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, 2025, 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, 2025, 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 strengthening or weakening 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, 2025 would have had approximately a $4 million impact on the translation effect of foreign exchange rate changes already included in our reported operating income for the period ended March 31, 2025.
+Added: dollar relative to other currencies by 10% to amounts already incorporated in the financial statements for the six months ended June 30, 2025 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 six month period ended June 30, 2025.
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, 2025, 48% of our debt was floating rate debt and the weighted average interest rate of our total debt was 5.59%.
−Removed: At March 31, 2025, we performed a sensitivity analysis for our financial instruments that have interest rate risk.
+Added: At June 30, 2025, 48% of our debt was floating rate debt and the weighted average interest rate of our total debt was 5.59%.
+Added: At June 30, 2025, 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, 2025 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, 2025 would not have materially increased interest expense during the period.
Commodities Risk
6 unchanged sentences
We actively manage our material sourcing, and employ various methods to limit risk associated with commodity cost fluctuations and availability.
−Removed: The overall continuity of material supply into our manufacturing operations has been stable in the first quarter of 2025.
+Added: The overall continuity of material supply into our manufacturing operations has been stable in the first half of 2025.
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
2 unchanged sentences
Inflationary pressure on certain purchased components have continued while the cost of U.S.
−Removed: steel has increased throughout the first quarter of 2025 driven by restocking demand and the announced reset of Section 232 tariffs on steel.
+Added: steel has increased throughout the first half of 2025 driven by restocking demand and doubling of Section 232 tariffs on steel from 25% to 50%.
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.
8 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.