2 unchanged sentences
In the ordinary course of business, we are exposed to various market risks, including changes in foreign currency exchange and interest rates, and we regularly evaluate the exposure to such changes.
−Removed: We address our exposure to market risks, principally the market risks associated with changes in foreign currency exchange rates and interest rates, through a controlled program of risk management that may include, from time to time, the use of derivative financial instruments such as foreign currency forward contracts, cross currency swaps and interest rate swap agreements in an effort to manage or hedge some of our risk.
+Added: We address our exposure to market risks, principally associated with changes in foreign currency exchange rates and interest rates, through a program of risk management that may include, from time to time, the use of derivative financial instruments such as foreign currency forward contracts, cross currency swaps and interest rate swap agreements in an effort to manage or hedge some of our risk.
We do not hold or issue derivative financial instruments for trading purposes.
−Removed: Refer to Note 7- Derivative Instruments and Hedging Activities to the condensed consolidated and combined financial statements for information on how the Company utilizes derivative financial instruments.
+Added: Refer to Note 8, “Derivative Instruments and Hedging Activities” to the condensed consolidated financial statements for information on how the Company utilizes derivative financial instruments.
Foreign Currency Exchange Rates
−Removed: Approximately 17.2% and 16.6% of our revenues for the nine months ended September 30, 2024 and 2023, respectively, were denominated in currencies other than the U.S.
+Added: Approximately 15.9% and 16.8% of our revenues for the three months ended March 31, 2025 and 2024, respectively, were denominated in currencies other than the U.S.
dollar (“USD”).
−Removed: 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 nine months ended September 30, 2024 and the year ended December 31, 2023, the most significant currency exchange rate exposure was the Euro.
−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 nine months ended September 30, 2024 by approximately $1.8.
−Removed: Gross accumulated currency translation adjustments recorded as a separate component of stockholders’ equity were $38.0 and $(6.6) at September 30, 2024 and September 30, 2023, respectively.
+Added: 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 financial results.
+Added: In the three months ended March 31, 2025 and the year ended December 31, 2024, 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 operating loss for the three months ended March 31, 2025 by approximately $0.5.
+Added: Gross accumulated currency translation adjustments recorded as a separate component of stockholders’ equity were $45.2 and $(27.7) at March 31, 2025 and March 31, 2024, respectively.
We do not have significant operations in countries in which the economy is considered to be highly inflationary.
5 unchanged sentences
GAAP and the changes in fair value are recorded directly to earnings.
−Removed: Prior to the Spin, these changes in fair value were included in the combined statements of operations as part of corporate allocations.
Interest Rate Risk
−Removed: We are exposed to market risks in the ordinary course of our business.
The level of our interest rate risk is dependent on our debt exposure and is sensitive to changes in the general level of interest rates.
2 unchanged sentences
In particular, we face the market risks associated with interest rate movements on our variable rate debt.
−Removed: 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 September 30, 2024, we had $572.0 outstanding related to our variable rate debt.
−Removed: Excluding the impacts from any outstanding or future floating-to-fixed interest rate swap transactions, a hypothetical 1% increase in interest rates would result in increased interest expenses of $5.7.
−Removed: 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.
+Added: We entered into a variable-to-fixed interest rate swap with respect to some of our floating rate debt in August 2023.
+Added: At March 31, 2025, we had $661.0 outstanding related to our variable rate debt.
+Added: Excluding the impacts from any outstanding or future variable-to-fixed interest rate swap transactions, a hypothetical 1% increase in interest rates would result in increased interest expenses of $6.6.
+Added: We expect to continue to be exposed to an element of market risk from changes to interest rates, including on any refinancing of debt.
We expect to regularly assess market risks and to establish policies and business practices to protect against the adverse effects of these exposures.
−Removed: See Note 6- Debt to the condensed consolidated and combined financial statements.
+Added: See Note 7, “Debt” to the condensed consolidated 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.