7 unchanged sentences
Our operations outside of the U.S.
−Removed: represented 47.7% and 49.4% of our revenue during the six months ended June 30, 2022 and the year ended December 31, 2021, respectively.
+Added: represented 47.8% and 49.4% of our revenue during the nine months ended September 30, 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 4.8% change in our consolidated revenue and a 2.6% change in our operating income for the six months ended June 30, 2022.
+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 nine months ended September 30, 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 June 30, 2022 were immaterial.
+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 September 30, 2022 were immaterial.
We 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 June 30, 2022, we did not hold foreign currency forward contracts related to non-functional currency denominated debt.
+Added: As of September 30, 2022, we did not hold foreign 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 June 30, 2022, we had outstanding borrowings of €500 million under our Euro Notes (2024) and €250 million under our Euro Notes (2028), and €797 million and Swedish Krona ("SEK") 100 million under our revolving credit facilities.
+Added: As of September 30, 2022, we had
+Added: outstanding borrowings of €500 million under our Euro Notes (2024) and €250 million under our Euro Notes (2028), and €739 million and Swedish Krona ("SEK") 90 million under our revolving credit facilities.
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.
4 unchanged sentences
We designated 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 of our variable rate debt under our credit facilities at fixed rates at June 30, 2022 or December 31, 2021.
+Added: We had none of our variable rate debt under our credit facilities at fixed rates at September 30, 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 June 30, 2022, we had approximately $1,494 million of variable rate debt that was not hedged.
+Added: At September 30, 2022, we had approximately $1,621 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 $16 million over the next twelve months.
5 unchanged sentences
Therefore, we can experience positive or negative gross margin effects in periods of rising or falling metals prices, particularly when such prices move rapidly.
−Removed: 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 June 30, 2022 increased by 5% over the average for the first quarter of 2022.
−Removed: The average prices of rhodium, palladium, and platinum decreased by 35%, 27% and 19%, respectively, for the three months ended June 30, 2022 over the average prices for the three months ended June 30, 2021.
+Added: Additionally, if market prices were to change at a higher or lower rate than our vehicle acquisition costs, we could experience a positive or negative effect on our operating margin.
+Added: The average of scrap metal prices for the three months ended September 30, 2022 decreased by 29% over the average for the second quarter of 2022.
+Added: The average prices of platinum, rhodium, and palladium decreased by 14%, 13% and 9%, respectively, for the three months ended September 30, 2022 over the average prices for the three months ended September 30, 2021.
We are exposed to market risks related to inflation in product, labor, shipping, freight and general overhead costs.
4 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.