8 unchanged sentences
Our credit concentration risk differs in relation to the activities carried out by the segments and end markets in which we operate;
−Removed: in all cases, the risk is mitigated by the large number of counterparties and customers.
+Added: the risk is partially mitigated by the large number of counterparties and customers.
Considered from a global point of view, however, there is a concentration of credit risk in trade receivables and receivables from financing activities, in particular dealer financing in the European Union market and in North America, as well as in South America for Agriculture and Construction.
2 unchanged sentences
Dealers and final customers are generally subject to specific assessments of their creditworthiness under a detailed scoring system.
−Removed: In addition to carrying out this evaluation process, we may also obtain financial and non-financial guarantees for risks arising from credit granted for the sale of agricultural equipment, construction equipment and related parts.
−Removed: These guarantees are further secured, where
−Removed: possible, by retention of title clauses or specific guarantees on financed equipment sales to the distribution network and on equipment under finance or leasing agreements.
+Added: In addition to carrying out this evaluation process, we may also obtain financial and non-financial guarantees for risks arising from credit granted for the sale of equipment and related parts.
+Added: These guarantees are further secured, where possible, by retention of title clauses or specific guarantees on financed equipment sales to the distribution network and on equipment under finance or leasing agreements.
Balances which are objectively uncollectible either in part or for the whole amount are written down on a specific basis if they are individually significant.
2 unchanged sentences
Receivables for financing activities amounted to $23,085 million at December 31, 2024 ($24,249 million at December 31, 2023) containing balances totaling $424 million ($363 million at December 31, 2023) that have been written down.
−Removed: In addition, balances totaling $184 million ($117 million at December 31, 2022) were either past due or in nonaccrual status.
+Added: In addition, balances
+Added: totaling $235 million ($184 million at December 31, 2023) were either past due or in nonaccrual status.
In the event of installment payments, even if only one installment is overdue, the whole amount of the receivable is classified as such.
3 unchanged sentences
Where one of our subsidiaries incurs costs in a currency different from that of its revenues, any change in exchange rates can affect the net income/(loss) of that company.
−Removed: In 2023, the total net trade flows exposed to currency risk amounted to the equivalent of 21% of our revenue (19% in 2022).
+Added: We estimate that in 2024, the total net trade flows exposed to currency risk amounted to the equivalent of 20% of our revenue (21% in 2023).
The principal exchange rates to which we are exposed are the following:
15 unchanged sentences
dollar may acquire converted values in U.S.
−Removed: dollars which differ as a function of the fluctuation in exchange rates.
+Added: dollars which differ over time as a function of the fluctuation in exchange rates.
We monitor our principal exposure to conversion exchange risk, although there was no specific hedging in place at December 31, 2024.
1 unchanged sentence
Sensitivity Analysis
−Removed: The potential loss in fair value of derivative financial instruments held for currency risk management (currency swaps/forwards, currency options, interest rate and currency swaps) at December 31, 2023 resulting from a hypothetical change of 10% in the exchange rates amounted to approximately $167 million ($276 million at December 31, 2022).
+Added: The potential loss in fair value of derivative financial instruments held for currency risk management (currency swaps/forwards, currency options, interest rate and currency swaps) at December 31, 2024, resulting from a hypothetical change of 10% in the relevant exchange rates amounted to approximately $113 million ($167 million at December 31, 2023).
The valuation model for currency options assumes that market volatility at year-end remains unchanged.
18 unchanged sentences
Financial Statements and Supplementary Data
−Removed: See the Consolidated Financial Statements and notes thereto and supplementary data.
+Added: See the Consolidated Financial Statements and notes thereto and supplementary data, which are incorporated by reference herein.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
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.