2 unchanged sentences
Our exposure to interest rate risk relates primarily to our cash, cash equivalents and debt.
−Removed: As of December 31, 2020, our cash and cash equivalents consisted of standard depository accounts which are held for working capital purposes.
+Added: As of March 31, 2021, 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 December 31, 2020, we had $404.4 million of variable-rate debt.
+Added: As of March 31, 2021, we had $471.5 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 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.
+Added: As of March 31, 2021, 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.
14 unchanged sentences
In addition, we elect to execute currency derivatives contracts that do not qualify for hedge accounting.
−Removed: As a result, we may experience volatility in our consolidated statements of operations due to (i) the impact of unrealized gains and losses reported in other (expense) income, net on the mark-to-market of outstanding contracts and (ii) realized gains and losses recognized in other (expense) income, net, whereas the offsetting economic gains and losses are reported in the line item of the underlying activity, for example, revenue.
+Added: As a result, we may experience volatility in our consolidated statements of operations due to (i) the impact of unrealized gains and losses reported in other income (expense), net on the mark-to-market of outstanding contracts and (ii) realized gains and losses recognized in other income (expense), net, whereas the offsetting economic gains and losses are reported in the line item of the underlying activity, for example, revenue.
• Translation of our non-U.S.
7 unchanged sentences
• Remeasurement of monetary assets and liabilities:
−Removed: Transaction gains and losses generated from remeasurement of monetary assets and liabilities denominated in currencies other than the functional currency of a subsidiary are included in other (expense) income, net on the consolidated statements of operations.
+Added: Transaction gains and losses generated from remeasurement of monetary assets and liabilities denominated in currencies other than the functional currency of a subsidiary are included in other income (expense), net on the consolidated statements of operations.
Certain of our subsidiaries hold intercompany loans denominated in a currency other than their functional currency.
−Removed: Due to the significance of these balances, the revaluation of intercompany loans can have a material impact on other (expense) income, net.
+Added: Due to the significance of these balances, the revaluation of intercompany loans can have a material impact on other income (expense), net.
We expect these impacts may be volatile in the
5 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 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.
+Added: A hypothetical decrease in exchange rates of 10% against the functional currency of our subsidiaries would have resulted in a increase of $3.3 million and $14.5 million, respectively, on our (loss) income before income taxes for the three months ended March 31, 2021 and 2020 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.