We believe that the market risk arising from holding these financial instruments is minimal because of our policy of investing in money market funds and short-term financial instruments issued by highly rated financial institutions.
Our exposure related to adverse movements in interest rates is derived primarily from outstanding floating rate debt instruments that are indexed to short-term market rates.
5 unchanged sentences
Periodically, we enter into commodity forward purchase contracts to minimize the volatility that fluctuations in the price of copper have on our sales of these products.
−Removed: At December 31, 2023, and 2022, we had fixed price commodity contracts with notional amounts aggregating $8.4 million and $8.9 million, respectively.
−Removed: The fair value of the fixed price commodity contracts at December 31, 2023, and 2022 was $0.3 million and $0.6 million, respectively.
+Added: At December 31, 2024, and 2023, the fair value of the fixed price commodity contracts was de minimis.
As commodity contracts settle, gains (losses) as a result of changes in fair values are adjusted to the contracts with the customers through revenues.
6 unchanged sentences
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.