5 unchanged sentences
We generally place our investments with high-credit quality issuers and by policy are averse to principal loss and seek to protect and preserve our invested funds by limiting default risk, market risk, and reinvestment risk.
−Removed: As of December 31, 2019, our investments consisted primarily of certificates of deposit with maturity of less than 1 year.
−Removed: As a measurement of the sensitivity of our portfolio and assuming that our investment portfolio balances remain constant, a hypothetical decrease of 100 basis points (1%) in interest rates would decrease annual pre-tax earnings by a nominal amount.
+Added: As of December 31, 2020, our investments consisted primarily of certificates of deposit with maturity of less than one year.
+Added: As a measurement of the sensitivity of our portfolio and if our investment portfolio balances remain constant, a hypothetical decrease of 100 basis points (1%) in interest rates would decrease annual pre-tax earnings by a nominal amount.
As of December 31, 2020, we had $323.8 million of borrowings under our Credit Facility at a rate based on a reserve adjusted Eurodollar Rate or a Base Rate plus an applicable margin.
Our quarterly commitments of interest payments are impacted by an increase or decrease of interest rate fluctuations.
+Added: In April 2020, the Company executed interest rate swap contracts with independent financial institutions to partially reduce the variability of cash flows in LIBOR indexed debt interest payments on our Term Loan Facility (under the Company’s existing Credit Agreement dated as of September 10, 2019).
+Added: These transactions are accounted for as cash flow hedging instruments.
+Added: The interest rate swap contracts fixed 85% of the outstanding principal balance on our term loan to a total interest rate of 1.271%.
+Added: This is comprised of 0.521% average fixed rate per annum in exchange for a variable interest rate based on one-month USD-LIBOR-BBA plus the credit spread in the Company’s existing Credit Agreement, which is 75 basis points at current leverage ratios.
If our $323.8 million in borrowings had been outstanding for the full year ended December 31, 2020, a hypothetical increase of 100 basis points (1%) in interest rates would increase our commitments by $3.2 million.
8 unchanged sentences
and their value may be denominated in foreign currency.
−Removed: Changes in exchange rates therefore may have a material impact on their valuation in USD and therefore may impact our view of their attractiveness.
+Added: Changes in exchange rates therefore may have a material impact on their valuation in USD and may impact our view of their attractiveness.
From time to time, we may enter into foreign currency exchange rate contracts to hedge against changes in foreign currency exchange rates on assets and liabilities expected to be settled at a future date, including foreign currency, which may be required for a potential foreign acquisition.
2 unchanged sentences
We minimize our market risk applicable to foreign currency exchange rate contracts by establishing and monitoring parameters that limit the types and degree of our derivative contract instruments.
−Removed: into derivative contract instruments for risk management purposes only.
+Added: We enter into derivative contract instruments for risk management purposes only.
We do not enter into or issue derivatives for trading or speculative purposes.
7 unchanged sentences
Effect of currency translation on cash
−Removed: The effect of foreign currency translations on cash had a $1.5 million unfavorable impact for the year ended December 31, 2019 compared to a $1.0 million unfavorable impact for the year ended December 31, 2018.
+Added: The effect of foreign currency translations on cash had a $5.1 million favorable impact for the year ended December 31, 2020 compared to a $1.5 million unfavorable impact for the year ended December 31, 2019.
Our foreign operations primarily sell product and incur expenses in the related local currency.
2 unchanged sentences
The functional currencies of our worldwide operations include U.S.
−Removed: dollar ("USD"), Canadian Dollar ("CAD"), Swiss Franc ("CHF"), Chinese Yuan ("CNY"), Danish Krone ("DKK"), Euro ("EUR"), Pound Sterling ("GBP"), Israeli New Shekel ("ILS"), Indian Rupee ("INR"), Japanese Yen ("JPY"), Philippines Peso ("PHP"), South Korean Won ("KRW"), Singapore Dollar ("SGD") and New Taiwan Dollar ("TWD").
+Added: dollar ("USD") and the currencies noted in the table below.
Our purchasing and sales activities are primarily denominated in USD, CNY, EUR, and JPY.
−Removed: The change in these key currency rates during the years ended December 31, 2019 and 2018 are as follows:
+Added: The change in these key currency rates are as follows:
Years Ended December 31,
+Added: Canadian Dollar (CAD)
+Added: Swiss Franc (CHF)
+Added: Chinese Yuan (CNY)
+Added: Danish Krone (DKK)
+Added: Pound Sterling (GBP)
+Added: Israeli New Shekel (ILS)
+Added: India Rupee (INR)
+Added: Japanese Yen (JPY)
+Added: South Korean Won (KRW)
+Added: Philippine Peso (PHP)
+Added: Singapore Dollar (SGD)
+Added: New Taiwan Dollar (TWD)
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.