20 unchanged sentences
Where the Company deems it prudent, the Company engages in hedging programs using foreign currency forward contracts aimed at limiting the impact of foreign currency exchange rate fluctuations on earnings.
−Removed: The Company purchases short-term (i.e.
−Removed: 12 months or less) foreign currency forward contracts to protect against currency exchange risks associated with the payment of merchandise purchases to foreign suppliers.
+Added: The Company purchases short-term (i.e., 12 months or less) foreign currency forward contracts to protect against currency exchange risks associated with the payment of merchandise purchases to foreign suppliers.
The Company does not hedge the translation of foreign currency profits into USD, as the Company regards this as an accounting exposure rather than an economic exposure.
+Added: The Company's foreign exchange contracts, that had been designed as hedges in order to apply hedge accounting, matured in April 2020.
+Added: At December 31, 2020, the Company had no outstanding foreign exchange contracts.
The aggregate gross notional values of foreign exchange contracts at December 31, 2019 was $7.3 million.
−Removed: These foreign exchange contracts have been designated as hedges in to order to apply hedge accounting.
−Removed: No contracts were outstanding at December 31, 2018.
The Company’s ABL Agreement and Term Loan bear interest at variable rates.
5 unchanged sentences
The remainder of the debt at December 31, 2020 (approximately $100.0 million) carries a fixed rate of interest through the use of interest rate swaps.
−Removed: A hypothetical and instantaneous 100 basis point increase in the Company’s variable interest rates would increase interest expense by approximately $3.0 million over a twelve month period.
−Removed: The sensitivity analysis above assumes interest rate changes are instantaneous and parallel shifts in the yield curve.
+Added: A hypothetical and instantaneous 100 basis point increase in the Company’s variable interest rates would increase interest expense by approximately $2.8 million over a
+Added: twelve month period.
+Added: The sensitivity analysis above assumes interest rate changes are instantaneous and parallel shifts in the yield curve occur.
Interest rate swaps expose the Company to counterparty credit risk for nonperformance.
3 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.