5 unchanged sentences
Depending on market conditions, we may enter into futures contracts, forward contracts, commodity swaps and put and call option contracts in order to reduce the impact of commodity price fluctuations.
−Removed: As of June 30, 2024, we maintained open positions on commodity contracts with a notional value totaling $208.1 million ($191.0 million at December 31, 2023 and $244.1 million at June 30, 2023).
−Removed: Assuming a hypothetical 10% increase in commodity prices which are currently hedged, as of June 30, 2024, we would experience a $20.8 million ($19.1 million at December 31, 2023 and $24.4 million at June 30, 2023) increase in our cost of inventory purchased, which would be substantially offset by a corresponding increase in the value of related hedging instruments.
+Added: As of September 30, 2024, we maintained open positions on commodity contracts with a notional value totaling $207.2 million ($191.0 million at December 31, 2023, and $207.5 million at September 30, 2023).
+Added: Assuming a hypothetical 10% increase in commodity prices which are currently hedged, as of September 30, 2024, we would experience a $20.7 million ($19.1 million at December 31, 2023 and $20.8 million at September 30, 2023) increase in our cost of inventory purchased, which would be substantially offset by a corresponding increase in the value of related hedging instruments.
We transact business in various foreign currencies other than the USD which exposes us to movements in exchange rates which may impact revenue and expenses, assets and liabilities and cash flows.
Our significant foreign currency exposure is denominated with European currencies, primarily the Euro, although exposures also exist in other currencies of Asia Pacific, Latin America, Middle East and Africa.
−Removed: For all derivative positions, we evaluated the effects of a 10% shift in exchange rates between those currencies and the USD, holding all other assumptions constant.
−Removed: Unfavorable currency movements of 10%
−Removed: would negatively affect the fair values of the derivatives held to hedge currency exposures by $15.2 million.
+Added: For all derivative positions, we evaluated the effects of a 10% shift in exchange rates
+Added: between those currencies and the USD, holding all other assumptions constant.
+Added: Unfavorable currency movements of 10% would negatively affect the fair values of the derivatives held to hedge currency exposures by $14.9 million.
These unfavorable changes would generally have been offset by favorable changes in the values of the underlying exposures.
1 unchanged sentence
Our current debt structure is used to fund business operations, and commitments from banks under our Senior Revolving Credit Facility and AR Facilities are additional sources of liquidity.
−Removed: As of June 30, 2024, December 31, 2023 and June 30, 2023, we had long-term borrowings, including current installments and finance lease obligations, of $2,910.9 million, $2,670.1 million and $2,726.3 million, respectively, of which $1,132.6 million, $893.7 million and $951.3 million at June 30, 2024, December 31, 2023 and June 30, 2023, respectively, were issued at variable rates.
+Added: As of September 30, 2024, December 31, 2023 and September 30, 2023, we had long-term borrowings, including current installments and finance lease obligations, of $2,889.5 million, $2,670.1 million and $2,790.1 million, respectively, of which $1,110.4 million, $893.7 million and $1,014.3 million at September 30, 2024, December 31, 2023 and September 30, 2023, respectively, were issued at variable rates.
Included within long-term borrowings on the condensed balance sheets were deferred debt issuance costs and unamortized bond original issue discount.
−Removed: Assuming no changes in the $1,132.6 million of variable-rate debt levels from June 30, 2024, we estimate that a hypothetical change of 100-basis points in the secured overnight financing rate (SOFR) would impact annual interest expense by $11.3 million.
+Added: Assuming no changes in the $1,110.4 million of variable-rate debt levels from September 30, 2024, we estimate that a hypothetical change of 100-basis points in the secured overnight financing rate (SOFR) would impact annual interest expense by $11.1 million.
If the actual changes in commodities, foreign currency, or interest pricing is substantially different than expected, the net impact of commodity risk, foreign currency risk, or interest rate risk on our cash flow may be materially different than that disclosed above.
1 unchanged sentence
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.