8 unchanged sentences
The company has significant international operations resulting in a large number of currency transactions that result from international sales, purchases, investments and borrowings.
−Removed: The primary currencies for which the company has an exchange rate exposure are the Brazilian Real, Swiss franc, Canadian dollar and European Euro ("EUR").
+Added: The primary currencies for which the company has an exchange rate exposure are the Brazilian Real, European Euro ("EUR"), Swiss franc, and Canadian dollar.
The company uses foreign exchange contracts to offset its net exposures, by currency, related to the foreign currency denominated monetary assets and liabilities of its operations.
The company also uses foreign currency exchange contracts to offset a portion of the company's exposure to certain forecasted transactions, investment in foreign subsidiaries, as well as the translation of foreign currency-denominated earnings and uses commodity contracts to offset risks associated with foreign currency devaluation in certain countries.
−Removed: In addition to the contracts disclosed in Note 22 - Financial Instruments, to the Consolidated Financial Statements, from time to time, the company will enter into foreign currency exchange contracts to establish with certainty the U.S.
+Added: In addition to the contracts disclosed in Note 19 - Financial Instruments, to the Consolidated Financial Statements, from time to time, the company may enter into foreign currency exchange contracts to establish with certainty the U.S.
dollar ("USD") amount of future firm commitments denominated in a foreign currency.
−Removed: Certain foreign entities of the company held USD denominated marketable securities, mainly U.S.
−Removed: government securities, at December 31, 2020.
−Removed: The USD/EUR was the primary foreign exchange exposure for these nonfunctional currency denominated marketable securities.
−Removed: These debt securities were classified as available-for-sale marketable securities and as such, fluctuations in foreign exchange were recorded in accumulated other comprehensive income (loss) within the Consolidated Statements of Equity.
−Removed: These fluctuations were subsequently reclassified from accumulated other comprehensive income (loss) to earnings during 2021, which was the period in which the marketable securities were sold.
−Removed: At December 31, 2021, the company no longer held these USD denominated marketable securities.
The following table illustrates the fair values of outstanding foreign currency contracts at December 31, 2022 and 2021, and the effect on fair values of a hypothetical adverse change in the foreign exchange rates that existed at December 31, 2022 and 2021.
3 unchanged sentences
Foreign currency contracts $ 25 $ 44 $ (208) $ (211)
−Removed: Marketable securities $ — $ 226 $ — $ (36)
−Removed: Since the company's risk management programs are highly effective, the potential loss in value for each risk management portfolio described above would be largely offset by changes in the value of the underlying exposure.
+Added: The potential gain/loss in value for each risk management portfolio described above would be offset in part by changes in the value of the underlying exposure.
Concentration of Credit Risk
5 unchanged sentences
Credit risk associated with its receivables balance is representative of the geographic, industry and customer diversity associated with the company's global product lines.
−Removed: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK, continued
The company also maintains strong credit controls in evaluating and granting customer credit.
5 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.