4 unchanged sentences
We principally utilize derivative instruments to reduce significant, unanticipated earnings fluctuations that may arise from volatility in currency exchange rates, commodity prices and interest rates.
−Removed: For additional information on our derivative activity and the types of derivative instruments we use to hedge our currency exchange, commodity price and interest rate exposures, see Note 9, Financial Instruments .
−Removed: Many of our non-U.S.
−Removed: subsidiaries operate in functional currencies other than the U.S.
−Removed: Fluctuations in currency exchange rates create volatility in our reported results as we translate the balance sheets, operating results and cash flows of these subsidiaries into the U.S.
−Removed: dollar for consolidated reporting purposes.
−Removed: The translation of non-U.S.
−Removed: dollar denominated balance sheets and statements of earnings of our subsidiaries into the U.S.
−Removed: dollar for consolidated reporting generally results in a cumulative translation adjustment to other comprehensive income within equity.
−Removed: A stronger U.S.
−Removed: dollar relative to other functional currencies adversely affects our consolidated earnings and net assets while a weaker U.S.
−Removed: dollar benefits our consolidated earnings and net assets.
−Removed: While we hedge significant forecasted currency exchange transactions as well as certain net assets of non-U.S.
−Removed: operations and other currency impacts, we cannot fully predict or eliminate volatility arising from changes in currency exchange rates on our consolidated financial results.
−Removed: See Consolidated Results of Operations and Results of Operations by Reportable Segment under Discussion and Analysis of Historical Results for currency exchange effects on our financial results during the nine months ended September 30, 2023.
−Removed: Throughout our discussion and analysis of results, we isolate currency impacts and supplementally provide net revenues, operating income and diluted earnings per share on a constant currency basis.
−Removed: We also continually monitor the market for commodities that we use in our products.
−Removed: Input costs may fluctuate widely due to international demand, weather conditions, government policy and regulation and the macroeconomic environment.
−Removed: Refer to Recent Developments and Significant Items Affecting Comparability above for updates on recent supply chain, transportation, labor and other disruptions that are increasing operating costs and impacting our results.
−Removed: To manage input cost volatility and inflation, we enter into forward purchase agreements, options and other derivative financial instruments.
−Removed: We also pursue productivity and cost saving measures and take pricing actions when necessary to mitigate the impact of higher input costs on earnings.
−Removed: We regularly evaluate our variable and fixed-rate debt as well as current and expected interest rates in the markets in which we raise capital.
−Removed: Our primary exposures include movements in U.S.
−Removed: Treasury rates, corporate credit spreads and commercial paper rates.
−Removed: We periodically use interest rate swaps and forward interest rate contracts to achieve a desired proportion of variable versus fixed rate debt based on current and projected market conditions.
−Removed: For more information on our debt activity, see Note 8, Debt and Borrowing Arrangements .
−Removed: For additional information on our currency, debt and hedging strategies, policies and practices on an ongoing basis, also refer to our Annual Report on Form 10-K for the year ended December 31, 2022.
+Added: Additionally, we periodically use interest rate swaps and forward interest rate contracts to achieve a desired proportion of variable versus fixed rate debt based on current and projected market conditions.
+Added: For additional information on our derivative activity and the types of derivative instruments we use to hedge our currency exchange, commodity price and interest rate exposures, see Note 9, Financial Instruments and for additional information on our debt activity, see Note 8, Debt and Borrowing Arrangements .
+Added: For additional information on our strategies, policies and practices on an ongoing basis, refer to our Annual Report on Form 10-K for the year ended December 31, 2023.
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