14 unchanged sentences
These instruments effectively cap our interest rate exposure.
−Removed: During the third quarter of 2019, we entered into interest rate swaps resulting in a net unrealized pre-tax gain of $2.9 million as of December 31, 2019 .
+Added: During the third quarter of 2019, we entered into interest rate swaps resulting in a net unrealized pre-tax loss of $11.9 million as of December 31, 2020 and a net unrealized pre-tax gain of $2.9 million as of December 31, 2019.
Currency rate management.
2 unchanged sentences
Forward exchange contracts are agreements to exchange different currencies at a specified future date and at a specified rate.
−Removed: Purchased currency options are instruments which give the holder the right, but not the obligation, to exchange different currencies at a specified rate at a specified date or over a range of specified dates.
+Added: Purchased currency options are instruments which give the holder the right, but not the obligation, to exchange different currencies at a specified
+Added: rate at a specified date or over a range of specified dates.
Forward exchange contracts and purchased currency options are carried at market value.
−Removed: The outstanding foreign currency derivatives represented a net gain of $0.2 million as of December 31, 2019, and no net unrealized gain or loss as of December 31, 2018.
+Added: The outstanding foreign currency derivatives represented a net unrealized loss of $0.2 million as of December 31, 2020, and a net unrealized gain of $0.2 million as of December 31, 2019.
Energy commodity management.
We have entered into commodity derivative contracts to effectively fix some or all of our exposure to refined oil products.
−Removed: The outstanding commodity derivative contracts represented a net unrealized loss of $3.7 million and net unrealized gain of $10.7 million as of December 31, 2019 and December 31, 2018 , respectively.
+Added: The outstanding commodity derivative contracts represented net unrealized losses of $2.2 million and $3.7 million as of December 31, 2020 and December 31, 2019, respectively.
Sensitivity analysis.
1 unchanged sentence
The sensitivity analysis for the derivatives represents the hypothetical changes in value of the hedge position and does not reflect the related gain or loss on the forecasted underlying transaction.
−Removed: A hypothetical increase in interest rates of 100 basis points (1%) would have increased our interest expense by $17.6 million for the year ended December 31, 2019 , including the impact of our interest rate swaps entered into in the third quarter of 2019.
+Added: A hypothetical increase in interest rates of 100 basis points (1%) would have increased our interest expense by $3.7 million, n et of the impact of our interest rate swap, for the year ended December 31, 2020.
The same 100 basis points increase would have resulted in an increase of $11.1 million in fair value of our interest rate swap portfolio.
5 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.