−Removed: ITEM 7A QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
+Added: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are potentially exposed to market risks associated with changes in foreign currency translation rates, interest rates and commodity prices.
15 unchanged sentences
In such cases, if we price our products in the foreign currency, we will receive less in U.S.
−Removed: dollars than we would have received before the rate increase went into effect.
+Added: dollars than we would have received before the rate increase went
If we price our products in U.S.
6 unchanged sentences
Percentage of
−Removed: Percentage of
United States
1 unchanged sentence
Total revenue
−Removed: 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.
+Added: Changes in foreign currency exchange rates increased our revenue by approximately 2.2% and 1.4% in the years ended December 31, 2021 and December 31, 2020, respectively.
Assets and liabilities of our foreign subsidiaries, where the functional currency is the local currency, are translated into U.S.
2 unchanged sentences
Adjustments resulting from financial statement translations are included as a separate component of shareholders’ equity.
−Removed: 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.
+Added: In the years ended December 31, 2021 and 2020, we recorded net losses of $26.4 million and net gains of $22.0 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 gain (loss), net were net losses of $7.9 million and $3.3 million for years ended December 31, 2020 and 2019, respectively.
+Added: Our foreign currency transaction gain (loss), net were net losses of $4.1 million and $7.9 million for years ended December 31, 2021 and 2020, 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: 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.
+Added: As of December 31, 2021, we have several cross-currency and interest rate swap agreements with a notional value of $149.6 million of U.S.
dollar to Swiss Franc and a notional value of $354.7 million of U.S.
−Removed: 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.
+Added: 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.
Under the U.S.
2 unchanged sentences
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.
−Removed: Under these arrangements, we agree to purchase a fixed amount of a foreign currency in exchange for a fixed amount of U.S.
+Added: Under these arrangements, we agree to purchase a fixed amount of a foreign currency in exchange for
+Added: a fixed amount of U.S.
Dollars or other currencies on specified dates typically with maturities of less than twelve months with some agreements extending to longer periods.
−Removed: 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: These transactions are recorded at fair value with the corresponding gains and losses recorded in interest and other income (expense), net in the consolidated statements of income and comprehensive income.
At December 31, 2021 and 2020, we had forward currency contracts with notional amounts aggregating $180.7 million and $278.3 million, respectively.
7 unchanged sentences
We are exposed to certain commodity risks associated with prices for various raw materials.
−Removed: The prices of copper and certain other raw materials, particularly niobium-tin, used to manufacture superconductors have increased significantly over the last decade.
−Removed: 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: 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: The prices of copper and certain other raw materials, particularly niobium-tin,
+Added: used to manufacture superconductors have increased significantly over the last decade.
+Added: Copper and niobium-tin
+Added: 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.
+Added: We have arrangements with certain customers under which we have a firm commitment to deliver copper based on superconductor wire at a fixed price.
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.
4 unchanged sentences
Inflation Risk
−Removed: We do not believe inflation had a material impact on our business or operating results during any of the periods presented.
+Added: Global inflation increased during 2021 as a result of COVID-19
+Added: and associated disruptions in global demand, logistics, and labor markets.
+Added: These inflationary conditions could impact our future operating results.
+Added: Inflation may affect the costs of materials and services that we use, including raw materials and labor to manufacture our products, as well as, transportation and logistical costs.
+Added: We may not be able to recover these higher costs through increased selling prices due to competition and timing.
+Added: Inflation rates may also vary between countries in which we operate.
+Added: To date, these inflationary conditions have not had a material effect on our operating results;
+Added: however, they could have a greater impact on our future operating results.
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.