1 unchanged sentence
Interest Rate Risk
−Removed: In connection with the Smiths Medical acquisition on January 6, 2022 we entered into the Senior Secured Credit Facilities totaling approximately $2.2 billion consisting of a variable-rate term loan A facility of $850.0 million, a variable-rate term loan B facility of $850.0 million and a revolving credit facility of $500.0 million.
−Removed: We are exposed to changes in interest rates on all of these variable-rate debt instruments.
−Removed: The term loan A facility currently bears interest based on Adjusted Term SOFR plus an applicable margin of 2.00% per year.
+Added: Our variable-rate term loans and revolving credit facility are exposed to changes in interest rates.
+Added: The term loan A facility currently bears interest based on Term SOFR plus an applicable margin of 1.75% per year.
The term loan B facility currently bears interest based on Adjusted Term SOFR subject to a 0.50% floor plus an applicable margin of 2.25%.
We used a sensitivity analysis to measure our interest rate risk exposure.
−Removed: If the SOFR rate increases or decreases 1% from December 31, 2024, the additional annual interest expense or savings related to the term loans would be approximately $16.0 million.
+Added: If the SOFR rate increases or decreases 1% from December 31, 2025, the additional annual interest expense or savings related to the existing term loans would be approximately $12.9 million before considering any offsetting impacts of our interest rate swaps.
In order to mitigate and offset a portion of this interest rate risk exposure associated with these debt instruments we entered into interest rate swaps to achieve a targeted mix of fixed and variable-rate debt.
3 unchanged sentences
Derivatives and Hedging Activities to the Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K).
−Removed: Accounts Receivable Purchase Program
−Removed: Additionally, our accounts receivable purchase program with BMO bears discount rates tied to SOFR.
−Removed: These variable discount rates would affect the amount of factoring costs we incur, and the amount of cash we receive upon the sales of accounts receivable under this program.
−Removed: A 1% change in SOFR rates on the accounts receivable sales would not have a material impact on our results of operations, (see Note 18:
−Removed: Accounts Receivable Purchase Program to the Consolidated Financial Statements in Part II, Item 8.
−Removed: Of this Annual Report on Form 10-K).
Foreign Exchange Risk
11 unchanged sentences
We performed a sensitivity analysis to estimate changes in the fair value of our foreign exchange derivatives due to potential changes in near-term foreign exchange rates.
−Removed: At December 31, 2024, the effect of a hypothetical 10% weakening in the actual foreign exchange rates used for the applicable currencies would result in an estimated decrease in the fair value of these outstanding derivatives contracts by approximately $5.4 million.
+Added: At December 31, 2025, the effect of a hypothetical 10% weakening in the actual foreign exchange rates used for the applicable currencies would result in an estimated increase in the fair value of these outstanding derivatives contracts by approximately $0.7 million.
The sensitivity analysis recalculates the fair value of the exchange contracts outstanding at December 31, 2025 using the actual forward rates at December 31, 2025, which are then adjusted to be 10% weaker for each respective currency.
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.