Finance executives at large U.S. companies, including beverage giant Coca-Cola Co. and materials-science company Dow Inc., are increasing their foreign currency hedges and covering longer time periods as the strong dollar continues to take a toll on earnings.

Hertz CFO Kenny Cheung continues to see robust demand, from consumers for cars and from investors for asset backed securities. “We will consider modestly adding to our leverage as and when it makes sense to do so,” Mr. Cheung said.

Higher interest rates are putting more pressure on companies to free up cash from their operations, a cheaper option than relying on credit.

Facing rapidly rising financing costs at home, some U.S. companies are reaping the benefits of lower interest rates abroad. One of them is Columbus, Ga.-based Aflac, which recently raised $1.21 billion in Japan to pay off more expensive debt.

Executives at junk-rated companies are facing sharply higher financing costs as the Fed continues to raise rates, leading some to look for alternatives, while others swallow the increase in price in return for later due dates.

BASF is navigating wild swings in energy prices following Russia’s invasion of Ukraine, making it all but impossible for the company’s CFO to forecast costs for 2023.

Higher interest costs, inflation and weaker foreign exchange rates are forcing U.K. executives to assess their capital needs and business plans.

Some highly-rated companies are taking out term loans instead of bonds to cover their financing needs, benefitting from cheaper pricing as banks adjust more slowly to higher interest rates than the credit markets.

Delta CFO Dan Janki is looking to reduce the airline’s debt and boost its margins. “One of his strengths is, he is a learner,” a former boss said about the industry outsider.

Bed Bath & Beyond officials were concerned CFO Gustavo Arnal was overwhelmed by the demands being placed on him but didn’t want to change finance leaders during a liquidity crisis, people familiar with the matter said. Mr. Arnal was discussing taking a break before he died by suicide, the people said.