14 unchanged sentences
Interest Rate Risk Management
−Removed: Snap-on aims to control funding costs by managing the exposure created by the differing maturities and interest rate structures of Snap-on’s borrowings through the use of interest rate swap agreements.
−Removed: Treasury lock agreements are used from time to time to manage the potential change in interest rates in anticipation of the issuance of fixed rate debt.
+Added: Snap-on may manage the exposure created by the differing maturities and interest rate structures of Snap-on’s borrowings through the use of interest rate swap agreements.
+Added: Treasury lock agreements may be used to manage the potential change in interest rates in anticipation of the issuance of fixed rate debt.
See Note 11 to the Consolidated Financial Statements for information on interest rate risk management.
6 unchanged sentences
Stock-based Deferred Compensation Risk Management
−Removed: Snap-on aims to manage market risk associated with the stock-based portion of its deferred compensation plans through the use of equity forwards.
+Added: Snap-on manages market risk associated with the stock-based portion of its deferred compensation plans through the use of equity forwards.
Equity forwards are used to aid in offsetting the potential mark-to-market effect on stock-based deferred compensation from changes in Snap-on’s stock price.
14 unchanged sentences
Snap-on continually monitors its exposure in these markets.
−Removed: For example, the company is monitoring the impact of and developments related to the ongoing COVID-19 pandemic, which continues to have an impact on the global economy.
+Added: For example, the company is monitoring the impact of and developments related to Russia’s invasion of Ukraine and the ongoing COVID-19 pandemic, which continue to have an impact on the global economy.
While inflation has become more prevalent in the world economy, Snap-on has taken steps to control and offset associated cost increases through its supply chain management, pricing actions, and deployment of Rapid Continuous Improvement (“RCI”).
−Removed: In addition, the company continues to monitor developments related to the United Kingdom’s exit from the European Union, and the effects this may have on the world economy and the company.
+Added: In addition, the company continues to monitor developments resulting from the United Kingdom’s exit from the European Union, and the effects this may have on the world economy and the company.
As a result of the above market, credit and economic risks, net earnings and revenues in any particular period may not be representative of full-year results and may vary significantly from year to year.
15 unchanged sentences
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.