2 unchanged sentences
Interest on borrowings under our bank credit agreements are tied to prevailing domestic and foreign interest rates.
−Removed: At July 31, 2021, we had no borrowings outstanding under any of our credit facilities.
+Added: At January 31, 2022, we had no borrowings outstanding under any of our credit facilities.
Foreign Currency Exchange Risk
−Removed: In the nine months of fiscal 2021, we derived approximately 63% of our revenues from customers located outside of the Americas, where we invoiced and received payments in several foreign currencies.
+Added: In the first three months of fiscal 2021, we derived approximately 64% of our revenues from customers located outside of the Americas, where we invoiced and received payments in several foreign currencies.
All of our computerized machine tools and computer control systems, as well as certain proprietary service parts, are sourced by our U.S.-based engineering and manufacturing division and re-invoiced to our foreign sales and service subsidiaries, primarily in their functional currencies.
5 unchanged sentences
We do not speculate in the financial markets and, therefore, do not enter into these contracts for trading purposes.
−Removed: Forward contracts for the sale or purchase of foreign currencies as of July 31, 2021, which are designated as cash flow hedges under FASB guidance related to accounting for derivative instruments and hedging activities, were as follows (in thousands, except weighted average forward rates):
+Added: Forward contracts for the sale or purchase of foreign currencies as of January 31, 2022, which are designated as cash flow hedges under FASB guidance related to accounting for derivative instruments and hedging activities, were as follows (in thousands, except weighted average forward rates):
Contract Amount at
2 unchanged sentences
Sale Contracts:
−Removed: Aug 2021 - Jul 2022
−Removed: Aug 2021 - Jul 2022
+Added: Feb 2022 - Jan 2023
+Added: Feb 2022 - Jan 2023
Purchase Contracts:
New Taiwan Dollar
−Removed: Aug 2021 - Jul 2022
+Added: Feb 2022 - Jan 2023
* New Taiwan Dollars per U.S.
−Removed: Forward contracts for the sale or purchase of foreign currencies as of July 31, 2021, which were entered into to protect against the effects of foreign currency fluctuations on receivables and payables denominated in foreign currencies and are not designated as hedges under FASB guidance, were as follows (in thousands, except weighted average forward rates):
+Added: Forward contracts for the sale or purchase of foreign currencies as of January 31, 2022, which were entered into to protect against the effects of foreign currency fluctuations on receivables and payables denominated in foreign currencies and are not designated as hedges under FASB guidance, were as follows (in thousands, except weighted average forward rates):
Contract Amount at
2 unchanged sentences
Sale Contracts:
−Removed: Aug 2021 - May 2022
−Removed: Sep 2021 - Nov 2021
+Added: Feb 2022 - Jul 2022
Purchase Contracts:
New Taiwan Dollar
−Removed: Aug 2021 - Nov 2021
+Added: Feb 2022 - Apr 2022
* New Taiwan Dollars per U.S.
3 unchanged sentences
We selected the forward method under FASB guidance related to the accounting for derivative instruments and hedging activities.
−Removed: The forward method requires all changes in the fair value of the contract to be reported as a cumulative translation adjustment in Accumulated other comprehensive loss, net of tax, in the same manner as the underlying hedged net assets.
+Added: The forward method requires all changes in the fair value of the contract to be reported as a cumulative translation adjustment in Accumulated other comprehensive income (loss), net of tax, in the same manner as the underlying hedged net assets.
This forward contract matures in November 2022.
−Removed: As of July 31, 2021, we had a realized gain of $813,000 and a minimal amount of unrealized loss recorded as cumulative translation adjustments in Accumulated other comprehensive loss related to the hedging of our net investment in Euro-denominated assets.
−Removed: Forward contracts for the sale or purchase of foreign currencies as of July 31, 2021, which are designated as net investment hedges under this guidance were as follows (in thousands, except weighted average forward rates):
+Added: As of January 31, 2022, we had a realized gain of $0.9 million and an unrealized gain of $68,000, net of tax, recorded as cumulative translation adjustments in Accumulated other comprehensive income (loss) related to the hedging of our net investment in Euro-denominated assets.
+Added: Forward contracts for the sale or purchase of foreign currencies as of January 31, 2022, which are designated as net investment hedges under this guidance were as follows (in thousands, except weighted average forward rates):
Contract Amount at Forward Rates in
−Removed: in Foreign Currency
−Removed: Maturity Date
Sale Contracts:
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.