7 unchanged sentences
Currently we do not hold any derivative contracts that hedge our interest rate risk, however we may consider entering into such contracts in the future.
+Added: A 1% increase or decrease in interest rates would decrease or increase the fair value of our notes and debentures by approximately 6%.
Foreign Currency Exchange Risk
1 unchanged sentence
dollar (“USD”) currencies, primarily the Euro (“EUR”) and British pound sterling (“GBP”).
−Removed: We are exposed to currency risk from potential changes in functional currency values of our foreign currency denominated assets, liabilities and cash flows.
+Added: We are exposed to currency risk from potential changes in functional
+Added: currency values of our foreign currency denominated assets, liabilities and cash flows.
Consequently, a depreciation of the EUR or the GBP relative to the USD could have an adverse impact on our financial results.
We entered into cross-currency swap agreements to manage our foreign currency exchange risk by effectively converting a portion of the fixed-rate USD-denominated notes, including the interest payments, to fixed-rate, EUR-denominated debt.
−Removed: We plan to use foreign currency option contracts to mitigate the risk of a reduction in the value of earnings from our operations that use the EUR or GBP as their functional currency.
+Added: We use foreign currency option contracts to mitigate the risk of a reduction in the value of earnings from our operations that use the EUR or GBP as their functional currency.
+Added: As of September 30, 2021, a uniform 10% strengthening in the value of the USD relative to the EUR would have resulted in a decrease in net assets of $35 million.
+Added: As of September 30, 2021, a uniform 10% strengthening in the value of the USD relative to the GBP would have resulted in a decrease in net assets of $53 million.
+Added: These theoretical calculations assume that an instantaneous, parallel shift in exchange rates occurs, which is not consistent with the history of foreign currency transactions.
+Added: Fluctuations in exchange rates also affect the volume of sales or the foreign currency sales price as competitors’ services become more or less attractive.
+Added: The sensitivity analysis of the impact of changes in foreign currency exchange rates does not factor in a potential change in sales levels or local currency prices.
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.