5 unchanged sentences
We do not use financial instruments for trading purposes.
−Removed: Our exposure to changes in interest rates results primarily from floating rate long-term debt tied to LIBOR or Euro LIBOR.
+Added: Our exposure to changes in interest rates results primarily from floating rate long-term debt tied to LIBOR or Euro London Interbank Offered Rate.
Our exposure to changes in currency exchange rates results primarily from:
6 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 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.
+Added: In 2019, we entered into four interest rate swap contracts, and in 2021, we modified three contracts and closed one contract.
+Added: As of December 31, 2021, we recorded an unrealized pre-tax gain of $5.9 million and a net unrealized pre-tax loss of $11.9 million as of December 31, 2020.
+Added: Additionally, as a result of the February 2021 modification, the modified swaps are considered hybrid instruments composed of a debt host and an embedded derivative.
+Added: As of December 31, 2021, the debt host portion amounted to an unrealized pre-tax loss of $7.0 million which is amortized over the remaining life of the swaps.
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
−Removed: rate at a specified date or over a range of specified dates.
−Removed: Forward exchange contracts and purchased currency options are carried at market value.
−Removed: 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.
+Added: 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: Forward exchange contracts and purchased currency options are carried at fair value.
+Added: The outstanding foreign currency derivatives represented a net unrealized gain of $0.4 million as of December 31, 2021 and a net unrealized loss of $0.1 million as of December 31, 2020.
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 net unrealized losses of $2.2 million and $3.7 million as of December 31, 2020 and December 31, 2019, respectively.
+Added: The outstanding commodity derivative contracts represented net unrealized gain of $8.5 million and a net unrealized loss of $2.2 million as of December 31, 2021 and December 31, 2020, respectively.
Sensitivity analysis.
7 unchanged sentences
Because of the high correlation between the hedging instrument and the underlying exposure, fluctuations in the value of the instruments are generally offset by reciprocal changes in the value of the underlying exposure.
−Removed: For further information related to the financial instruments described above, see Note 1 "Business and Summary of Accounting Policies" and Note 8 "Fair Value Measurement and Derivative Instruments" to the Consolidated Financial Statements in Item 8.
+Added: For further information related to the financial instruments described above, see Note 1, "Business and Summary of Significant Accounting Policies" and Note 8, "Fair Value Measurement and Derivative Instruments" to the Consolidated Financial Statements for additional information.
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.