3 unchanged sentences
We do not engage in speculative trading in any financial or capital market.
−Removed: COLUMBIA SPORTSWEAR COMPANY | 2021 FORM 10-K | 32
FOREIGN EXCHANGE RISK
1 unchanged sentence
We focus on mitigating changes in functional currency equivalent cash flows resulting from anticipated United States dollar denominated inventory purchases by subsidiaries that use European euros, Canadian dollars, Japanese yen, Chinese renminbi, or Korean won as their functional currency.
−Removed: We also mitigate changes in functional currency equivalent cash flows resulting from anticipated non-functional currency denominated sales for subsidiaries that use United States dollars and euros as their functional currency.
+Added: We also mitigate changes in functional currency equivalent cash flows resulting from anticipated non-functional currency denominated sales for subsidiaries that use United States dollars and European euros as their functional currency.
We manage this risk primarily by using currency forward contracts.
−Removed: Additionally, we hedge net balance sheet exposures related primarily to non-functional currency denominated monetary assets and liabilities using foreign currency forward contracts in European euros, Japanese yen, Canadian dollars, Swiss francs, Chinese renminbi, Korean won, British pound, Danish krone, Norwegian kroner, Polish zloty, Swedish krona and Czech koruna.
−Removed: Non-functional currency denominated monetary assets and liabilities consist primarily of cash and cash equivalents, short-term investments, receivables, payables, deferred income taxes, and intercompany loans and dividends.
−Removed: The net fair value of our derivative contracts was favorable by approximately $15.6 million at December 31, 2021.
−Removed: A 10% unfavorable exchange rate change in the euro, franc, Canadian dollar, yen, renminbi, won, pound, krone, zloty, krona and koruna against the United States dollar would have resulted in the net fair value declining by approximately $57.3 million at December 31, 2021.
+Added: Additionally, we hedge net balance sheet exposures related primarily to non-functional currency denominated monetary assets and liabilities using foreign currency forward contracts in European euros, Japanese yen, Canadian dollars, Swiss francs, Chinese renminbi, Korean won, British pound sterling, Danish krone, Norwegian kroner, Polish zloty, Swedish krona and Czech koruna.
+Added: Non-functional currency denominated monetary assets and liabilities consist of cash and cash equivalents, short-term investments, receivables, payables, deferred income taxes, and intercompany loans and dividends.
+Added: The net fair value of our derivative contracts was favorable by approximately $24.9 million as of December 31, 2022.
+Added: A 10% unfavorable exchange rate change in the euro, franc, Canadian dollar, yen, renminbi, won, pound sterling, krone, zloty, krona and koruna against the United States dollar would have resulted in the net fair value declining by approximately $66.4 million as of December 31, 2022.
Changes in fair value of derivative contracts resulting from foreign exchange rate fluctuations would be substantially offset by the change in value of the underlying hedged transactions.
INTEREST RATE RISK
−Removed: Our negotiated credit facilities generally charge interest based on a benchmark rate such as the London Interbank Offered Rate ("LIBOR").
+Added: Our negotiated credit facilities generally charge interest based on a benchmark rate such as the secured overnight financing rate.
Fluctuations in short-term interest rates cause interest payments on drawn amounts to increase or decrease.
−Removed: At December 31, 2021, no balance was outstanding under our credit facilities.
+Added: As of December 31, 2022, no balance was outstanding under our credit facilities.
COMMODITY PRICE RISK
3 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.