6 unchanged sentences
The reporting currency for our consolidated financial statements is the U.S.
−Removed: Certain of our assets, liabilities, expenses, revenues and earnings are denominated in other countries’ currencies, including the Euro, British Pound, Chinese Yuan, Australian Dollar and Mexican Peso.
+Added: Certain of our assets, liabilities, expenses, revenues and earnings are denominated in other countries’ currencies, including the Euro, British Pound, Chinese Yuan, Indian Rupee, Australian Dollar and Mexican Peso.
Those assets, liabilities, expenses, revenues and earnings are translated into U.S.
7 unchanged sentences
We assess foreign currency risk based on transactional cash flows, identify naturally offsetting positions and purchase hedging instruments to partially offset anticipated exposures.
−Removed: At March 31, 2022, we performed a sensitivity analysis on the impact that aggregate changes in the translation effect of foreign exchange rate changes would have on our operating income.
+Added: At June 30, 2022, we performed a sensitivity analysis on the impact that aggregate changes in the translation effect of foreign exchange rate changes would have on our operating income.
Based on this sensitivity analysis, we have determined that a change in the value of the U.S.
−Removed: dollar relative to other currencies by 10% to amounts already incorporated in the financial statements for the three months ended March 31, 2022 would have had approximately a $8 million impact on the translation effect of foreign exchange rate changes already included in our reported operating income for the period.
+Added: dollar relative to other currencies by 10% to amounts already incorporated in the financial statements for the six months ended June 30, 2022 would have had approximately a $17 million impact on the translation effect of foreign exchange rate changes already included in our reported operating income for the period.
Interest Rate Risk
2 unchanged sentences
We manage our exposure to interest rate risk by establishing a mix of indebtedness bearing interest at both floating and fixed rates at inception and maintain a ratio of floating and fixed rates on this mix of indebtedness using interest rate derivatives when necessary.
−Removed: At March 31, 2022, 19.3% of our debt was floating rate debt and the weighted average interest rate of our total debt was 4.46%.
−Removed: At March 31, 2022, we performed a sensitivity analysis for our financial instruments that have interest rate risk.
+Added: At June 30, 2022, 27.7% of our debt was floating rate debt and the weighted average interest rate of our total debt was 4.34%.
+Added: At June 30, 2022, we performed a sensitivity analysis for our financial instruments that have interest rate risk.
We calculated the pretax earnings effect on our interest sensitive instruments.
−Removed: Based on this sensitivity analysis, we have determined that an increase of 10% in our average floating interest rates at March 31, 2022 would not have materially increased interest expense during the period.
+Added: Based on this sensitivity analysis, we have determined that an increase of 10% in our average floating interest rates at June 30, 2022 would not have materially increased interest expense during the period.
Commodities Risk
16 unchanged sentences
For more information on commodities risk, see Part I, Item 1A.
−Removed: – “Risk Factors” in our Annual Report on Form 10-K.
+Added: – “Risk Factors” in our Annual Report on Form 10-K and Part II, Item 1A.
+Added: – “Risk Factors” below.
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.