1 unchanged sentence
Foreign currency exchange rate risk
−Removed: We have foreign-based operations, primarily in Europe, South America and Asia, which accounted for approximately 23 percent of our net sales in the first six months of 2022.
+Added: We have foreign-based operations, primarily in Europe, South America and Asia, which accounted for approximately 23 percent of our net sales in the first nine months of 2022.
We have designated the local currency as the functional currency of our significant operations outside of the U.S.
8 unchanged sentences
A hypothetical 10 percent adverse change, excluding the impact of any hedging instruments, in the average Chinese renminbi and euro to U.S.
−Removed: dollar exchange rates during the six months ended June 30, 2022, would have decreased our net sales and income before income taxes by approximately $9.8 million or one percent, and $4.1 million or two percent, respectively.
+Added: dollar exchange rates during the nine months ended September 30, 2022, would have decreased our net sales and income before interest and income taxes by approximately $15.0 million or one percent, and $5.9 million or two percent, respectively.
Comparatively, a hypothetical 10 percent adverse change in the average Chinese renminbi and euro to U.S.
−Removed: dollar exchange rates during the six months ended June 30, 2021, would have decreased our net sales and income before income taxes by approximately $8.5 million or one percent, and $3.0 million or two percent, respectively.
+Added: dollar exchange rates during the nine months ended September 30, 2021, would have decreased our net sales and income before interest and income taxes by approximately $15.6 million or two percent, and $6.9 million or five percent, respectively.
Interest rate risk
−Removed: As of June 30, 2022, approximately $532 million of our borrowings include a variable interest rate component.
+Added: As of September 30, 2022, approximately $509 million of our borrowings include a variable interest rate component.
As a result, we are subject to interest rate risk with respect to such floating-rate debt.
−Removed: A hypothetical 100 basis point increase in the variable interest rate component of our borrowings as of June 30, 2022 would have increased our interest expense by approximately $5.3 million or 12 percent.
−Removed: Comparatively, a 100 basis point increase in the variable interest rate component of our borrowings as of June 30, 2021 would have increased our interest expense by approximately $3.4 million or seven percent.
−Removed: We had floating-to-fixed interest rate swaps with a combined notional amount of $166.2 million to manage the variability of cash flows in the interest rate payments associated with our existing LIBOR-based interest payments, effectively converting $166.2 million of our floating rate debt to a fixed rate.
−Removed: Per the terms of these instruments, we receive floating rate interest payments based upon three-month U.S.
−Removed: dollar LIBOR and in return are obligated to pay interest at a fixed rate of 3.79 percent until July 2023.
+Added: A hypothetical 100 basis point increase in the variable interest rate component of our borrowings as of September 30, 2022 would have increased our interest expense by approximately $5.1 million or 10 percent.
+Added: Comparatively, a 100 basis point increase in the variable interest rate component of our borrowings as of September 30, 2021 would have increased our interest expense by approximately $3.3 million or seven percent.
+Added: During the year, we had floating-to-fixed interest rate swaps with a combined notional amount of $166.2 million to manage the variability of cash flows in the interest rate payments associated with our existing LIBOR-based interest payments, effectively converting $166.2 million of our floating rate debt to a fixed rate.
+Added: Per the terms of these instruments, we received floating rate interest payments based upon three-month U.S.
+Added: dollar LIBOR and in return were obligated to pay interest at a fixed rate of 3.79 percent until July 2023.
Due to the repayment of our term loan (refer to Note 9 to the Condensed Consolidated Financial Statements included within Part I.
−Removed: Item 1 of this Form 10-Q for more information), during the three months ended June 30, 2022 , we terminated these interest rate swap instruments.
+Added: Item 1 of this Form 10-Q for more information), during the second quarter of 2022, we terminated these interest rate swap instruments.
Upon termination of the interest rate swap instruments, we reclassified a $1.7 million gain from AOCI into Interest expense, net on the condensed consolidated statement of operations.
−Removed: The fair value of outstanding interest rate instruments at June 30, 2022 and December 31, 2021 was an asset (liability) of zero and $(4.0) million , respectively.
+Added: The fair value of outstanding interest rate instruments at September 30, 2022 and December 31, 2021 was an asset (liability) of zero and $(4.0) million , respectively.
Other market risks
−Removed: Information about our other remaining market risks for the period ended June 30, 2022 does not differ materially from that discussed under Part II, Item 7A.
+Added: Information about our other remaining market risks for the period ended September 30, 2022 does not differ materially from that discussed under Part II, Item 7A.
Quantitative and Qualitative Disclosures About Market Risk of our 2021 Annual Report.
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.