3 unchanged sentences
When appropriate, we use derivative financial instruments to mitigate the risk from such exposures.
−Removed: A discussion of our accounting policies for derivative financial instruments is included in Note 14 - Derivatives in the Notes to the Consolidated Financial Statements included elsewhere in this Annual Report.
+Added: A discussion of our accounting policies for derivative financial instruments is included in Note 13 - Derivatives in the Notes to the Consolidated Financial Statements .
Interest Rate Risk
−Removed: Borrowings on our Revolver Facility are subject variable interest rates.
+Added: Borrowings on our Revolver Facility are subject to variable interest rates.
If market interest rates increase, the interest rate on our variable rate debt will increase and will create higher debt service requirements, which would adversely affect our cash flow and could adversely impact our results of operations.
The general levels of SOFR, EURIBOR, CORRA and/or SONIA rates affect interest expense.
−Removed: As of September 30, 2023, and following the completion of the HHI divestiture, repayment of the Term Loan borrowings and borrowings under the Revolver Facility, there are no substantive outstanding debt obligations subject to variable rate fluctuations.
+Added: As of September 30, 2024, there are no outstanding borrowings under the Revolver Facility and no additional substantive outstanding debt obligations subject to variable rate fluctuations.
Foreign Exchange Risk
2 unchanged sentences
We manage our foreign exchange exposure from such sales, accounts receivable, intercompany loans, firm purchase commitments, accounts payable and credit obligations through the use of naturally occurring offsetting positions (borrowing in local currency), forward foreign exchange contracts, foreign exchange rate swaps and foreign exchange options.
−Removed: The related amounts payable to, or receivable from, the contract counter-parties are included in accounts payable or accounts receivable.
−Removed: At September 30, 2023, we had $456.2 million equivalent of debt denominated in foreign currencies, which consist primarily of the Euro-denominated 4.00% Notes to the equivalent of $448.8 million, which are recorded in a U.S.
−Removed: Dollar functional entity, and the remaining debt primarily consist of finance leases recorded in countries with the same functional currency as the debt.
−Removed: The 4.00% Notes are held as a net investment hedge of the translation of the Company’s net investments in Euro-denominated subsidiaries.
−Removed: See Note 14 - Derivatives in the Notes to the Consolidated Financial Statements, included elsewhere in this Annual Report, for further discussion.
+Added: The related amounts payable to, or receivable from, the contract counterparties are included in accounts payable or accounts receivable.
+Added: At September 30, 2024, we had $7.0 million equivalent of debt denominated in foreign currencies, primarily consisting of finance leases located in international territories and recognized within the functional currency of the residing country.
At September 30, 2024, the potential change in fair value of outstanding foreign exchange derivative instruments, assuming a 10% unfavorable change in the underlying exchange rates, would be a loss of $86.3 million.
The net impact on reported earnings, after also including the effect of the change in the underlying foreign currency-denominated exposures, would be a net gain of $11.8 million.
+Added: FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
+Added: The information required for this Item is included in this Annual Report on Form 10-K within Item 15, Exhibits, Financial Statements and Schedules, and is incorporated herein by reference.
+Added: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
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.