5 unchanged sentences
To mitigate cross-currency transaction risk, we analyze significant forecast exposures where we expect receipts or payments in a currency other than the functional currency of our operations, and from time to time we may strategically enter into short-term foreign currency forward contracts to lock in some or all of the cash flows associated with these transactions.
+Added: In most of these countries, the exposure to foreign currency movements is limited because the operating revenues and expenses of our business units are substantially denominated in the local currency.
We also are subject to currency translation risk associated with converting our foreign operations’ financial statements into U.S.
−Removed: We use short-term foreign currency forward contracts and hedges to mitigate the impact of foreign exchange fluctuations on consolidated earnings.
+Added: We use short-term foreign currency forward contracts to mitigate the impact of foreign exchange fluctuations on consolidated earnings.
We use foreign currency derivative contracts, with a total notional amount of $96.6 million as of December 31, 2020, in order to manage the effect of exchange fluctuations on forecasted sales, purchases, acquisitions, inventory and capital expenditures and certain intercompany transactions that are denominated in foreign currencies.
−Removed: We use foreign currency derivative contracts, with a total notional amount of $29.5 million , to hedge the effects of translation gains and losses on intercompany loans and interest.
+Added: We use foreign currency derivative contracts, with a total notional amount of $23.7 million, to hedge the effects of translation gains and losses on intercompany loans and
We also use foreign currency derivative contracts, with a total notional amount of $55.7 million, to mitigate the impact to the consolidated earnings of the Company from the effect of the translation of certain subsidiaries’ local currency results into U.S.
7 unchanged sentences
Interest Rate Risk
−Removed: We are subject to interest rate market risk in connection with our long-term debt, some of which is based upon floating interest rates.
+Added: We are exposed to interest rate market risk in connection with our long-term debt, some of which is based upon floating interest rates.
To manage our interest rate risk, we may enter into interest rate derivatives, such as interest rate swaps or caps when we deem it to be appropriate.
5 unchanged sentences
The U.K.’s Financial Conduct Authority has announced the intent to phase out the use of LIBOR by the end of 2021.
−Removed: Prior to LIBOR being discontinued, we will need to renegotiate the terms of certain of our credit agreements which reference LIBOR as a benchmark in determining the interest rate.
+Added: In November 30, 2020, the ICE Benchmark Administration Limited (IBA) announced a consultation on its intention to cease the publication of the one-week and two-month USD LIBOR tenors immediately following the LIBOR publication on December 31, 2021, and the remaining USD LIBOR tenors immediately following the LIBOR publication on June 30, 2023.
+Added: Prior to LIBOR being discontinued, we will need to renegotiate the terms of certain of our credit agreements and derivative contracts which reference LIBOR as a benchmark in determining the interest rate.
As a result, we may incur incremental interest expense depending on the new standard determined.
+Added: We have elected certain optional expedients provided by ASC Topic 848 Reference Rate Reform in order to mitigate the risk of dedesignation of our hedged interest rate swaps, which could result in an increase in interest expense.
+Added: At this time, we have elected to continue the method of assessing effectiveness as documented in the original hedge documentation and apply the practical expedients related to probability to assume that the reference rate on the hypothetical derivative matches the reference rate on the hedging instrument.
+Added: We plan to evaluate the remaining expedients for adoption, as applicable, when contracts are modified.
The potential effect of any such event on our cost of capital cannot yet be determined and we are still assessing the impact on our consolidated financial condition, results of operations, and cash flows.
1 unchanged sentence
Our major raw materials include glass, vinyl extrusions, aluminum, steel, wood, hardware, adhesives, and packaging.
−Removed: Prices of these commodities can fluctuate significantly in response to, among other things, variable worldwide supply and demand across different industries, speculation in commodities futures, general economic or environmental conditions, labor costs, competition,
−Removed: import duties, tariffs, worldwide currency fluctuations, freight, regulatory costs, and product and process evolutions that impact demand for the same materials.
+Added: Prices of these commodities can fluctuate significantly in response to, among other things, variable worldwide supply and demand across different industries, speculation in commodities futures, general economic or environmental conditions, labor costs, competition, import duties, tariffs, worldwide currency fluctuations, freight, regulatory costs, and product and process evolutions that impact demand for the same materials.
Increasing raw material prices directly impact our cost of sales and our ability to maintain margins depends on implementing price increases in response to increasing raw material costs.
4 unchanged sentences
We also maintain other strategies to mitigate the impact of higher raw material, energy, and commodity costs, which typically offset only a portion of the adverse impact.
−Removed: Item 8 - Financial Statements
−Removed: See Index to Consolidated Financial Statement beginning on page F-1 of the Form 10-K.
+Added: Item 8 - Financial Statements and Supplementary Data
+Added: See Index to Consolidated Financial Statements beginning on page F-1 of the Form 10-K.
Item 9 - Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
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.