2 unchanged sentences
We manage our exposure to these risks through our regular operating and financing activities.
−Removed: We entered into the 2018 Swap Agreement and 2015 Swap Agreement to hedge a portion of our exposure to variable rate long-term debt.
+Added: We enter into swap agreements to hedge a portion of our exposure to variable rate long-term debt.
Additionally, we use short-term forward contracts to manage certain exposures to foreign currencies.
1 unchanged sentence
We do not engage in extensive foreign currency hedging activities.
−Removed: however, the purpose of our foreign currency hedging activities is to protect our functional currency cash flows related to these commitments from fluctuations in foreign exchange rates.
+Added: However, when we do enter into foreign currency hedging activities, the purpose is to protect our functional currency cash flows related to these commitments from fluctuations in foreign exchange rates.
Our forward currency-exchange contracts hedge transactions primarily denominated in U.S.
3 unchanged sentences
Interest Rates
−Removed: Our cash and cash equivalents are sensitive to changes in interest rates.
−Removed: Interest rate changes would result in a change in interest income due to the difference between the current interest rates on cash and cash equivalents and the variable rates to which these financial instruments may adjust in the future.
−Removed: A 10% decrease in year-end interest rates would have resulted in an immaterial impact on net income in both 2019 and 2018 .
−Removed: Our borrowings under the Credit Agreement of $265.4 million at year-end 2019 bear variable rates of interest, which adjust frequently based on prevailing market rates.
−Removed: Assuming year-end borrowing levels, a 10% increase in interest rates on our variable-rate debt would have increased our annual pre-tax interest expense by approximately $0.4 million.
−Removed: A portion of our outstanding variable-rate debt at year-end 2019 and 2018 was hedged with the 2018 Swap Agreement and the 2015 Swap Agreement.
−Removed: The fair values of these swap agreements are sensitive to changes in the three-month LIBOR forward curve.
−Removed: A 10% decrease in the three-month LIBOR forward curve would have increased the unrealized loss by $0.1 million at year-end 2019 and $0.2 million at year-end 2018 .
+Added: Our exposure to changes in interest rates relates primarily to our long-term debt.
+Added: Our borrowings under the Credit Agreement of $218.0 million at year-end 2020 and $265.4 million at year-end 2019 bear variable rates of interest, which adjust frequently based on prevailing market rates.
+Added: Assuming year-end borrowing levels, a 10% increase in interest rates on our variable-rate debt would have increased our annual pre-tax interest expense by an immaterial amount in 2020 and $0.4 million in 2019.
+Added: A portion of our outstanding variable-rate debt at year-end 2020 and 2019 was hedged with swap agreements sensitive to changes in the three-month LIBOR forward curve.
+Added: A 10% decrease in the three-month LIBOR forward curve would have increased our unrealized loss by immaterial amounts in both 2020 and 2019.
Currency Exchange Rates
10 unchanged sentences
The fair value of forward currency-exchange contracts is sensitive to fluctuations in foreign currency exchange rates.
−Removed: The fair value of forward currency-exchange contracts is the estimated amount that we would pay or receive upon termination of the contracts, taking into account the change in foreign currency exchange rates.
−Removed: A 10% adverse change in year-end 2019 and year-end 2018 foreign currency exchange rates related to our contracts would have resulted in an increase in unrealized losses on forward currency-exchange contracts of $0.8 million in 2019 and $0.7 million in 2018 .
−Removed: Since we use forward currency-exchange contracts as hedges of firm purchase and sale commitments, the unrealized gain or loss on forward currency-exchange contracts resulting from changes in foreign currency exchange rates would be offset primarily by corresponding changes in the fair value of the hedged items.
+Added: The fair value of forward currency-exchange contracts is the estimated amount that we would pay or receive upon termination of the contracts.
+Added: A 10% adverse change in year-end 2020 and year-end 2019 foreign currency exchange rates related to our foreign currency exchange contracts would have resulted in an increase in unrealized losses of $0.2 million in 2020 and $0.8 million in 2019, which would have been largely offset by the corresponding change in the fair value of the underlying hedged items.
+Added: Financial Statements and Supplementary Data
+Added: This data is submitted as a separate section to this report and incorporated herein by reference.
+Added: See Item 15, "Exhibits and Financial Statement Schedules."
+Added: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
+Added: Not applicable.
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.