7 unchanged sentences
Foreign Currency Exchange Rate Risks
−Removed: The Company has significant international operations resulting in a large number of currency transactions that result from international sales, purchases, investments and borrowings.
−Removed: The primary currencies for which the Company has an exchange rate exposure are the European euro ("EUR"), Chinese renminbi, and Japanese yen.
+Added: The Company has significant international operations resulting in a large number of currency transactions from international sales, purchases, investments and borrowings.
+Added: The primary currencies for which the Company has an exchange rate exposure are the European euro ("EUR"), Chinese renminbi ("CNY"), and Japanese yen ("JPY").
The Company uses forward exchange contracts to offset its net exposures, by currency, related to the foreign currency denominated monetary assets and liabilities of its operations.
1 unchanged sentence
dollar ("USD") amount of future firm commitments denominated in a foreign currency.
−Removed: The following table illustrates the fair values of outstanding foreign currency contracts at December 31, 2020, and the effect on fair values of a hypothetical adverse change in the foreign exchange rates that existed at December 31, 2020.
+Added: The following table illustrates the fair values of outstanding foreign currency contracts at December 31, 2021 and 2020, and the effect on fair values of a hypothetical adverse change in the foreign exchange rates that existed at December 31, 2021 and 2020.
The sensitivities for foreign currency contracts are based on a 10 percent adverse change in foreign exchange rates.
Asset/(Liability) Fair Value
−Removed: In millions December 31, 2020 December 31, 2020
+Added: In millions 2021 2020 2021 2020
Foreign currency contracts $ (5) $ (9) $ (192) $ (210)
+Added: The Company uses cross currency swaps, designated as a net investment hedge, to hedge portions of its net investment in its European operations.
+Added: The net investment hedge serves to offset the foreign currency translation risk from the Company’s foreign operations.
+Added: dollar weakened by 10%, the fair value of the net investment hedge would have been approximately $118 million lower as of December 31, 2021.
Since the Company's risk management programs are highly effective, the potential loss in value for each risk management portfolio described above would be largely offset by changes in the value of the underlying exposure.
14 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.