7 unchanged sentences
The results of the sensitivity analyses are summarized below.
−Removed: Impact of Foreign Currencies
+Added: Foreign Currency Risk
We generate a substantial portion of our revenues in international markets, principally Germany and other countries in the European Union, Switzerland and Japan, which exposes our operations to the risk of exchange rate fluctuations.
The impact of currency exchange rate movement can be positive or negative in any period.
−Removed: Our costs related to sales in foreign currencies are largely denominated in the same respective currencies, limiting our transaction risk exposure.
+Added: Our costs related to sales in foreign currencies are largely denominated in the same respective currencies, reducing our transaction risk exposure.
However, for foreign currency denominated sales in certain regions, such as Japan, where we do not incur significant costs denominated in Japanese Yen, we are more exposed to the impact of foreign currency fluctuations.
7 unchanged sentences
dollars and competitors price their products in local currency, an increase in the relative strength of the U.S.
−Removed: Dollar could result in our prices not being competitive in a market
−Removed: where business is transacted in the local currency.
−Removed: In the years ended December 31, 2019 and 2018 our revenue by geography was as follows (dollars in millions):
+Added: dollar could result in our prices not being competitive in a market where business is transacted in the local currency.
+Added: For example, if the U.S.
+Added: dollar strengthened against the Japanese Yen, our Japanese-based competitors would have a greater pricing advantage over us.
+Added: Our revenue by geography was as follows (dollars in millions):
Percentage of
Percentage of
+Added: Percentage of
United States
1 unchanged sentence
Total revenue
−Removed: Changes in foreign currency exchange rates decreased our revenue by approximately 2.7% in the year ended December 31, 2019 and increased our revenue by approximately 1.4% in the year ended December 31, 2018.
+Added: Changes in foreign currency exchange rates increased our revenue by approximately 1.4% in the year ended December 31, 2020 and decreased our revenue by approximately 2.7% in the year ended December 31, 2019.
Assets and liabilities of our foreign subsidiaries, where the functional currency is the local currency, are translated into U.S.
−Removed: Dollars using year-end exchange rates, or historical rates, as appropriate.
+Added: dollars using period end exchange rates, or historical rates, as appropriate.
Revenues and expenses of foreign subsidiaries are translated at the average exchange rates in effect during the year.
Adjustments resulting from financial statement translations are included as a separate component of shareholders’ equity.
−Removed: In the years ended December 31, 2019 and 2018, we recorded net losses from currency translation adjustments of $20.0 million and $25.5 million, respectively.
+Added: In the years ended December 31, 2020 and 2019, we recorded net gains of $22.0 million and net losses of $20.0 million, respectively, from currency translation adjustments.
A 10% depreciation in functional currencies, relative to the U.S.
1 unchanged sentence
Gains and losses resulting from foreign currency transactions are reported in interest and other income (expense), net in the consolidated statements of income and comprehensive income.
−Removed: Our foreign currency translation losses, net were $3.3 million and $3.0 million for years ended December 31, 2019 and 2018, respectively.
+Added: Our foreign currency translation gain (loss), net were net losses of $7.9 million and $3.3 million for years ended December 31, 2020 and 2019, respectively.
The impact of currency exchange rate movement can be positive or negative in any period.
3 unchanged sentences
These transactions do not qualify for hedge accounting and, accordingly, the instrument is recorded at fair value with the corresponding gains and losses recorded in the consolidated statements of income and comprehensive income.
−Removed: As of December 31, 2019, we have entered into several cross-currency and interest rate swap agreements with a notional value of $150 million of U.S.
+Added: At December 31, 2020 and 2019, we have entered into several cross-currency and interest rate swap agreements with a notional value of $150 million of U.S.
dollar to Swiss Franc and a notional value of $355 million of U.S.
−Removed: Dollar to Euro to hedge the variability in the movement of foreign currency exchange rates on portions of our Euro and Swiss Franc denominated net asset investments.
+Added: dollar to Euro hedge the variability in the movement of foreign currency exchange rates on portions of our Euro and Swiss Franc denominated net asset investments.
Under the U.S.
1 unchanged sentence
The difference between the interest rate received and paid under the interest rate cross-currency swap derivative agreement is recorded in interest income in the statement of income.
