7 unchanged sentences
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 July 1, 2022 would have increased interest expense by approximately $3.0 million.
+Added: 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.
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.
−Removed: See Note 15, “Subsequent Events” in our Notes included in this Form 10-Q for additional information.
+Added: See Note 10, “Derivatives” in our Notes included in this Form 10-Q for additional information.
Exchange Rate Risk
2 unchanged sentences
Dollar and against the currencies of other countries in which we manufacture and sell products and services.
−Removed: During the six months ended July 1, 2022, approximat ely 77.6% of our sales were derived from operations outside the U.S.
+Added: During the nine months ended September 30, 2022, approximately 77.6% 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.
6 unchanged sentences
A 10% depreciation in major currencies relative to the U.S.
−Removed: dollar as of July 1, 2022, would result in a reduction in Equity of approximately $174 million.
+Added: Dollar as of September 30, 2022 would result in a reduction in Equity of approximately $144 million.
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: See Note 15, “Subsequent Events” in our Notes to Consolidated and Combined Condensed Financial Statements included in this Form 10-Q for additional information.
+Added: “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.
1 unchanged sentence
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.
−Removed: Costs incurred and sales recorded by subsidiaries operating outside of the U.S.
−Removed: are translated into U.S.
+Added: Costs incurred and sales recorded by subsidiaries operating outside of the United States are translated into U.S.
Dollars using exchange rates effective during the respective period.
4 unchanged sentences
In order to manage commodity price risk, we periodically enter into fixed price contracts directly with suppliers.
−Removed: See Note 11, “Financial Instruments and Fair Value Measurements” in our Notes included in this Form 10-Q for additional information regarding our derivative instruments.
+Added: See Note 10, “Derivatives” in our Notes included in this Form 10-Q for additional information regarding our derivative instruments.
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.