4 unchanged sentences
Our investments have limited exposure to market risk.
−Removed: We maintain a portfolio of cash, cash equivalents and short-term investments, consisting primarily of term deposits, money market funds, certificates of deposit, commercial paper, corporate bonds and government and agency securities.
+Added: We maintain a portfolio of cash, cash equivalents and short-term investments, consisting primarily of money market funds and term deposits, commercial paper, corporate bonds, U.S.
+Added: government and agency securities and term deposits.
None of these investments have a maturity date in excess of one year.
1 unchanged sentence
We are also exposed to market risk as a result of increases or decreases in the amount of interest expense we must pay on our bank debt and borrowings on our bank credit facilities.
−Removed: Our interest obligations on our long-term debt are fixed.
+Added: Our interest obligations on our long-term debt are fixed by means of an interest rate swap agreement.
Although our U.S.
2 unchanged sentences
Due to our international operations, a significant portion of our net sales, cost of sales and operating expenses are denominated in currencies other than the U.S.
−Removed: Dollar, principally the Euro, the Russian Ruble, the Chinese Yuan and the Japanese Yen.
+Added: dollar, principally the Euro, the Russian ruble, and the Chinese yuan.
As a result, our international operations give rise to transactional market risk associated with exchange rate movements of the U.S.
−Removed: Dollar, the Euro, the Chinese Yuan, the Japanese Yen, and the Russian Ruble.
−Removed: In 2021 we incurred a gain on foreign exchange transactions of $15.1 million as compared to a gain of $12.9 million in 2020.
−Removed: As our German subsidiary has net U.S.
−Removed: dollar denominated assets, the depreciation of the Euro contributed to most of the foreign exchange gain in 2021.
+Added: dollar, the Euro, the Chinese yuan, and the Russian ruble.
+Added: In 2022 we incurred a loss on foreign exchange transactions of $4.1 million as compared to a gain of $15.1 million in 2021.
+Added: As our China subsidiary has net U.S.
+Added: dollar denominated liabilities, the depreciation of the Chinese yuan contributed to most of the foreign exchange loss in 2022, partially off set by the gain from the depreciation of the Euro as our German subsidiary has net U.S.
+Added: dollar denominated assets.
Management attempts to minimize these exposures by partially or fully off-setting foreign currency denominated assets and liabilities at our subsidiaries that operate in different functional currencies.
1 unchanged sentence
As a result, we are unable to create a perfect offset of the foreign currency denominated assets and liabilities.
−Removed: Furthermore, if we expect a currency movement to be beneficial to us in the short or medium term, we have, on occasions, chosen not to hedge or otherwise offset the underlying assets or liabilities.
+Added: Furthermore, if we
+Added: expect a currency movement to be beneficial to us in the short or medium term, we have, on occasions, chosen not to hedge or otherwise offset the underlying assets or liabilities.
However, it is difficult to predict foreign currency movements accurately.
4 unchanged sentences
dollar denominated payables.
−Removed: Dollar denominated
−Removed: liabilities are comprised of inter-company payables.
+Added: dollar denominated liabilities are comprised of inter-company payables.
A 5% change in the relative exchange rate of the U.S.
9 unchanged sentences
A 5% change in the relative exchange rate of the U.S.
−Removed: Dollar to the Yuan applied to the net U.S.
+Added: dollar to the Chinese yuan applied to the net U.S.
dollar liability balances as of December 31, 2022, would result in a foreign exchange loss of $2.0 million if the U.S.
1 unchanged sentence
dollar depreciated.
−Removed: It is possible that the COVID-19 pandemic may create additional volatility in exchange rates going forward.
+Added: Volatility between the U.S.
+Added: dollar and the currencies to which we are exposed may be increased by the COVID-19 pandemic, sanctions on the Russian government and changes in central bank policy, primarily, related to interest rates.
In addition, we are exposed to foreign currency translation risk for those subsidiaries whose functional currency is not the U.S.
dollar as changes in the value of their functional currency relative to the U.S.
−Removed: Dollar can adversely affect the translated amounts of our revenue, expenses, net income, assets and liabilities.
−Removed: As discussed in our Results of Operations, this can, in turn, affect the reported value and relative growth of sales and net income from one period to the next.
−Removed: In addition changes in the translated value of assets and liabilities due to changes in functional currency exchange rates relative to the U.S.
+Added: dollar affect the translated amounts of our assets and liabilities.
+Added: Changes in the translated value of assets and liabilities due to changes in functional currency exchange rates relative to the U.S.
dollar result in foreign currency translation adjustments that are a component of other comprehensive income or loss.
10 unchanged sentences
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.