2 unchanged sentences
Our exposure to interest rate risk relates primarily to our cash, cash equivalents and debt.
−Removed: As of September 30, 2020, our cash and cash equivalents consisted of standard depository accounts which are held for working capital purposes.
+Added: As of December 31, 2020, our cash and cash equivalents consisted of standard depository accounts which are held for working capital purposes.
We do not believe we have a material exposure to interest rate fluctuations related to our cash and cash equivalents.
−Removed: As of September 30, 2020, we had $489.8 million of variable-rate debt.
+Added: As of December 31, 2020, we had $404.4 million of variable-rate debt.
As a result, we have exposure to market risk for changes in interest rates related to these obligations.
In order to mitigate our exposure to interest rate changes related to our variable rate debt, we execute interest rate swap contracts to fix the interest rate on a portion of our outstanding or forecasted long-term debt with varying maturities.
−Removed: As of September 30, 2020, a hypothetical 100 basis point increase in rates, inclusive of our outstanding interest rate swaps, would result in an immaterial impact to interest expense over the next 12 months.
+Added: As of December 31, 2020, a hypothetical 100 basis point increase in rates, inclusive of our outstanding interest rate swaps, would result in an immaterial impact to interest expense over the next 12 months.
Currency Exchange Rate Risk.
34 unchanged sentences
The balances are inclusive of the notional value of any cross-currency swaps designated as cash flow hedges.
−Removed: A hypothetical decrease in exchange rates of 10% against the functional currency of our subsidiaries would have resulted in an increase of $9.5 million and $35.5 million on our income before income taxes for the three months ended September 30, 2020 and 2019, respectively.
+Added: A hypothetical decrease in exchange rates of 10% against the functional currency of our subsidiaries would have resulted in a decrease of $0.9 million and an increase of $14.2 million on our income before income taxes for the three months ended December 31, 2020 and 2019, respectively.
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.