2 unchanged sentences
We manage our exposure to these risks through our regular operating and financing activities.
−Removed: We enter into swap agreements to hedge a portion of our exposure to variable rate long-term debt.
+Added: From time to time, we have entered into swap agreements to hedge a portion of our exposure to variable rate long-term debt.
Additionally, we use short-term forward contracts to manage certain exposures to foreign currencies.
2 unchanged sentences
However, when we do enter into foreign currency hedging activities, the purpose is to protect our functional currency cash flows related to these commitments from fluctuations in foreign exchange rates.
−Removed: Our forward currency-exchange contracts hedge transactions
−Removed: primarily denominated in U.S.
+Added: Our forward currency-exchange contracts hedge transactions primarily denominated in U.S.
dollars, Canadian dollars, and euros.
−Removed: Gains and losses arising from forward contracts are recognized as offsets to gains and losses resulting from the transactions being hedged.
+Added: Gains and losses arising from forward
+Added: contracts are recognized as offsets to gains and losses resulting from the transactions being hedged.
We do not hold or engage in transactions involving derivative instruments for purposes other than risk management.
3 unchanged sentences
Assuming year-end borrowing levels, a 10% increase in interest rates on our variable-rate debt would have increased our annual pre-tax interest expense by $0.4 million in 2023.
−Removed: A portion of our outstanding variable-rate debt at year-end 2022 was hedg ed with a swap agreement sensitive to changes in the three-month London Interbank Offered Rate (LIBOR) forward curve .
−Removed: A 10% decrease in the three-month LIBOR forward curve would have increased our unrealized loss by an immaterial amount in 2022.
+Added: In January 2024, we borrowed $230.0 million under our revolving credit facility to fund the Key Knife and KWS acquisitions.
+Added: As a result, we expect interest expense will increase significantly in 2024.
Currency Exchange Rates
7 unchanged sentences
The translation of our foreign-denominated debt impacts our borrowing capacity available under our Credit Agreement, which is calculated in U.S.
−Removed: A 10% negative movement in the euro foreign exchange rates against the U.S.
+Added: A 10% increase in the euro foreign exchange rate against the U.S.
dollar would have decreased our borrowing capacity by approximately $7.6 million at year-end 2023.
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.