QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK .
−Removed: Although the Company does not face material risks related to commodity prices, the Company is exposed to changes in interest rates and in foreign currency rates with respect to foreign currency denominated operating revenues and expenses.
+Added: Although we do not face material risks related to commodity prices, we are exposed to changes in interest rates and in foreign currency rates with respect to foreign currency denominated operating revenues and expenses.
Foreign Currency
−Removed: The Company incurs translation gains or losses resulting from the translation of an operating unit’s foreign functional currency into U.S.
+Added: We incur translation gains or losses resulting from the translation of an operating unit’s foreign functional currency into U.S.
dollars for consolidated financial statement purposes.
−Removed: For the periods presented, the Company’s principal foreign currency exchange exposures are the Euro, the functional currency of our European operations;
+Added: For the periods presented, our principal foreign currency exchange exposures are the Euro, the functional currency of our European operations;
the Canadian dollar, the functional currency of our Canadian operations;
−Removed: and the Australian dollar, the
−Removed: functional currency of our Australasian operations.
+Added: and the Australian dollar, the functional currency of our Australasian operations.
We monitor our foreign currency exposures and from time to time, we enter into currency forward contracts to manage our exposure to currency fluctuations.
5 unchanged sentences
A 15% shift in exchange rates between those functional currencies and the U.S.
−Removed: dollar would have impacted translated net sales by approximately $1.0 billion in 2021 and $824 million in 2020.
+Added: dollar would have impacted translated net sales by approximately $1.1 billion in 2022 and $1.0 billion in 2021.
A 20% shift in exchange rates between those functional currencies and the U.S.
1 unchanged sentence
Interest Rates
−Removed: The Company is subject to interest rate volatility with regard to existing and future issuances of debt.
+Added: We are subject to interest rate volatility with regard to existing and future issuances of debt and with respect to the A/R Sales Agreement, for which the fees are linked to interest rate changes.
We monitor our mix of fixed-rate and variable-rate debt as well as our mix of short-term debt and long-term debt.
1 unchanged sentence
As of December 31, 2022, we primarily had fixed-rate debt.
−Removed: Based on the Company's variable-rate debt and derivative instruments outstanding as of December 31, 2021 and 2020, we estimate that a 100 basis point increase in interest rates would have an immaterial impact in 2021 and would have increased interest expense by $1.1 million in 2020.
−Removed: However, this increase in interest expense would have been partially offset by the increases in interest income related to higher interest rates.
+Added: Based on our variable-rate debt and derivative instruments outstanding as of December 31, 2022 and 2021, we estimate that a 100 basis point increase in interest rates would have an immaterial impact in 2022 and 2021 and would increase the fees on our A/R Sales Agreement by $10 million.
+Added: In fiscal year 2022, we experienced inflationary pressures across various parts of our business and operations, including, but not limited to, increases to our product costs, overhead costs and rising costs across our supply chain.
+Added: We continue to monitor the impact of inflation in order to minimize its effects through pricing strategies, productivity improvements and cost reductions.
+Added: If our costs were to be subject to more significant inflationary pressures, we may not be able to fully offset such higher costs through price increases or other cost
+Added: efficiency measures.
+Added: Our inability or failure to do so could harm our business, financial condition and results of operations.
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.