21 unchanged sentences
The average exchange rate of the Indian rupee against the U.S.
−Removed: dollar increased from 70.36 during the year ended December 31, 2019 to 74.07 during the year ended December 31, 2020, representing a depreciation of 5.3%.
+Added: dollar decreased from 74.07 during the year ended December 31, 2020 to 73.88 during the year ended December 31, 2021, representing an appreciation of 0.3%.
The average exchange rate of the Philippine peso against the U.S.
11 unchanged sentences
The impact on earnings and/or cash flows related to these foreign currency forward contracts is immaterial as the impact of the maturing cash flow hedges in respective periods are intended to offset the foreign currency impact on the related expenses.
−Removed: Further, a significant number of our customer contracts include protection against foreign exchange rate fluctuations which minimizes the impact of volatility in the exchange rates on our operating results.
−Removed: Cash flow hedges with notional amounts of $451.9 million and $410.4 million (including $4.3 million of range forward contracts) were outstanding as at December 31, 2020 and 2019, respectively, with maturity periods of one to forty five-months.
−Removed: The mark-to-market gain, net upon fair valuation of these cash flow hedges as of December 31, 2020 and 2019 was $16.5 million and $4.6 million, respectively, and is included in “Accumulated other comprehensive loss” on our consolidated balance sheets.
+Added: Further, a significant number of our client contracts include protection against foreign exchange rate fluctuations which minimizes the impact of volatility in the exchange rates on our operating results.
+Added: Cash flow hedges with notional amounts of $514.6 million and $451.9 million were outstanding as at December 31, 2021 and 2020, respectively, with maturity periods of one to forty-two months.
+Added: The mark-to-market gain, net upon fair valuation of these cash flow hedges as of December 31, 2021 and 2020 was $11.9 million and $16.5 million, respectively, and is included in “Accumulated other comprehensive income/(loss)” on our consolidated balance sheets.
During the year ended December 31, 2021, we recognized $10.0 million as a foreign exchange gain from the maturing cash flow hedges, which was largely offset by the foreign exchange loss on the related expenses of $10.1 million.
2 unchanged sentences
These derivatives do not qualify as fair value hedges under ASC Topic 815, Derivatives and Hedging .
−Removed: Changes in the fair value of these derivatives are recognized in our consolidated statements of income and are included in “Foreign exchange gain, net”.
−Removed: These derivative instruments mitigate balance sheet risk due to exchange rate movements because gains and losses on the settlement of these derivatives are intended to offset revaluation losses and gains on the foreign currency denominated monetary assets and monetary liabilities being hedged.
−Removed: Forward exchange contracts with notional amounts of USD 143.4 million, GBP 6.8 million, EUR 2.4 million and COP 8,288.0 million were outstanding as of December 31, 2020 compared to USD 124.0 million, GBP 10.8 million and EUR 1.3 million outstanding at December 31, 2019.
+Added: Changes in the fair value of these derivatives are recognized in our consolidated statements of income and are included in “Foreign exchange gain, net.” These derivative instruments mitigate balance sheet risk due to exchange rate movements because gains and losses on the settlement of these derivatives are intended to offset revaluation losses and gains on the foreign currency denominated monetary assets and monetary liabilities being hedged.
+Added: Forward exchange contracts with notional amounts of USD 134.6 million, GBP 6.8 million, EUR 1.3 million and COP 2,541.9 million were outstanding as of December 31, 2021 compared to USD 143.4 million, GBP 6.8 million, EUR 2.4 million and COP 8,288.0 million outstanding at December 31, 2020.
The fair values of these derivative instruments as of December 31, 2021 and 2020 were insignificant in both year and are included in the “Foreign exchange gain, net” in our consolidated statements of income.
−Removed: As of December 31, 2020, the outstanding derivative instruments had maturities of 31 days or less except for the COP contract which has a remaining maturity of 62 days.
+Added: As of December 31, 2021, the outstanding derivative instruments had maturities of 31 days.
Interest Rate Risk.
8 unchanged sentences
A 50 basis point increase or decrease in interest rates may impact our interest expense for the year ended December 31, 2021 by approximately $0.5 million.
−Removed: See Part I, Item 1A, “Risk Factors” under “Risks Related to Our Indebtedness-We may be required to transition from the use of the LIBOR interest rate index in the future.
−Removed: We could be unable to refinance our outstanding indebtedness on reasonable terms or at all.”
In October 2018, we issued the Notes with an aggregate principal amount of $150.0 million (see Note 17 - Borrowings to our consolidated financial statements).
The Notes bear interest at a fixed rate, so we have no financial statement impact from changes in interest rates.
−Removed: However, changes in market interest rates impact the fair value of the Notes along with other variables such as our credit spreads and the market price and volatility of our common stock.
+Added: During the year ended December 31, 2021 we prepaid and settled our outstanding obligations under the Notes.
We had cash, cash equivalents and short-term investments totaling $313.9 million and $402.8 million at December 31, 2021 and 2020, respectively.
12 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.