7 unchanged sentences
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.
−Removed: Our forward currency-exchange contracts hedge transactions primarily denominated in U.S.
+Added: Our forward currency-exchange contracts hedge transactions
+Added: primarily denominated in U.S.
dollars, Canadian dollars, and euros.
−Removed: Gains and losses arising from forward contracts are
−Removed: recognized as offsets to gains and losses resulting from the transactions being hedged.
+Added: Gains and losses arising from forward contracts are 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.
1 unchanged sentence
Our exposure to changes in interest rates relates primarily to our long-term debt.
−Removed: 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 2021 and 2020.
−Removed: 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.
−Removed: A 10% decrease in the three-month LIBOR forward curve would have increased our unrealized loss by immaterial amounts in both 2021 and 2020.
+Added: Our borrowings under the Credit Agreement of $186.1 million at year-end 2022 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 $0.5 million in 2022.
+Added: A portion of our outstanding variable-rate debt at year-end 2022 was hedg ed with a swap agreement sensitive to changes in the three-month London Interbank Offered Rate (LIBOR) forward curve .
+Added: A 10% decrease in the three-month LIBOR forward curve would have increased our unrealized loss by an immaterial amount in 2022.
Currency Exchange Rates
11 unchanged sentences
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 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.
+Added: A 10% adverse change in year-end 2022 foreign currency exchange rates related to our foreign currency exchange contracts would have had an immaterial effect on our results of operations in 2022.
+Added: Any adverse change related to foreign currency contracts 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.