−Removed: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK (dollars in millions)
+Added: QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK (dollar amounts in millions)
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.
3 unchanged sentences
Foreign Currency Exchange Rates
−Removed: Approximately 13.5% and 13.6% of the Company’s revenues for the nine months ended September 30, 2025, and 2024, respectively, were denominated in currencies other than the U.S.
−Removed: dollar (USD).
+Added: Approximately 14.3% and 13.0% of the Company’s revenues for the three months ended March 31, 2026, and 2025, respectively, were denominated in currencies other than the USD.
The Company’s Condensed Consolidated 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 the purpose of reporting the Company’s consolidated financial results.
−Removed: In the third quarter of 2025 and the year ended December 31, 2024, 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 nine months ended September 30, 2025, by approximately $23.9.
−Removed: Accumulated currency translation adjustments recorded as a separate component of Shareholders’ equity were $(7.8) and $78.3 for the quarter ended September 30, 2025, and 2024, respectively.
+Added: In the first quarter of 2026 and the year ended December 31, 2025, 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 three months ended March 31, 2026, by approximately $8.1.
+Added: Accumulated currency translation adjustments recorded as a separate component of Shareholders’ equity were $(36.0) and $69.7 for the quarter ended March 31, 2026, and 2025, 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 September 30, 2025, the Company had 13 open foreign exchange forward contracts with various amounts maturing monthly through October 2025 with a notional value totaling approximately $311.2.
−Removed: At December 31, 2024, the Company had 12 open foreign exchange forward contracts with various amounts maturing monthly through January 2025 with a notional value totaling approximately $302.4.
−Removed: The Company is party to USD to Swiss Franc cross-currency swap agreements with an aggregate notional amount of $1,200.0, with $300.0 maturing in 2029, $300.0 maturing in 2031, and $600.0 maturing in 2034, as a hedge against the impact of foreign exchange movements on its net investment in a Swiss Franc functional currency subsidiary.
+Added: At March 31, 2026, the Company had 11 open foreign exchange forward contracts with various amounts maturing monthly through April 2026 with a notional value totaling approximately $367.3.
+Added: At December 31, 2025, the Company had eight open foreign exchange forward contracts with various amounts maturing monthly through January 2026 with a notional value totaling approximately $238.0.
+Added: The Company is a party to USD to Swiss Franc cross-currency swap agreements with an aggregate notional amount of $1,200.0, $300.0 maturing in 2029, $300.0 maturing in 2031, and $600.0 maturing in 2034, as a hedge against the impact of foreign exchange movements on its net investment in a Swiss Franc functional currency subsidiary.
Interest Rates
1 unchanged sentence
As a result, fluctuations in interest rates affect the Company’s financial results.
−Removed: The Company attempts to manage interest rate risk and overall borrowing costs through an
−Removed: appropriate mix of fixed and variable rate debt including the utilization of derivative financial instruments, primarily interest rate swaps.
−Removed: Borrowings under the Company’s term loan credit facilities, 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 currently based on the three-month Secured Overnight Financing Rate, plus 1.0706%.
+Added: The Company attempts to manage interest rate risk and overall borrowing costs through an appropriate mix of fixed and variable rate debt including the utilization of derivative financial instruments, primarily interest rate swaps.
+Added: Borrowings under the Company’s 2026 Term Loan, revolving credit facility, and AR Facility are subject to variable interest rates, unless fixed through interest rate swaps or other agreements.
+Added: At March 31, 2026, the Company had $750.0 and $525.0 of variable rate debt outstanding under its 2026 Term Loan and AR Facility, respectively.
+Added: Each quarter-point increase or decrease in the variable rate would result in the Company’s interest expense changing by approximately $3.2 per year for the Company’s debt currently outstanding under its 2026 Term Loan and AR Facility.
+Added: To hedge against changes in the fair value portion of the Company’s long-term debt, the Company is party to 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 currently based on the compounded SOFR, plus 1.33%.
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.