4 unchanged sentences
The interest rate applicable to our variable rate debt may continue to rise, thereby increasing our interest expense and related cash outlay.
−Removed: In June 2015, we entered into various interest rate swap contracts to fix the interest rate on a portion of the Nordea Q5000 Loan.
−Removed: These swap contracts, which are settled monthly, began in June 2015 and extend through April 2020.
−Removed: As of December 31, 2019 , the interest rate on $67.0 million of the Nordea Q5000 Loan was hedged.
−Removed: Debt subject to variable rates after considering hedging activities was $55.5 million.
The impact of interest rate risk is estimated using a hypothetical increase in interest rates by 100 basis points for our variable rate long-term debt that is not hedged.
4 unchanged sentences
In order to mitigate the effects of exchange rate risk in areas outside the U.S., we endeavor to pay a portion of our expenses in local currencies to partially offset revenues that are denominated in the same local currencies.
−Removed: In addition, a substantial portion of our contracts provide for collections from customers in U.S.
+Added: In addition, a substantial portion of our contracts are denominated, and provide for collections from our customers, in U.S.
Assets and liabilities of our subsidiaries that do not have the U.S.
dollar as their functional currency are translated using the exchange rates in effect at the balance sheet date, resulting in translation adjustments that are reflected in “Accumulated other comprehensive loss” in the shareholders’ equity section of our consolidated balance sheets.
−Removed: At December 31, 2019 , approximately 15% of our assets were impacted by changes in foreign currencies in relation to the U.S.
+Added: At December 31, 2020, approximately 40% of our net assets were impacted by changes in foreign currencies in relation to the U.S.
For the years ended December 31, 2020, 2019 and 2018, we recorded foreign currency translation gains (losses) of $12.8 million, $5.4 million and $(7.2) million, respectively, to accumulated other comprehensive loss.
2 unchanged sentences
to be permanently reinvested.
−Removed: When currencies other than the functional currency are to be paid or received, the resulting transaction gain or loss is recognized in the consolidated statements of operations as a component of “Other income (expense), net.” For the years ended December 31, 2019 , 2018 and 2017 , we recorded foreign currency transaction gains (losses) of $1.5 million , $(4.3) million and $(2.2) million , respectively, primarily related to our subsidiaries in the U.K.
−Removed: In February 2013, we entered into various foreign currency exchange contracts to hedge our foreign currency exposure with respect to the Grand Canyon II and Grand Canyon III charter payments denominated in the Norwegian kroner.
−Removed: The contracts related to the Grand Canyon II charter payments were fully settled through July 2019 and the contracts related to the Grand Canyon III charter payments were fully settled through February 2020.
−Removed: A portion of these foreign currency exchange contracts qualified for cash flow hedge accounting treatment.
+Added: When currencies other than the functional currency are to be paid or received, the resulting transaction gain or loss associated with changes in the applicable foreign currency exchange rate is recognized in the consolidated statements of operations as a component of “Other income (expense), net.” For the years ended December 31, 2020, 2019 and 2018, we recorded foreign currency transaction gains (losses) of $4.6 million, $1.5 million and $(4.3) million, respectively, primarily related to our subsidiaries in the U.K.
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.