7 unchanged sentences
Our operations outside of the U.S.
−Removed: represented 49.2% and 50.5% of our revenue during the nine months ended September 30, 2021 and the year ended December 31, 2020, respectively.
+Added: represented 47.7% and 49.4% of our revenue during the three months ended March 31, 2022 and the year ended December 31, 2021, respectively.
An increase or decrease in the strength of the U.S.
−Removed: dollar against these currencies by 10% would result in a 4.9% change in our consolidated revenue and a 3.4% change in our operating income for the nine months ended September 30, 2021.
+Added: dollar against these currencies by 10% would result in a 4.8% change in our consolidated revenue and a 2.9% change in our operating income for the three months ended March 31, 2022.
See our Results of Operations discussion in Part I, Item 2 of this Quarterly Report on Form 10-Q for additional information regarding the impact of fluctuations in exchange rates on our year over year results.
5 unchanged sentences
dollar and the Taiwan dollar.
−Removed: We hedge our exposure to foreign currency fluctuations related to a portion of inventory purchases in our Europe operations, but the notional amount and fair value of these foreign currency forward contracts at September 30, 2021 were immaterial.
−Removed: currently attempt to hedge foreign currency exposure related to our foreign currency denominated inventory purchases in our North America operations, and we may not be able to pass on any resulting price increases to our customers.
+Added: We hedge our exposure to foreign currency fluctuations related to a portion of inventory purchases in our Europe operations, but the notional amount and fair value of these foreign currency forward contracts at March 31, 2022 were immaterial.
+Added: W e do not currently attempt to hedge foreign currency exposure related to our foreign currency denominated inventory purchases in our Wholesale - North America operations, and we may not be able to pass on any resulting price increases to our customers.
To the extent that we are exposed to foreign currency fluctuations related to non-functional currency denominated financing transactions, we may hedge the exposure through the use of foreign currency forward contracts.
−Removed: As of September 30, 2021, w e did not hold foreig n currency forward contracts related to non-functional currency denominated debt.
+Added: As of March 31, 2022, w e did not hold foreig n currency forward contracts related to non-functional currency denominated debt.
Other than with respect to a portion of our foreign currency denominated inventory purchases and, from time to time, certain financing transactions, we do not hold derivative contracts to hedge foreign currency risk.
2 unchanged sentences
We have elected not to hedge the foreign currency risk related to the interest payments on foreign third party borrowings as we generate cash flows in the local currencies that can be used to fund debt payments.
−Removed: As of September 30, 2021, we had outstanding borrowings of €500 million under our Euro Notes (2024) and €250 million under our Euro Notes (2028), and €903 million an d SEK 175 million under ou r revolving credit facilities.
−Removed: As of December 31, 2020, we had outstanding borrowings of €500 million under our Euro Notes (2024), and €1.0 billion under our Euro Notes (2026/28);
−Removed: we had no foreign borrowings under our revolving credit facilities.
+Added: As of March 31, 2022, we had
+Added: outstanding borrowings of €500 million under our Euro Notes (2024) and €250 million under our Euro Notes (2028), and €929 million an d Swedish Krona ("SEK") 125 million under ou r revolving credit facilities.
+Added: As of December 31, 2021, we had outstanding borrowings of €500 million under our Euro Notes (2024) and €250 million under our Euro Notes (2028), and €940 million and SEK 145 million under our revolving credit facilities.
Interest Rates
−Removed: Our results of operations are exposed to changes in interest rates primarily with respect to borrowings under our credit facilities, where interest rates are tied to the prime rate, LIBOR or CDOR.
+Added: Our results of operations are exposed to changes in interest rates primarily with respect to borrowings under our credit facilities, where interest rates are tied to the prime rate, LIBOR, Canadian Dollar Offered Rate, Euro interbank Offered Rate, SONIA, or Swiss Average Rate Overnight.
Therefore, we implemented a policy to manage our exposure to variable interest rates on a portion of our outstanding variable rate debt instruments through the use of interest rate swap contracts.
1 unchanged sentence
We designate our interest rate swap contracts as cash flow hedges, and net interest payments or receipts from interest rate swap contracts are included as adjustments to interest expense.
−Removed: We had none o f our variable rate debt under our credit facilities at fixed rates at September 30, 2021 compared to 87% at December 31, 2020.
+Added: We had none o f our variable rate debt under our credit facilities at fixed rates at March 31, 2022 or December 31, 2021.
See Note 8, "Long-Term Obligations" and Note 9, "Derivative Instruments and Hedging Activities" to the Unaudited Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.
−Removed: At September 30, 2021, we had approximately $1.4 billion of variable rate debt that was not hedged.
+Added: At March 31, 2022, we had approximately $1,813 million of variable rate debt that was not hedged.
Using sensitivity analysis, a 100 basis point movement in interest rates would change interest expense by $18 million over the next twelve months.
Commodity Prices
−Removed: We are exposed to market risk related to price fluctuations in scrap metal and other metals (including precious metals such as platinum, palladium and rhodium).
+Added: We are exposed to market risk related to price fluctuations in scrap metal and other metals (including precious metals, such as platinum, palladium, and rhodium, contained in some recycled parts, such as catalytic converters).
Market prices of these metals affect the amount that we pay for our inventory and the revenue that we generate from sales of these metals.
3 unchanged sentences
Additionally, if market prices were to change at a greater rate than our vehicle acquisition costs, we could experience a positive or negative effect on our operating margin.
−Removed: The average of scrap metal prices for the three months ended September 30, 2021 decreased less than 1% over the average for the second quarter of 2021.
−Removed: The average prices of rhodium, palladi um, and platinum decreased by 32%, 17% and 13%, respectively, for the three months ended September 30, 2021 over the averages for the second quarter of 2021.
+Added: The average of scrap metal prices for the three months ended March 31, 2022 increased by 4% over the average for the fourth quarter of 2021.
+Added: The average prices of rhodium, platinum , and palladium decreased by 24%, 12% and 1%, respectively, for the three months ended March 31, 2022 over the average prices for the three months ended March 31, 2021.
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.