26 unchanged sentences
The Company previously entered into interest rate swap contracts to reduce interest rate risk on its core debt.
−Removed: As at December 31, 2020 and December 31, 2019, there were no interest rate swaps in place with all swaps having been settled during the year.
−Removed: As at December 31, 2018, there were interest rate swaps with a notional value of $132.5 million in place.
−Removed: Interest rate swaps were in place to hedge interest rate risk on the term loan for a notional value that matched the repayment profile of the term loan.
+Added: As at December 31, 2021 and December 31, 2020, there were no interest rate swaps in place.
+Added: Interest rate swaps have previously been used to hedge interest rate risk on a term loan for a notional value that matched the repayment profile of the term loan.
The Company has $0.1 million long-term debt and finance leases (including the current portion) which is offset by $141.8 million cash and cash equivalents.
−Removed: The interest payable on long-term debt (excluding the margin) exceeds the interest receivable on positive cash balances.
+Added: The interest payable, including facility commitment fees, on long-term debt (excluding the margin) exceeds the
+Added: interest receivable on positive cash balances.
On a gross basis, assuming no additional interest on the cash balances and after deducting interest rate hedging, a hypothetical absolute change of 1% in U.S.
5 unchanged sentences
The above does not consider the effect of interest or exchange rate changes on overall activity nor management action to mitigate such changes.
−Removed: As at December 31, 2020, Innospec did not have any interest rate swaps to mitigate the risk identified above.
Exchange Rate Risk
18 unchanged sentences
The trading of our Fuel Specialties, Performance Chemicals and Oilfield Services segments is inherently naturally hedged and accordingly changes in exchange rates would not be material to our earnings or financial position.
−Removed: The cost base of our corporate costs, however, are largely denominated in British pound sterling.
+Added: The cost base of our corporate costs, however, are largely
+Added: denominated in British pound sterling.
A 5% strengthening in the U.S.
13 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.