QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: In general, we can be exposed to market risks including fluctuations in interest rates, foreign currency exchange rates and certain commodity prices, and that can affect the cost of operating, investing, and financing under those conditions.
+Added: In general, we can be exposed to market risks including fluctuations in interest rates, foreign currency exchange rates and certain commodity prices that can affect the cost of operating, investing, and financing under those conditions.
The Company believes it has moderate exposure to these risks.
3 unchanged sentences
We entered into our current credit facility on May 3, 2019, and simultaneously terminated our previous credit facility.
−Removed: The applicable interest rate for the outstanding borrowings under our applicable credit facility as of December 31, 2020 and 2019 was 2.0625% and 3.3125%, respectively.
+Added: The applicable interest rate for the outstanding borrowings under our credit facility as of December 31, 2021 and 2020 was 2.3750% and 2.0625 %, respectively.
Amounts outstanding as of December 31, 2021 and 2020 were $140,375,000 and $33,579,000, respectively.
−Removed: An increase of 100-basis points in market interest rates would not cause a material effect on interest expense.
+Added: A change of 100-basis points in market interest rates would cause an impact of approximately $1,404,000 to annual interest expense as of December 31, 2021.
Foreign Currency Risks
−Removed: While we transact business predominantly in U.S.
−Removed: dollars and most of our revenues are collected in U.S.
−Removed: dollars, a portion of our revenues and operating costs are denominated in other currencies.
−Removed: Given the current political uncertainty surrounding the European Union and other economic uncertainties worldwide, changes in the relation of these and other currencies to the U.S.
+Added: We transact business predominantly in U.S.
+Added: dollars, Australian dollars, Euros, and Canadian dollars.
+Added: Given the current geopolitical environment and other economic uncertainties worldwide, changes in the relation to these and other currencies to the U.S.
dollar will affect our sales and profitability and could result in exchange losses.
−Removed: For the year ending December 31, 2019, approximately 28% of our pro forma sales were denominated in foreign currencies (compared to 29% in the prior year), the most significant of which were the Euro, Canadian Dollar, Norwegian Kroner, and Swiss Franc.
+Added: For the year ending December 31, 2021, approximately 41% of our pro forma sales were denominated in foreign currencies (compared to 36% in the prior year), the most significant of which were the Australian Dollar, Euro, Canadian Dollar, Norwegian Kroner, and Swiss Franc.
The primary purpose of our foreign currency hedging activities is to mitigate the foreign currency exchange rate exposure on the cash flows related to forecasted inventory purchases and sales.
8 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.