−Removed: Quantitative and Qualitative Disclosures about Market Risk
+Added: Quantitative and Qualitative Disclosures about Market Risk (dollars in millions)
Market risk is the potential loss arising from adverse changes in market rates and prices, such as foreign currency exchange rates, interest rates, and other relevant market rate or price changes.
2 unchanged sentences
Foreign Currency Exchange Rates
−Removed: Approximately 11.0% of the Company's revenues for the nine months ended September 30, 2020, and approximately 12.6% of the Company's revenue for the nine months ended September 30, 2019, were denominated in currencies other than the U.S.
+Added: Approximately 14.0% of the Company's revenues for the three months ended March 31, 2021, and approximately 12.8% of the Company's revenue for the three months ended March 31, 2020, were denominated in currencies other than the U.S.
The Company's financial statements are reported in U.S.
1 unchanged sentence
dollars for purposes of reporting the Company's consolidated financial results.
−Removed: In the third quarter of 2020 and the year ended December 31, 2019, the most significant currency exchange rate exposures were to the Canadian dollar, Swiss Franc, Euro and British Pound.
+Added: In the first quarter of 2021 and the year ended December 31, 2020, the most significant currency exchange rate exposures were to the Canadian dollar, Swiss Franc, Euro and British Pound.
Excluding the impacts from any outstanding or future hedging transactions, a hypothetical change of 10% in average exchange rates used to translate all foreign currencies to U.S.
−Removed: dollars would have impacted income before income taxes for the nine months ended September 30, 2020, by approximately $2.2.
−Removed: Gross accumulated currency translation adjustments recorded as a separate component of shareholders’ equity were $ 52.4 and $( 45.4 ) at September 30, 2020, and 2019, respectively.
+Added: dollars would have impacted income before income taxes for the three months ended March 31, 2021, by approximately $6.7.
+Added: Gross accumulated currency translation adjustments recorded as a separate component of shareholders’ equity were $( 66.8 ) and $( 147.5 ) at March 31, 2021, and 2020, respectively.
The Company does not have significant operations in countries in which the economy is considered to be highly-inflationary.
3 unchanged sentences
The Company limits its foreign currency transaction risk through exchange rate fluctuation provisions stated in some of its contracts with customers, or it may hedge transaction risk with foreign currency forward contracts.
−Removed: At September 30, 2020, the Company had 38 open foreign exchange forward contracts relating to service contracts with various amounts maturing monthly through October 2020 with a notional value totaling approximately $564.6.
+Added: At March 31, 2021, the Company had 30 open foreign exchange forward contracts relating to service contracts with various amounts maturing monthly through April 2021 with a notional value totaling approximately $672.2.
At December 31, 2020, the Company had 31 open foreign exchange forward contracts relating to service contracts with various amounts maturing monthly through January 2021 with a notional value totaling approximately $601.2.
2 unchanged sentences
Interest Rates
−Removed: Some of the Company's debt is subject to interest at variable rates.
−Removed: As a result, fluctuations in interest rates affect the business.
+Added: Some of the Company's debt from time to time is subject to interest at variable rates.
+Added: As a result, fluctuations in interest rates can affect the business.
The Company attempts to manage interest rate risk and overall borrowing costs through an appropriate mix of fixed and variable rate debt including by the utilization of derivative financial instruments, primarily interest rate swaps.
−Removed: Borrowings under the Company's term loan credit facility and revolving credit facility are subject to variable interest rates, unless fixed through interest rate swaps or other agreements.
−Removed: As of September 30, 2020, and December 31, 2019, the Company
−Removed: had $ 375.0 and $375.0, respectively, of unhedged variable debt from the 2019 term loan credit facility and $0.0 and $0.0, respectively, outstanding on its revolving credit facility.
−Removed: The Company exited the remaining fixed-to-variable interest rate swap arrangement in August 2020, in connection with the redemption of the 4.625 % Senior Notes due 2020.
−Removed: Each quarter-point increase or decrease in the variable rate would result in the Company's interest expense changing by approximately $0.9 per year for the Company's unhedged variable rate debt.
+Added: Borrowings under the Company's term loan credit facility, now repaid, and revolving credit facility are subject to variable interest rates, unless fixed through interest rate swaps or other agreements.
+Added: As of March 31, 2021, and December 31, 2020, the Company had $ 0.0 and $375.0, respectively, of unhedged variable debt from the 2019 term loan credit facility and $0.0 and $0.0, respectively, outstanding on its revolving credit facility.
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.