1 unchanged sentence
The Company's market risks are discussed in detail in ITEM 7A of Part II of our 2025 Annual Report.
−Removed: Management has reassessed the quantitative and qualitative market risk disclosures described in our 2024 Annual Report and determined there were no material changes to the Company's foreign currency exposure for the nine months ended September 30, 2025.
+Added: Management has reassessed the quantitative and qualitative market risk disclosures described in our 2025 Annual Report and determined there were no material changes to the Company's foreign currency exposure for the three months ended March 31, 2026.
Interest Rate Risk
1 unchanged sentence
These variable-rate debt agreements use Secured Overnight Financing Rate ("SOFR"), which is subject to fluctuation and uncertainty.
−Removed: As of September 30, 2025, the value of our variable-rate debt was $2,958.0 million.
−Removed: A sensitivity analysis indicates that, holding other variables constant, including levels of indebtedness, a one hundred basis point increase in interest rates on our variable-rate debt would cause an estimated reduction in income before income taxes of approximately $29.6 million.
+Added: As of March 31, 2026, the value of our variable-rate debt was $2,872.0 million.
+Added: A sensitivity analysis indicates that, holding other variables constant, including levels of indebtedness, a one hundred basis point increase in interest rates on our variable-rate debt as of March 31, 2026 would cause an estimated reduction in income before income taxes of approximately $28.7 million.
We continue to evaluate the interest rate environment and look for opportunities to improve our debt structure and minimize interest rate risk and expense.
Foreign Currency Exchange Risk
−Removed: During the second quarter of 2025, we converted $25.0 million of our 4.00% fixed-rate USD-denominated 2029 Senior Notes, including the semi-annual interest payments thereunder, to fixed-rate DKK denominated debt at rate of 1.9230%.
+Added: During the year ended 2025, we converted $150.0 million of our 4.00% fixed-rate USD-denominated 2029 Senior Notes, including the semi-annual interest payments thereunder, to fixed-rate DKK denominated debt at rate of 1.9809%.
We have designated these cross currency swap agreements as net investment hedges.
−Removed: During the third quarter of 2025, we converted an additional $125.0 million of our 4.00% fixed-rate USD-denominated 2029 Senior Notes, including the semi-annual interest payments thereunder, to fixed-rate DKK denominated debt at a rate of 1.9925%.
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.