3 unchanged sentences
Interest Rate Risk.
−Removed: The interest rate on borrowings under our Term Loan and Revolving Loan is floating and, therefore, subject to fluctuations.
+Added: The interest rate on borrowings under our Term Loan and Revolving Credit Facility is floating and, therefore, subject to fluctuations.
In order to manage the risk associated with changes in interest rates on our borrowing under the Term Loan, we entered into an interest rate swap (the “Swap”) effective December 31, 2018.
−Removed: As a result, 53.7% of our interest rates are fixed as of December 31, 2019.
−Removed: Under the terms of the Swap, we are locked into a fixed rate of interest of 2.96% plus an applicable margin, as defined in the Credit Agreement, on a notional amount of $300 million.
−Removed: As of December 31, 2019, the fair value of the Swap was an unrealized loss of $10.2 million.
−Removed: The Swap is designated as a cash flow hedge of interest rate risk and recorded at fair value in Other accrued liabilities and Other noncurrent liabilities on the Consolidated Balance Sheets.
−Removed: Any gains or losses on the Swap will be reported as a component of Accumulated other comprehensive loss until reclassed to Interest expense, net in the same period the hedge transaction impacts earnings.
−Removed: Based on the value of our unhedged indebtedness at December 31, 2019, a 100 basis point increase in interest rates would result in a corresponding increase in our interest expense of $6.5 million annually.
+Added: Under the terms of the Swap, we are locked into a fixed rate of interest of 2.96% plus an applicable margin, as defined in our Credit Agreement, on a notional amount of $300 million.
+Added: The Swap was designated as a cash flow hedge of interest rate risk.
+Added: The Second Amendment triggered a quantitative hedge effectiveness test, which resulted in the loss of hedge accounting.
+Added: As a result, as of the date of the Second Amendment, the unrealized loss included within Accumulated other comprehensive loss was frozen and is now being ratably reclassified into Net (loss) income over the remaining life of the Swap through Interest expense, net and Income tax benefit within the Consolidated Statements of Loss.
+Added: Subsequent to the Second Amendment, any changes in the fair value of the Swap are recorded within Other (expense) income, net on the Consolidated Statements of Loss.
+Added: As of December 31, 2020, the fair value of the Swap was an unrealized loss of $12.1 million, of which $8.5 million and $3.6 million is recorded in Other accrued liabilities and Other noncurrent liabilities, respectively, on the Consolidated Balance Sheets.
+Added: As of December 31, 2019, the fair value of the Swap was an unrealized loss of $10.2 million, of which $4.2 million and $6.0 million is recorded in Other accrued liabilities and Other noncurrent liabilities, respectively, on the Consolidated Balance Sheets.
+Added: During the years ended December 31, 2020 and December 31, 2019, $11.1 million and $2.0 million was reclassified from Accumulated other comprehensive loss and recorded in Interest expense, net, respectively.
+Added: During the year ended December 31, 2020, we made payments of $7.0 million related to the Swap.
+Added: During the year ended December 31, 2020, $1.3 million was reclassified as a tax benefit from Accumulated other comprehensive loss into Income tax benefit on the Consolidated Statements of Loss.
Foreign Currency Exchange Risk.
4 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.