3 unchanged sentences
Fluctuations in interest rates may impact the level of income and expense recorded on the cash equivalents and short-term investments, and the market value of all interest-earning assets, other than those which possess a short-term to maturity.
−Removed: During the year ended December 31, 2020, the Company had net interest income of $18.4 million (December 31, 2019 – $28.0 million).
+Added: During the year ended December 31, 2021 and December 31, 2020, we had net interest income of $9.1 million and $18.4 million, respectively.
A 10% change in the interest rate in effect on December 31, 2021 and December 31, 2020, would not have a material effect on (i) fair value of the cash equivalents and short-term investments as the majority of the portfolio has a maturity date of three months or less, or (ii) net interest income.
−Removed: Management continues to monitor external interest rates and revise the Company’s investment strategy as a result.
−Removed: During the year ended December 31, 2020, the Company’s average variable interest rate fell 1.49%, which resulted in a decrease of net interest income, of $15.7 million in the period.
−Removed: During the year ended December 31, 2019, the Company’s average variable interest rate did not materially change.
−Removed: Currency rate risk
−Removed: Currency rate risk is the risk that the fair value of, or future cash flows from, the Company’s financial instruments will significantly fluctuate due to changes in foreign exchange rates.
−Removed: The Company is exposed to this risk on advances to joint ventures denominated in A$.
−Removed: The Company is further exposed to this risk through subsidiaries operating in Israel and the U.S.
−Removed: as the Company’s functional currency is in Canadian dollars.
−Removed: The Company does not currently use foreign exchange contracts to hedge its exposure to currency rate risk.
−Removed: As such, the Company’s financial position and financial results may be adversely affected by the unfavorable fluctuations in currency exchange rates.
−Removed: As of December 31, 2020, the Company had foreign currency gain on translation of $15.0 million (December 31, 2019 – $37.7 million).
−Removed: A 10% change in the exchange rates for the foreign currencies would affect the carrying value of net assets by approximately $170.8 million as of December 31, 2020 (December 31, 2019 – $174.9 million).
+Added: Management continues to monitor external interest rates and revise our investment strategy as a result.
+Added: During the year ended December 31, 2021, our average variable interest rate did not materially change.
+Added: During the year ended December 31, 2020, our average variable interest rate fell 1.49%, which resulted in a decrease of net interest income of $15.7 million in the period.
+Added: Foreign currency risk
+Added: Our consolidated financial statements included in Part II, Item 8 “Financial Statements and Supplementary Data” of the annual report are expressed in U.S.
+Added: In addition, we have net assets, liabilities, and revenues denominated in foreign currencies, including Canadian dollars and Israeli new shekels.
+Added: As a result, we are exposed to foreign currency translation gains and losses.
+Added: Revenue and expenses of all foreign operations are translated into U.S.
+Added: dollars at the foreign currency exchange rates that approximate the rates in effect during the period when such items are recognized.
+Added: Appreciating foreign currencies relative to the U.S.
+Added: dollar will adversely impact operating income and net earnings, while depreciating foreign currencies relative to the U.S.
+Added: dollar will have a positive impact.
+Added: As of December 31, 2021 and December 31, 2020, we had foreign currency gain (loss) on translation of $8.2 million and $15.0 million, respectively.
+Added: A 10% change in the exchange rates for the Canadian dollar would affect the carrying amount of the net assets by approximately $133.4 million and $170.8 million as of December 31, 2021 and December 31, 2020, respectively.
+Added: The corresponding impact would be recorded in accumulated other comprehensive income.
+Added: We have not historically engaged in hedging transactions and do not currently contemplate engaging in hedging transactions to mitigate foreign exchange risks.
+Added: As we continue to recognize gains and losses in foreign currency transactions, depending upon changes in future currency rates, such gains and losses could have a significant, and potentially adverse, effect on our results of operations.
+Added: Table of Con tents
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.