6 unchanged sentences
Foreign Currency Exchange Rates
−Removed: Approximately 16.8% and 19.5% of our revenues for the three months ended March 31, 2024 and 2023, respectively, were denominated in currencies other than the U.S.
+Added: Approximately 17.3% and 17.7% of our revenues for the six months ended June 30, 2024 and 2023, respectively, were denominated in currencies other than the U.S.
dollar (“USD”).
Our financial statements are reported in USD and, accordingly, fluctuations in exchange rates will affect the translation of revenues and expenses denominated in foreign currencies into USD for purposes of reporting our condensed consolidated and combined financial results.
−Removed: In the first quarter of 2024 and the year ended December 31, 2023, the most significant currency exchange rate exposures were the Euro and British pound.
−Removed: Excluding the impacts from any outstanding or future hedging transactions, a hypothetical change of 10% in average exchange rates used to translate all foreign currencies to USD would have impacted income before income taxes for the three months ended March 31, 2024 by approximately $0.6.
−Removed: Gross accumulated currency translation adjustments recorded as a separate component of stockholders’ equity were $(27.7) and $19.1 at March 31, 2024 and March 31, 2023, respectively.
+Added: In the six months ended June 30, 2024 and the year ended December 31, 2023, the most significant currency exchange rate exposure was the Euro.
+Added: Excluding the impacts from any outstanding or future hedging transactions, a hypothetical change of 10% in average exchange rates used to translate all foreign currencies to USD would have impacted income before income taxes for the six months ended June 30, 2024 by approximately $1.5.
+Added: Gross accumulated currency translation adjustments recorded as a separate component of stockholders’ equity were $(35.4) and $49.0 at June 30, 2024 and June 30, 2023, respectively.
We do not have significant operations in countries in which the economy is considered to be highly inflationary.
2 unchanged sentences
We are also subject to foreign currency transaction risk for fluctuations in exchange rates during the period of time between the consummation and cash settlement of transactions.
−Removed: We entered into foreign currency forward contracts with external counterparties to hedge certain foreign currency transactions with exposure predominantly to the Euro and British Pound.
−Removed: These contracts do not qualify for hedge accounting and the changes in fair value are recorded directly to earnings.
+Added: We enter into foreign currency forward contracts with external counterparties to hedge certain foreign currency transactions with exposure predominantly to the Euro and British Pound.
+Added: These contracts do not qualify for hedge accounting under U.S.
+Added: GAAP and the changes in fair value are recorded directly to earnings.
Prior to the Spin, the Former Parent entered into foreign currency forward contracts with external counterparties to hedge certain foreign currency transactions with exposure predominantly to the Euro and British Pound.
5 unchanged sentences
Historical fluctuations in interest rates have not been significant for us;
−Removed: however, this may vary in the future as we have incurred certain indebtedness concurrent with the Spin and will incur additional indebtedness in the future.
+Added: however, this may vary in the future as we have incurred certain indebtedness concurrent with the Spin and may incur additional indebtedness in the future.
In particular, we face the market risks associated with interest rate movements on our variable rate debt.
−Removed: We are significantly leveraged and incurred approximately $1,640.0 of long-term debt in connection with the Spin.
A majority of this debt bears interest at a variable rate, and we entered into a floating-to-fixed interest rate swap with respect to some of our floating rate debt in August 2023.
−Removed: At March 31, 2024, we had $1,076.0 outstanding related to our variable rate debt.
+Added: At June 30, 2024, we had $572.0 outstanding related to our variable rate debt.
Excluding the impacts from any outstanding or future floating-to-fixed interest rate swap transactions, a hypothetical 1.00% increase in interest rates would result in increased interest expenses of $5.7.
We expect to manage our interest rate risk but expect to be exposed to an element of market risk from changes to interest rates, including on any refinancing of debt.
−Removed: We expect to regularly assess market risks and to establish policies and
−Removed: business practices to protect against the adverse effects of these exposures.
+Added: We expect to regularly assess market risks and to establish policies and business practices to protect against the adverse effects of these exposures.
See Note 7- Debt to the condensed consolidated and combined financial statements.
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.