4 unchanged sentences
Included below is a sensitivity analysis based upon a hypothetical 10% weakening or strengthening in the U.S.
−Removed: dollar compared to foreign currency exchange rates at December 31, 2020 and a 100 basis point increase in effective interest rates at December 31, 2020.
+Added: dollar compared to foreign currency exchange rates at December 31, 2021, a 10% change in pricing of commodity contracts and a 100 basis point increase in effective interest rates at December 31, 2021.
The derivative, borrowing and investment arrangements in effect at December 31, 2021 were compared to the hypothetical foreign exchange or interest rates in the sensitivity analysis to determine the effect on the Company’s current period consolidated financial statements.
7 unchanged sentences
The gross notional dollar amount of these foreign exchange contracts at December 31, 2021 was $301,685.
−Removed: A hypothetical 10% change in the year-end exchange rates would have resulted in an increase or decrease to Income before income taxes of $18,372 related to these positions.
+Added: A hypothetical 10%
+Added: change in the year-end exchange rates would have resulted in an increase or decrease to Income before income taxes of $10,570 related to these positions.
However, any loss (or gain) resulting from a hypothetical 10% change would be offset by the associated gain (or loss) on the underlying balance sheet exposure and would ultimately not materially affect the Company’s financial statements.
−Removed: In addition, the Company has cross currency swaps to hedge the Company’s net investment in European subsidiaries against adverse changes in exchange rates.
+Added: The Company also has a foreign currency forward contract hedge designated as a net investment hedge with a notional dollar amount of $94,479 at December 31, 2021.
+Added: At December 31, 2021, a hypothetical 10% strengthening or weakening in the U.S.
+Added: dollar would have changed Accumulated other comprehensive income (loss) by $9,668.
+Added: The Company has cross currency swaps to hedge the Company’s net investment in subsidiaries against adverse changes in exchange rates.
The gross notional dollar value of these contracts is $25,000 as of December 31, 2021.
4 unchanged sentences
These hedging arrangements have the effect of fixing for specified periods the prices the Company will pay for the volume to which the hedge relates.
−Removed: The Company had no commodity contracts outstanding during 2020.
+Added: The notional amount of these contracts was 975,000 pounds at December 31, 2021.
+Added: At December 31, 2021, a hypothetical 10% change in the price would have resulted in an increase or decrease to the value of the contracts by $402.
Interest Rate Risk
−Removed: At December 31, 2020, in anticipation of future debt issuance the Company had interest rate forward starting swap agreements to hedge the variability of future changes in interest rates.
+Added: In anticipation of future debt issuance associated with the Notes referenced in Note 9 to the consolidated financial statements, the Company has interest rate forward starting swap agreements to hedge the variability of future changes in interest rates.
The gross notional dollar value of these contracts was $100,000 at December 31, 2021.
8 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.