4 unchanged sentences
Interest Rate Risk
−Removed: We entered into certain credit facilities pursuant to the terms of a credit agreement on April 4, 2022.
+Added: We entered into certain Term Loans and a Revolving Facility pursuant to the terms of the Credit Agreement.
Refer to Note 15, “Debt” in our Notes included in this Form 10-K for additional information regarding our credit facilities.
−Removed: We are exposed to interest rate risk on the new variable-rate term loans under these facilities.
+Added: We are exposed to interest rate risk on the variable-rate term loans under these facilities.
A hypothetical increase in interest rates of 1% during the year ended December 31, 2024 would have increased interest expense by approximatel y $0.9 million.
−Removed: I n order to mitigate our interest risk, in 2022, we entered into interest rate swaps to hedge approximately $600 million of our variable interest rate debt.
−Removed: See Note 16, “Derivatives” in our Notes included in this Form 10-K for additional information.
+Added: T o mitigate our interest risk, in 2022, we entered into two interest rate swaps to hedge $600 million of our floating-rate debt.
+Added: In 2024, the Company issued the Senior Notes, the proceeds of which paid off the Term A-3 loan.
+Added: As a result, the Company terminated one of these swaps and, as of December 31, 2024 we hedge only $300 million of our floating-rate debt.
+Added: Refer to Note 16, “Derivatives” in our Notes included in this Form 10-K 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 2023, approxima tely 78% of our sales were derived from operations outside the United States.
+Added: During the year ended December 31, 2024, approxima tely 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.
7 unchanged sentences
Dollar as of December 31, 2024, would result in a reduction in Equity of approximat ely $164 million.
−Removed: During 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: As of December 31, 2024, we have six fixed-to-fixed cross-currency swaps that are expected to provide a hedge to a portion of our European net asset position.
See Note 16, “Derivatives” in our Notes included in this Form 10-K for additional information.
6 unchanged sentences
Similarly, tax costs may increase or decrease as local currencies strengthen or weaken against the U.S.
−Removed: In addition, Argentina is deemed to have a highly inflationary economy, resulting in the remeasurement of the Company’s Argentine operations into Brazilian real, the functional currency of the Argentine entity’s direct parent.
−Removed: Gains and losses from the remeasurement are recorded in the Company’s Consolidated and Combined Statements of Operations for all years included in the Consolidated and Combined Financial Statements included elsewhere this Form 10-K.
Commodity Price Risk
We are exposed to changes in the prices of raw materials used in our production processes.
−Removed: In order to manage commodity price risk, we periodically enter into fixed price contracts directly with suppliers.
−Removed: See Note 16, “Deriva tives” in the accompanying Notes to Consolidated and Combined Financial Statements included in this 10-K for additional information regarding our derivative instruments.
+Added: To manage commodity price risk, we periodically enter into fixed price contracts directly with suppliers.
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.