ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: We are exposed to market risk from changes in foreign currency exchange rates which could affect operating results, financial position and cash flows.
−Removed: We manage our exposure to these market risks through our regular operating and financing activities and, when appropriate, through the use of derivative financial instruments.
−Removed: We may utilize derivative financial instruments to hedge economic exposures, as well as to reduce earnings and cash flow volatility resulting from shifts in market rates.
−Removed: We also may hedge the cost to fund material non-dollar entities by buying currencies periodically in advance of the funding date.
+Added: We are exposed to market risk from foreign currency exchange rates which could affect operating results, financial position and cash flows.
+Added: We manage our exposure to this market risk through our regular operating and financing activities and, when appropriate, using derivative financial instruments.
+Added: We utilized derivative financial instruments to hedge economic exposures, as well as reduce earnings and cash flow volatility resulting from shifts in market rates.
+Added: We also hedge the cost to fund material non-dollar entities by buying currencies periodically in advance of the funding date.
This is accounted for using derivative accounting.
−Removed: Recent market and economic events have not caused us to materially modify or change our financial risk management strategies with respect to our exposures to foreign currency risk.
+Added: Recent market events have not caused us to materially modify or change our financial risk management strategies with respect to our exposures to foreign currency risk.
Refer to Note 8 – Financial Instruments in the Condensed Consolidated Financial Statements for additional discussion on our financial risk management.
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