QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: We are exposed to a variety of market risks, including changes in currency exchange rates, interest rates and gasoline prices.
+Added: We are exposed to a variety of market risks, including changes in currency exchange rates, interest rates and fuel prices.
We manage our exposure to market risks through our regular operating and financing activities and, when deemed appropriate, through the use of derivative financial instruments, particularly currency forward contracts to manage and reduce currency exchange rate risk;
swap contracts, futures and options contracts, to manage and reduce the interest rate risk related to our debt;
−Removed: and derivative commodity instruments to manage and reduce the risk of changing unleaded gasoline prices.
+Added: and derivative commodity instruments to manage and reduce the risk of changing unleaded fuel prices.
We are exclusively an end user of these instruments.
13 unchanged sentences
We assess our market risk based on changes in currency exchange rates utilizing a sensitivity analysis.
−Removed: The sensitivity analysis measures the potential impact on earnings, cash flows and fair values based on a hypothetical 10% appreciation or depreciation in the value of the underlying currencies being hedged, against the U.S.
+Added: The sensitivity analysis measures the potential impact on earnings, cash flows and fair values based on a hypothetical
+Added: 10% appreciation or depreciation in the value of the underlying currencies being hedged, against the U.S.
dollar at December 31, 2023.
2 unchanged sentences
Interest Rate Risk Management
−Removed: Our primary interest rate exposure at December 31, 2022 was interest rate fluctuation in the U.S.
−Removed: due to its impact on variable rate borrowings and other interest rate sensitive liabilities.
+Added: Our primary interest rate exposure at December 31, 2023 was interest rate fluctuation in the United States due to its impact on variable rate borrowings and other interest rate sensitive liabilities.
We use interest rate swaps and caps to manage our exposure to interest rate movements.
4 unchanged sentences
Commodity Risk Management
−Removed: We have commodity price exposure related to fluctuations in the price of gasoline.
+Added: We have commodity price exposure related to fluctuations in the price of fuel.
We anticipate that such commodity risk will remain a market risk exposure for the foreseeable future.
−Removed: We determined that a hypothetical 10% change in the price of gasoline would not have a material impact on our earnings as of December 31, 2022.
+Added: We determined that a hypothetical 10% change in the price of fuel would not have a material impact on our earnings as of December 31, 2023.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
2 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.