Quantitative and Qualitative Disclosures About Market Risk
−Removed: As of December 31, 2020, we were exposed to market risks associated with interest rates and foreign currency exchange rates.
−Removed: Interest Rate Risk.
−Removed: As of December 31, 2020, $83.3 million of our outstanding debt was subject to floating rates.
−Removed: The interest rate applicable to our variable rate debt may continue to rise, thereby increasing our interest expense and related cash outlay.
−Removed: 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.
−Removed: Based on this hypothetical assumption, we would have incurred an additional $0.9 million in interest expense for the year ended December 31, 2020.
+Added: As of December 31, 2021, we were exposed to market risks associated with foreign currency exchange rates.
+Added: We had no exposure to interest rate risk as we had no outstanding debt subject to floating rates.
Foreign Currency Exchange Rate Risk.
5 unchanged sentences
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, 2020, approximately 40% of our net assets were impacted by changes in foreign currencies in relation to the U.S.
+Added: At December 31, 2021, approximately 42% of our net assets were impacted by changes in foreign currencies (primarily the British pound) in relation to the U.S.
For the years ended December 31, 2021, 2020 and 2019, we recorded foreign currency translation gains (losses) of $(4.5) million, $12.8 million and $5.4 million, respectively, to accumulated other comprehensive loss.
−Removed: Deferred taxes have not been provided on foreign currency translation adjustments since we consider our undistributed earnings (when applicable) of our non-U.S.
−Removed: subsidiaries without operations in the U.S.
−Removed: to be permanently reinvested.
−Removed: 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.
+Added: Deferred taxes have not been provided on foreign currency translation adjustments as our non-U.S.
+Added: undistributed earnings are permanently reinvested.
+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 condensed consolidated statements of operations as a component of “Other income (expense), net.” Foreign currency gains or losses from the remeasurement of monetary assets and liabilities as well as unsettled foreign currency transactions, including intercompany transactions that are not of a long-term investment nature, are also recognized as a component of “Other income (expense), net.” For the years ended December 31, 2021, 2020 and 2019, we recorded foreign currency transaction gains (losses) of $(1.5) million, $4.6 million and $1.5 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.