Quantitative and Qualitative Disclosures About Market Risk
−Removed: There has been no significant change in the company’s exposure to market risk during the third quarter of 2022.
+Added: There has been no significant change in the company’s exposure to market risk during the first quarter of 2023.
Refer to Part II, Item 7A.
−Removed: Quantitative and Qualitative Disclosures About Market Risk in the company’s Annual Report on Form 10-K for the year ended January 1, 2022 for further discussion.
+Added: Quantitative and Qualitative Disclosures About Market Risk in the company’s Annual Report on Form 10-K for the year ended December 31, 2022 for further discussion.
Interest Rate Risk Management
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.
−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: 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 9 to the Condensed Consolidated Financial Statements for information on interest rate risk management.
3 unchanged sentences
These inter-relationships were determined by observing interest rate and foreign currency market changes over the preceding quarter.
−Removed: The estimated maximum potential net one-day loss in fair value, calculated using the VAR model, as of October 1, 2022, was $23.2 million on interest rate-sensitive financial instruments and $0.8 million on foreign currency-sensitive financial instruments.
+Added: The estimated maximum potential net one-day loss in fair value, calculated using the VAR model, as of April 1, 2023, was $20.4 million, consisting of a $20.6 million loss on interest rate-sensitive financial instruments and a $0.2 million gain on foreign currency-sensitive financial instruments.
The VAR model is a risk management tool and does not purport to represent actual losses in fair value that will be incurred by Snap-on, nor does it consider the potential effect of favorable changes in market factors.
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.