5 unchanged sentences
We are subject to exposure from changes in short-term interest rates related to interest payments on our borrowing arrangements.
−Removed: A significant amount of our borrowings as of December 31, 2021 are variable rate facilities based on LIBOR or EURIBOR.
+Added: All of our borrowings as of December 31, 2022 are variable rate facilities based on Secured Overnight Financing Rate (“SOFR”).
In order to mitigate our interest rate risk, we may enter into interest rate swap or collar agreements.
−Removed: A hypothetical increase in the interest rate of 1.00% during 2021 would have increased Interest expense for our variable-rate debt by approximately $9.9 million.
+Added: A hypothetical increase in the interest rate of 1.00% during 2022 would have increased Interest expense on our variable-rate debt by approximately $4.6 million.
Exchange Rate Risk
−Removed: We have manufacturing sites throughout the world and sell our products globally.
+Added: We have manufacturing sites in Europe, Africa, and Asia and sell our products internationally.
As a result, we are exposed to movements in the exchange rates of various currencies against the U.S.
1 unchanged sentence
During 2022, approximately 32% of our sales were derived from operations outside the U.S.
−Removed: We have significant manufacturing operations in European countries that are not part of the Eurozone.
−Removed: Sales revenues are more highly weighted toward the Euro and U.S.
+Added: We also have manufacturing operations in European countries that are not part of the Eurozone.
We also have significant contractual obligations in U.S.
dollars that are met with cash flows in other currencies as well as U.S.
−Removed: To better match revenue and expense as well as cash needs from contractual liabilities, we regularly enter into foreign currency swaps and forward contracts.
+Added: To better match revenue and expense as well as cash needs from contractual liabilities, we may enter into foreign currency swaps and forward contracts.
We also face exchange rate risk from our investments in subsidiaries owned and operated in foreign countries.
−Removed: Euro denominated borrowings under our Euro Notes provide a natural hedge to a portion of our European net asset position.
−Removed: We also have the ability to borrow in Euros under our Credit Facility.
−Removed: The effect of a change in currency exchange rates on our net investment in international subsidiaries, net of the translation effect of the Company’s Euro denominated borrowings, is reflected in the Accumulated other comprehensive loss component of Equity.
+Added: We have the ability to borrow in Euros under our Credit Facility.
+Added: The effect of a change in currency exchange rates on our net investment in international subsidiaries is reflected in the Accumulated other comprehensive loss component of Equity.
A 10% depreciation in major currencies, relative to the U.S.
−Removed: dollar as of December 31, 2021 (net of the translation effect of our Euro denominated borrowings) would result in a reduction in Equity of approximately $200 million.
+Added: dollar as of December 31, 2022 would result in a reduction in Equity of approximately $90 million.
We also face exchange rate risk from transactions with customers in countries outside the U.S.
1 unchanged sentence
Although we use the U.S.
−Removed: dollar as our functional currency for reporting purposes, we have manufacturing sites throughout the world, and a substantial portion of our costs are incurred and sales are generated in foreign currencies.
+Added: dollar as our functional currency for reporting purposes, we have manufacturing sites in Europe, Africa, and Asia, and a portion of our costs are incurred and sales are generated in foreign currencies.
Costs incurred and sales recorded by subsidiaries operating outside of the U.S.
7 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.