−Removed: At December 31, 2019 and 2018, we had foreign currency contracts and cross-currency and interest rate swap agreements with notional amounts aggregating $579.4 million and $102.4 million, respectively.
−Removed: At December 31, 2019 and 2018, we had the following notional amounts outstanding under foreign currency contracts (in millions):
−Removed: Amount in Buy
−Removed: Amount in U.S.
−Removed: Fair Value of
−Removed: Fair Value of
−Removed: December 31, 2019:
−Removed: Forward Currency Contracts (1):
−Removed: Swedish Krona
−Removed: Singapore Dollar
−Removed: Singapore Dollar
−Removed: Great Britain Pound
−Removed: Great Britain Pound
−Removed: February 2020 to January 2021
−Removed: Cross-Currency and Interest Rate Swap Agreements (2):
−Removed: December 2024
−Removed: December 2026
−Removed: December 31, 2018:
−Removed: Forward Currency Contracts (1):
−Removed: Canadian Dollars
−Removed: Singapore Dollar
−Removed: Chinese Renminbi
−Removed: Great Britain Pound
−Removed: Great Britain Pound
−Removed: May 2019 to October 2020
−Removed: (1) Derivatives not designated as accounting hedges.
−Removed: (2) Derivatives designated as accounting hedges.
−Removed: Based on the contractual maturities of these contracts and exchange rates as of December 31, 2019, we anticipate that these contracts will result in net cash outflows of $6.3 million in 2020.
−Removed: At December 31, 2019, assuming all other variables are constant, if the U.S.
−Removed: Dollar weakened by 10%, the market value of our foreign currency contracts would have increased by approximately $2.8 million and if the U.S.
−Removed: Dollar strengthened by 10%, the market value of our foreign currency contracts would have decreased by approximately $2.8 million.
−Removed: We will continue to evaluate our currency risks and in the future may utilize foreign currency contracts more frequently as part of a transactional hedging program.
−Removed: Impact of Interest Rates
+Added: From time to time, we have entered into forward currency contracts designed to minimize the volatility that fluctuations in foreign currency have on our cash flows related to purchases and sales denominated in foreign currencies.
+Added: Under these arrangements, we agree to purchase a fixed amount of a foreign currency in exchange for a fixed amount of U.S.
+Added: Dollars or other currencies on specified dates typically with maturities of less than twelve months with some agreements extending to longer periods.
+Added: These transactions are recorded at fair value with the corresponding gains and losses recorded in interest and other income (expense), net in the unaudited condensed consolidated statements of income and comprehensive income.
+Added: At December 31, 2020 and 2019, we had forward currency contracts with notional amounts aggregating $278.3 million and $74.4 million, respectively.
+Added: We will continue to evaluate our currency risks, and in the future, may utilize foreign currency contracts more frequently.
+Added: Interest Rate Risk
We regularly invest excess cash in short-term investments that are subject to changes in interest rates.
2 unchanged sentences
We currently have a higher level of fixed rate debt than variable rate debt, which limits the exposure to adverse movements in interest rates.
−Removed: Impact of Commodity Prices
+Added: Commodity Price Risk
We are exposed to certain commodity risks associated with prices for various raw materials.
1 unchanged sentence
Copper and niobium-tin are the main components of low temperature superconductors and continued commodity price increases for copper and niobium, as well as other raw materials, may negatively affect our profitability.
−Removed: Periodically, we enter into commodity forward purchase contracts to minimize the volatility that fluctuations in the price of copper have on our sales of these products.
+Added: We have arrangements with certain customers under which it has a firm committment to deliver copper based on superconductor wire at a fixed price.
+Added: In order to minimize the volatility that fluctuations in the price of copper have on our sales of these commodities, we enter into commodity hedge contracts.
At December 31, 2020 and 2019, we had fixed price commodity contracts with notional amounts aggregating $8.8 million and $5.6 million, respectively.
The fair value of the fixed price commodity contracts at December 31, 2020 and 2019 was $3.1 million and $0.3 million, respectively.
+Added: As commodity contracts settle, gains (losses) as a result of changes in fair values are adjusted to the contracts with the customers through revenues.
We will continue to evaluate our commodity risks and may utilize commodity forward purchase contracts more frequently in the future.
+Added: Inflation Risk
We do not believe inflation had a material impact on our business or operating results during any of the periods presented.
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.