QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: We are exposed to market risk in the ordinary course of business, which consists primarily of interest rate risk associated with our cash and cash equivalents and our debt and foreign exchange rate risk.
+Added: We are exposed to market risk in the ordinary course of business, which consists primarily of interest rate risk associated with our cash and cash equivalents and foreign exchange rate risk.
Interest rate risk .
5 unchanged sentences
Because of the short-term nature of these instruments, a sudden change in market interest rates would not be expected to have a material impact on our financial condition or results of operations.
−Removed: 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 by means of an interest rate swap agreement.
+Added: 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 borrowings on our bank credit facilities.
Although our U.S.
−Removed: revolving line of credit and our Euro credit facility have variable rates, we do not believe that a 10% change in market interest rates would have a material impact on our financial position or results of operations.
+Added: revolving line of credit and our Euro credit facilities have variable rates, we do not believe that a 10% change in market interest rates would have a material impact on our financial position or results of operations.
Exchange rates.
1 unchanged sentence
dollar, principally the Euro, the Russian ruble, and the Chinese yuan.
−Removed: 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, and the Russian ruble.
−Removed: 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.
−Removed: As our China subsidiary has net U.S.
−Removed: 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.
−Removed: dollar denominated assets.
+Added: Changes in the exchange rate of the U.S.
+Added: dollar versus the functional currencies of our subsidiaries affect the translated value and relative level of sales and net income that we report from one period to the next.
+Added: In addition, our subsidiaries may have assets or liabilities denominated in a currency other than their functional currency which results in foreign exchange transaction gains and losses due to changes in the value of the functional currency versus the currency the assets and liabilities are denominated in.
+Added: In 2023 we incurred a gain on foreign exchange transactions of $1.4 million as compared to a loss of $4.1 million in 2022.
+Added: As our Russia subsidiary has net U.S.
+Added: dollar denominated assets, the depreciation of the Russian ruble contributed to most of the foreign exchange gain in 2023, partially offset by the loss from the appreciation of the Euro as our German subsidiary has net U.S.
+Added: dollar denominated assets, and the loss from the depreciation of the Chinese yuan as our Chinese subsidiary has net U.S.
+Added: dollar denominated liability.
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
−Removed: 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 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.
6 unchanged sentences
A 5% change in the relative exchange rate of the U.S.
−Removed: dollar to the Euro applied to the net U.S.
+Added: dollar to the Euro applied to
dollar asset balances as of December 31, 2023, would result in a foreign exchange gain of $1.9 million if the U.S.
17 unchanged sentences
Changes in the translated value of assets and liabilities due to changes in functional currency exchange rates relative to the U.S.
−Removed: dollar result in foreign currency translation adjustments that are a component of other comprehensive income or loss.
+Added: dollar result in foreign currency translation adjustments that are a component of other comprehensive income or loss on the consolidated statements of comprehensive income.
Foreign currency derivative instruments can also be used to hedge exposures and reduce the risks of certain foreign currency transactions;
9 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.