16 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, 2024, 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, 2024, 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, 2024 would have had approximately a $10 million impact on the translation effect of foreign exchange rate changes already included in our reported operating income for the period ended March 31, 2024.
+Added: dollar relative to other currencies by 10% to amounts already incorporated in the financial statements for the six months ended June 30, 2024 would have had approximately a $19 million impact on the translation effect of foreign exchange rate changes already included in our reported operating income for the period ended June 30, 2024.
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, 2024, approximately 14% of our debt was floating rate debt and the weighted average interest rate of our total debt was 4.50%.
−Removed: At March 31, 2024, we performed a sensitivity analysis for our financial instruments that have interest rate risk.
+Added: At June 30, 2024, approximately 6% of our debt was floating rate debt and the weighted average interest rate of our total debt was 4.25%.
+Added: At June 30, 2024, 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, 2024 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, 2024 would not have materially increased interest expense during the period.
Commodities Risk
9 unchanged sentences
However, we anticipate that we will continue to be affected by intermittent material shortages and production delays through the remainder of 2024, though the extent of these disruptions has eased.
−Removed: 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.
+Added: Principal materials and components used in our various manufacturing processes include steel, castings, engines, tires, hydraulics, cylinders, drive trains, cab chassis, electric controls and motors, semiconductors, and a variety of other commodities and fabricated or manufactured items.
Inflationary pressure on certain purchased components have continued while the cost of U.S.
−Removed: steel has declined in the first quarter.
+Added: steel has declined in the first half of 2024.
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.
7 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.