20 unchanged sentences
If we price our products in U.S.
−Removed: Dollars and competitors price their products in local currency, an increase in the relative strength of the U.S.
+Added: Dollars and our competitors price their products in local currency, an increase in the relative strength of the U.S.
Dollar could result in our prices not being competitive in a market where business is transacted in the local currency.
2 unchanged sentences
Our revenue by geography was as follows for the periods presented (dollars in millions):
−Removed: Year Ended December 31,
Percentage of
1 unchanged sentence
United States
−Removed: Rest of Europe
−Removed: Rest of Asia Pacific
+Added: Europe excluding Germany
+Added: Asia Pacific excluding China
Total revenue
−Removed: 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.
+Added: Changes in foreign currency exchange rates increased our revenue by approximately 2.3% during the year ended December 31, 2025, and decreased our revenue by approximately 0.4% during the year ended December 31, 2024.
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 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.
+Added: We recorded a net gain of $115.1 million and a net loss of $79.6 million, during the years ended December 31, 2025, and 2024, respectively, from currency translation adjustments.
A 10% depreciation in functional currencies, relative to the U.S.
Dollar, at December 31, 2025, would have resulted in a reduction of shareholders’ equity of approximately $207.1 million.
−Removed: 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.
+Added: As of December 31, 2025, we have several cross-currency swap agreements with a notional value of $124.1 million of U.S.
Dollar to Swiss Franc and a notional value of $124.1 million of U.S.
2 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 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.
−Removed: 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.
−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 gains of $23.7 million and net losses of $13.3 million for years ended December 31, 2024, and 2023, respectively.
+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 a loss of $251.5 million for the year ended December 31, 2025, gain of $89.1 million for the year ended December 31, 2024, and loss of $100.9 million for the year ended December 31, 2023.
+Added: The difference between the interest rate received and paid under the cross-currency swap derivative agreement is recorded in interest income in the statements of operations.
+Added: Gains and losses resulting from foreign currency transactions are reported in Interest and other income (expense), net in the consolidated statements of operations and comprehensive income.
+Added: Our foreign currency transaction gains, net were $11.6 million and $23.7 million for years ended December 31, 2025, and 2024, 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.
1 unchanged sentence
Dollars or other currencies on specified dates typically with maturities of less than twelve months with some agreements extending to longer periods.
−Removed: 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.
+Added: 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 operations and comprehensive income.
The impact of currency exchange rate movement can be positive or negative in any period.
1 unchanged sentence
Interest Rate Risk
−Removed: We regularly invest excess cash in short-term investments that are subject to changes in interest rates.
+Added: From time to time, we may invest excess cash in short-term investments that are subject to changes in interest rates.
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.
−Removed: 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.
−Removed: We currently have a higher level of fixed rate debt than variable rate debt, which limits the exposure to adverse movements in interest rates.
+Added: Our exposure to interest rate risk related primarily to outstanding variable rate debt under the U.S.
+Added: Dollar denominated 2019 Term Loan and adverse movements in the related market rates.
+Added: This exposure was managed as part of an interest rate swap which involved us paying fixed, receiving floating.
+Added: The interest rate swap agreement was terminated during the third quarter of 2025 following the repayment of the 2019 Term Loan.
Commodity Price Risk
12 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.