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, Indian Rupee, 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, Australian Dollar, Indian Rupee 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 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.
+Added: At September 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 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.
+Added: dollar relative to other currencies by 10% to amounts already incorporated in the financial statements for the nine months ended September 30, 2025 would have had approximately a $21 million impact on the translation effect of foreign exchange rate changes already included in our reported operating income for the nine months ended September 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 June 30, 2025, 48% of our debt was floating rate debt and the weighted average interest rate of our total debt was 5.59%.
−Removed: At June 30, 2025, we performed a sensitivity analysis for our financial instruments that have interest rate risk.
+Added: At September 30, 2025, 48% of our debt was floating rate debt and the weighted average interest rate of our total debt was 5.40%.
+Added: At September 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 June 30, 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 September 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 half of 2025.
−Removed: 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
−Removed: quantities, developing a closer working relationship with key suppliers and purchasing hedging instruments to partially offset anticipated exposures.
+Added: The overall continuity of material supply into our manufacturing operations has been stable in the first three quarters of 2025.
+Added: 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
+Added: and quantities, developing a closer working relationship with key suppliers and purchasing hedging instruments to partially offset anticipated exposures.
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.
−Removed: Inflationary pressure on certain purchased components have continued while the cost of U.S.
−Removed: 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%.
+Added: Inflationary pressure on certain purchased components has persisted while the cost of U.S.
+Added: steel has remained volatile throughout the first three quarters of 2025, driven by restocking demand and an increase of Section 232 tariffs on steel from 25% to 50%, which now apply to a broader range of steel and derivative products.
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.