1 unchanged sentence
Market risk is the potential loss arising from adverse changes in market rates and prices, such as foreign currency exchange rates, interest rates, and other relevant market rate or price changes.
−Removed: In the ordinary course of business, the Company is exposed to various market risks, including changes in foreign currency exchange and interest rates, and the Company regularly evaluates its exposure to such changes.
+Added: In the ordinary course of business, the Company is exposed to various market risks, including changes in foreign currency exchange and interest rates, and the Company regularly evaluates
+Added: its exposure to such changes.
The Company addresses its exposure to market risks, principally the market risks associated with changes in foreign currency exchange rates and interest rates, through a controlled program of risk management that includes, from time to time, the use of derivative financial instruments such as foreign currency forward contracts, and interest rate and cross currency swap agreements.
Foreign Currency Exchange Rates
−Removed: Approximately 13.6% of the Company's revenues for the six months ended June 30, 2023, and approximately 14.3% of the Company's revenue for the six months ended June 30, 2022, were denominated in currencies other than the U.S.
+Added: Approximately 13.7% of the Company’s revenues for the nine months ended September 30, 2023, and approximately 14.2% of the Company’s revenue for the nine months ended September 30, 2022, were denominated in currencies other than the U.S.
Dollar (USD).
The Company’s financial statements are reported in USD and, accordingly, fluctuations in exchange rates will affect the translation of revenues and expenses denominated in foreign currencies into USD for purposes of reporting the Company’s consolidated financial results.
−Removed: In the second quarter of 2023 and the year ended December 31, 2022, the most significant currency exchange rate exposures were to the Canadian dollar, Swiss Franc, Euro and British Pound.
−Removed: Excluding the impacts from any outstanding or future hedging transactions, a hypothetical change of 10% in average exchange rates used to translate all foreign currencies to USD would have impacted income before income taxes for the six months ended June 30, 2023, by approximately $12.1.
−Removed: Gross accumulated currency translation adjustments recorded as a separate component of shareholders’ equity were $ 51.7 and $( 241.1 ) at June 30, 2023 and 2022, respectively.
+Added: In the third quarter of 2023 and the year ended December 31, 2022, the most significant currency exchange rate exposures were to the Canadian dollar, Swiss Franc, Euro and British Pound.
+Added: Excluding the impacts from any outstanding or future hedging transactions, a hypothetical change of 10% in average exchange rates used to translate all foreign currencies to USD would have impacted income before income taxes for the nine months ended September 30, 2023, by approximately $18.9.
+Added: Gross accumulated currency translation adjustments recorded as a separate component of shareholders’ equity were $( 56.0 ) and $( 256.5 ) at September 30, 2023 and 2022, respectively.
The Company does not have significant operations in countries in which the economy is considered to be highly inflationary.
3 unchanged sentences
The Company limits its foreign currency transaction risk through exchange rate fluctuation provisions stated in some of its contracts with customers, or it may hedge transaction risk with foreign currency forward contracts.
−Removed: At June 30, 2023, the Company had 10 open foreign exchange forward contracts with various amounts maturing monthly through July 2023 with a notional value totaling approximately $415.3.
+Added: At September 30, 2023, the Company had 8 open foreign exchange forward contracts with various amounts maturing monthly through October 2023 with a notional value totaling approximately $473.7.
At December 31, 2022, the Company had 27 open foreign exchange forward contracts with various amounts maturing monthly through January 2023 with a notional value totaling approximately $629.5.
6 unchanged sentences
Borrowings under the Company’s term loan credit facility, now repaid, and revolving credit facility are subject to variable interest rates, unless fixed through interest rate swaps or other agreements.
−Removed: In May 2021, to hedge against changes in the fair value portion of the Company's long-term debt, the Company entered into fixed-to-variable interest rate swap agreements for the 2.70% senior notes due 2031 with an aggregate notional value of $500.0 and variable interest rates based on three-month LIBOR plus 1.0706%.
+Added: In May 2021, to hedge against changes in the fair value portion of the Company’s long-term debt, the Company entered into fixed-to-variable interest rate swap agreements for the 2.70% senior notes due 2031 with an aggregate notional value of $500.0 and variable interest rates based on three-month SOFR plus 1.0706%.
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.