9 unchanged sentences
dollars, Canadian dollars, and euros.
−Removed: Gains and losses arising from forward contracts are recognized as offsets to gains and losses resulting from the transactions being hedged.
+Added: Gains and losses arising from forward contracts are
+Added: recognized as offsets to gains and losses resulting from the transactions being hedged.
We do not hold or engage in transactions involving derivative instruments for purposes other than risk management.
2 unchanged sentences
Our borrowings under the Credit Agreement of $250.3 million at year-end 2021 and $218.0 million at year-end 2020 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 an immaterial amount in 2020 and $0.4 million in 2019.
−Removed: 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: 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 2021 and 2020.
+Added: A portion of our outstanding variable-rate debt at year-end 2021 and 2020 was hedged with a swap agreement sensitive to changes in the three-month LIBOR forward curve.
A 10% decrease in the three-month LIBOR forward curve would have increased our unrealized loss by immaterial amounts in both 2021 and 2020.
5 unchanged sentences
A 10% decrease in functional currencies relative to the U.S.
−Removed: dollar, would have resulted in a reduction in stockholders' equity of $34.4 million at year-end 2020 and $27.5 million at year-end 2019.
−Removed: At year-end 2020, we had $45.6 million of euro-denominated borrowings and $4.4 million of Canadian dollar-denominated borrowings outstanding.
+Added: dollar, would have resulted in a reduction in stockholders' equity of $36.4 million at year-end 2021.
+Added: At year-end 2021, we had $78.3 million of euro-denominated borrowings outstanding.
The translation of our foreign-denominated debt impacts our borrowing capacity available under our Credit Agreement, which is calculated in U.S.
−Removed: A 10% negative movement in the euro and Canadian dollar foreign exchange rates against the U.S.
+Added: A 10% negative movement in the euro foreign exchange rates against the U.S.
dollar would have decreased our borrowing capacity by approximately $7.8 million at year-end 2021.
1 unchanged sentence
The fair value of forward currency-exchange contracts is the estimated amount that we would pay or receive upon termination of the contracts.
−Removed: 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: A 10% adverse change in year-end 2021 foreign currency exchange rates related to our foreign currency exchange contracts would have resulted in an increase in unrealized losses of $0.1 million in 2021, which would have been largely offset by the corresponding change in the fair value of the underlying hedged items.
Financial Statements and Supplementary Data
4 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.