14 unchanged sentences
Such fluctuations in foreign exchange rates relative to the U.S.
−Removed: dollar may cause our actual results to differ materially from those anticipated in our guidance and have a material adverse effect on our business or results of operations.
+Added: dollar may cause our actual results to differ materially from those anticipated and have a material adverse effect on our business or results of operations.
We assess foreign currency risk based on transactional cash flows, identify naturally offsetting positions and purchase hedging instruments to partially offset anticipated exposures.
1 unchanged sentence
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 year ended December 31, 2022 would have had approximately a $40 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 year ended December 31, 2023 would have had approximately a $50 million impact on the translation effect of foreign exchange rate changes already included in our reported operating income for the period ended December 31, 2023.
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 December 31, 2022, approximately 23% of our debt was floating rate debt and the weighted average interest rate of our total debt was 4.81%.
+Added: At December 31, 2023, less than 1% of our debt was floating rate debt and the weighted average interest rate of our total debt was 4.15%.
At December 31, 2023, we performed a sensitivity analysis for our financial instruments that have interest rate risk.
8 unchanged sentences
Current and potential suppliers are evaluated regularly on their ability to meet our requirements and standards.
−Removed: We actively manage our material supply sourcing, and employ various methods to limit risk associated with commodity cost fluctuations and availability.
−Removed: Our manufacturing operations continue to be adversely affected by material shortages and production delays as the continuity of supply was impacted by capacity constraints, global logistics disruptions, raw material shortages and remaining COVID-19 impacts.
+Added: We actively manage our material sourcing, and employ various methods to limit risk associated with commodity cost fluctuations and availability.
+Added: While the overall continuity of material supply into our manufacturing operations has improved from the prior year, we continue to experience intermittent disruptions with certain material types, most notably electronic components.
We have designed and implemented plans to mitigate the impact of these risks by using alternate suppliers, expanding our supply base globally, leveraging our overall purchasing volumes to obtain favorable pricing and quantities, developing a closer working relationship with key suppliers and purchasing hedging instruments to partially offset anticipated exposures.
−Removed: However, we anticipate that we will continue to be adversely affected by material shortages and production delays into 2023.
+Added: However, we anticipate that we will continue to be affected by intermittent material shortages and production delays into 2024, though the extent of these disruptions has eased.
Principal materials and components used in our various manufacturing processes include steel, castings, engines, tires, hydraulics, cylinders, drive trains, electric controls and motors, semiconductors, and a variety of other commodities and fabricated or manufactured items.
−Removed: Broad based inflation, partially offset by declines in the cost of certain raw materials, have led to an overall rise in input costs which has adversely affected our financial performance.
−Removed: Additionally, tariffs on certain Chinese origin goods continue to put pressure on input costs, which we have been able to partially mitigate through the U.S.
−Removed: Government’s exclusion process, which has been extended through September 30, 2023, and duty draw back mechanism.
+Added: Inflationary pressure on certain purchased components have continued while the cost of U.S.
+Added: steel increased in the latter part of 2023.
+Added: Additionally, import of certain purchased components and parts may be impacted by the implications of sanctions preventing the use of iron and steel from Russia in such components and parts.
+Added: Tariffs on certain Chinese origin goods continue to put pressure on input costs, which we have been able to partially mitigate through the U.S.
+Added: Government’s exclusion process, which has been extended through May 31, 2024, duty draw back and other mechanisms we continue to explore.
If we are unable to recover a substantial portion of increased costs from our customers and suppliers or through duty draw back, our business or results of operations could be adversely affected.
3 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.