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Interest Rate Risk
−Removed: The Company entered into certain credit facilities pursuant to the terms of a credit agreement on April 4, 2022.
+Added: We entered into certain credit facilities pursuant to the terms of a credit agreement on April 4, 2022.
Please refer to Note 9 “Debt” in our Notes included in this Form 10-Q for additional information regarding our credit facilities.
We are exposed to interest rate risk on the new variable-rate term loans under these facilities.
−Removed: A hypothetical increase in interest rates of 1% during the three months ended September 30, 2022 would have increased interest expense by approximately $1.3 million.
+Added: A hypothetical increase in interest rates of 1% during the three months ended March 31, 2023 would have increased interest expense by approximately $1.5 million.
In order to mitigate our interest risk, in July 2022, we entered into interest rate swaps to hedge approximately $600 million of our variable interest rate debt.
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Dollar and against the currencies of other countries in which we manufacture and sell products and services.
−Removed: During the nine months ended September 30, 2022, approximately 77.6% of our sales were derived from operations outside the United States.
+Added: During the three months ended March 31, 2023, approximately 78% of our sales were derived from operations outside the United States.
We have significant manufacturing operations in European countries that are not part of the Eurozone.
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We also face exchange rate risk from our investments in subsidiaries owned and operated in foreign countries.
−Removed: 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.
+Added: The effect of a change in currency exchange rates on our net investment in international subsidiaries is reflected in the AOCI component of Equity.
A 10% depreciation in major currencies relative to the U.S.
−Removed: Dollar as of September 30, 2022 would result in a reduction in Equity of approximately $144 million.
−Removed: In July 2022, we entered into two fixed-to-fixed cross-currency swaps which will provide a hedge to a portion of our European net asset position.
−Removed: “Derivatives” in our Notes to Consolidated and Combined Condensed Financial Statements included in this Form 10-Q for additional information.
+Added: Dollar as of March 31, 2023 would result in a reduction in Equity of approximately $157 million.
+Added: In 2022, we entered into two fixed-to-fixed cross-currency swaps which will provide a hedge to a portion of our European net asset position.
+Added: See Note 10 “Derivatives” in our Notes to Consolidated and Combined Condensed Financial Statements included in this Form 10-Q for additional information.
We also face exchange rate risk from intercompany transactions between affiliates.
10 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.