1 unchanged sentence
We are exposed to various market risks, including potential losses arising from adverse changes in market prices and rates, such as various commodity prices and foreign exchange rates.
+Added: We manage our exposures to these market risks through internally established policies and procedures, and when appropriate, through the use of foreign exchange contracts.
We do not enter into derivatives or other financial instruments for trading or speculative purposes.
5 unchanged sentences
We expect prices for these items to fluctuate based on marketplace demand.
−Removed: Our product margins and level of profitability may fluctuate whether or not we sufficiently pass increases in purchased component and raw material costs on to our customers.
−Removed: We experienced an 8% decrease in the average cost per ton of scrap steel and a 2% decrease in the average cost of brass ingot in 2023 compared to 2022.
+Added: Our product margins and level of profitability may fluctuate depending on our ability to sufficiently pass increases in purchased component and raw material costs on to our customers.
+Added: To manage commodity price risks, we monitor commodity price fluctuations and may adjust our selling prices accordingly or implement certain supplier pricing agreements.
+Added: In 2024, we experienced approximately 1% inflation compared to 2023.
See “Item 1A.
RISK FACTORS-The prices of our purchased components and raw materials can be volatile.”
−Removed: Index to Financial Statements
Currency Risk
4 unchanged sentences
Net sales and expenses of these subsidiaries are translated into United States dollars at the average relevant foreign currency exchange rate during the period.
+Added: We may, in future periods, use derivative instruments to hedge a portion of our foreign currency exchange rate risk.
+Added: Index to Financial Statements
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.