3 unchanged sentences
We do not use derivative financial instruments for speculative purposes.
−Removed: All financial instruments are used in accordance with policies approved by our board of directors.
+Added: All financial instruments are used in accordance with policies approved by the Board of Directors.
Market Interest Rate Risk
3 unchanged sentences
Foreign Currency Exchange Rate Risk
−Removed: We operate in international markets, which expose us to market risk associated with foreign currency exchange rate fluctuations between the U.S.
+Added: We operate in international markets that expose us to market risk associated with foreign currency exchange rate fluctuations between the U.S.
Dollar and various foreign currencies, the most significant of which is the Euro.
4 unchanged sentences
As exchange rates vary, operating income may differ from expectations.
−Removed: In 2024, changes in foreign currency exchange rates had a favorable impact of $2.7 million on revenue and $5.9 million on operating income.
−Removed: We enter into foreign currency forward contracts to minimize the short-term impact of foreign currency exchange rate fluctuations on cash, debt, and certain trade and intercompany receivables and payables, primarily denominated in Euro, Canadian Dollars, New Zealand Dollars, British Pound, and Australian Dollars.
+Added: In 2025, revenue was favorably impacted by $22.8 million, and operating income was unfavorably impacted by $4.1 million.
+Added: We enter into foreign currency forward contracts to minimize the short-term impact of foreign currency exchange rate fluctuations on cash, debt, and certain trade and intercompany receivables and payables that are primarily denominated in Euro, New Zealand Dollars, Canadian Dollars, Brazilian Real, and Australian Dollars.
These contracts reduce the exposure to fluctuations in foreign currency exchange rate movements, as the gains and losses associated with foreign currency balances are generally offset with the gains and losses on the forward contracts.
12 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.