Quantitative and Qualitative Disclosures About Market Risk
−Removed: There has been no significant change in the company’s exposure to market risk during the first quarter of 2023.
+Added: There has been no significant change in the company’s exposure to market risk during the second quarter of 2023.
Refer to Part II, Item 7A.
3 unchanged sentences
Treasury lock agreements may be used to manage the potential change in interest rates in anticipation of the issuance of fixed rate debt.
−Removed: See Note 9 to the Condensed Consolidated Financial Statements for information on interest rate risk management.
+Added: See Note 9 to the Condensed Consolidated Financial Statements for additional information on interest rate risk management.
Snap-on utilizes a Value-at-Risk (“VAR”) model to determine the potential one-day loss in the fair value of its interest rate and foreign exchange-sensitive financial instruments from adverse changes in market factors.
2 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 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.
+Added: The estimated maximum potential net one-day loss in fair value, calculated using the VAR model, as of July 1, 2023, was $13.7 million on interest rate-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.