14 unchanged sentences
In several of our operations, we purchase inventory from manufacturers in Taiwan in U.S.
−Removed: dollars, which exposes us to fluctuations in the relationship between the local functional currency and the U.S.
+Added: dollars, which exposes us to fluctuations in the relationship between the local
+Added: functional currency and the U.S.
dollar, as well as fluctuations between the U.S.
3 unchanged sentences
To the extent that we are exposed to foreign currency fluctuations related to non-functional currency denominated financing transactions, we may hedge the exposure through the use of foreign currency forward contracts.
−Removed: As of December 31, 2020, we held short term foreign currency forward contracts with notional amounts of €142 million, £75 million and SEK 227 million.
−Removed: Only the SEK denominated foreign currency forward contract was designated as a cash flow hedge;
−Removed: the fair value was a liability of $1 million as of December 31, 2020.
−Removed: In February 2021, we entered into a short term foreign currency forward contract for $250 million to mitigate our exposure to non-functional currency borrowings in our European operations.
−Removed: We currently expect to enter into a similar instrument when this one matures in the first quarter of 2021.
−Removed: The values of these contracts are subject to changes in foreign currency exchange rates.
−Removed: Other than with respect to a portion of our foreign currency denominated inventory purchases and certain financing transactions, we do not hold derivative contracts to hedge foreign currency risk.
+Added: As of December 31, 2021, we did not hold foreign currency forward contracts related to non-functional currency denominated debt.
+Added: Other than with respect to a portion of our foreign currency denominated inventory purchases and, from time to time, certain financing transactions, we do not hold derivative contracts to hedge foreign currency risk.
Our net investment in foreign operations is partially hedged by the foreign currency denominated borrowings we use to fund foreign acquisitions;
1 unchanged sentence
We have elected not to hedge the foreign currency risk related to the interest payments on foreign third party borrowings as we generate cash flows in the local currencies that can be used to fund debt payments.
+Added: As of December 31, 2021, we had outstanding borrowings of €500 million under our Euro Notes (2024) and €250 million under our Eu ro Notes (2028), and €940 million and Swedish Krona ("SEK") 145 million un der our revolving credit facilities.
As of December 31, 2020, we had outstanding borrowings of €500 million under our Euro Notes (2024), and €1.0 billion under our Euro Notes (2026/28);
we had no foreign borrowings under our revolving credit facilities.
−Removed: As of December 31, 2019, we had outstanding borrowings of €500 million under our Euro Notes (2024), €1.0 billion under our Euro Notes (2026/28), and £208 million, €229 million, CAD $130 million, and SEK 270 million under our revolving credit facilities.
Interest Rates
−Removed: Our results of operations are exposed to changes in interest rates primarily with respect to borrowings under our credit facilities, where interest rates are tied to the prime rate, LIBOR or CDOR.
+Added: Our results of operations are exposed to changes in interest rates primarily with respect to borrowings under our credit facilities, where interest rates are tied to the prime rate, LIBOR, Canadian Dollar Offered Rate, Euro interbank Offered Rate, SONIA, or Swiss Average Rate Overnight.
Therefore, we implemented a policy to manage our exposure to variable interest rates on a portion of our outstanding variable rate debt instruments through the use of interest rate swap contracts.
1 unchanged sentence
We designate our interest rate swap contracts as cash flow hedges, and net interest payments or receipts from interest rate swap contracts are included as adjustments to interest expense.
−Removed: As of December 31, 2020, we held interest rate swap contracts with a total notional amount of $480 million, maturing in January 2021 and June 2021 ($150 million remains outstanding as of the filing date of this Annual Report on Form 10-K).
−Removed: All of our interest rate swap contracts have been executed with banks that we believe are creditworthy (Wells Fargo Bank, N.A.;
−Removed: Bank of America, N.A.;
−Removed: Citizens, N.A.;
−Removed: HSBC Bank USA, N.A.;
−Removed: and Banco Bilbao Vizcaya Argentaria, S.A.).
−Removed: As of December 31, 2020, the fair value of the interest rate swap contracts was a liability of $1 million.
−Removed: The values of such contracts are subject to changes in interest rates.
−Removed: In addition to these interest rate swaps, as of December 31, 2020, we held cross currency swap agreements for a total notional amount of €340 million with maturity dates in January 2021.
−Removed: These cross currency swaps contain an interest rate swap component and a foreign currency forward contract component that, combined with related intercompany financing arrangements, effectively convert variable rate U.S.
−Removed: dollar-denominated borrowings into fixed rate euro-denominated borrowings.
−Removed: The swaps are intended to reduce uncertainty in cash flows in U.S.
−Removed: dollars and euros in connection with intercompany financing arrangements.
−Removed: The cross currency swaps were also executed with banks we believe are creditworthy (Wells Fargo Bank, N.A.;
−Removed: Bank of America, N.A.;
−Removed: and MUFG Bank, Ltd.
−Removed: As of December 31, 2020,
−Removed: the fair value of our cross currency swaps was a liability of $56 million.
−Removed: The values of these contracts are subject to changes in interest rates and foreign currency exchange rates.
−Removed: In total, we had 87% (16% excluding the cash flow hedges that matured in January 2021) of our variable rate debt under our credit facilities at fixed rates at December 31, 2020 compared to 59% at December 31, 2019.
+Added: We had none of our variable rate debt under our credit facilities at fixed rates at December 31, 2021 compared to 87% at December 31, 2020.
See Note 9, "Long-Term Obligations" and Note 10, "Derivative Instruments and Hedging Activities" to the Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K for additional information.
8 unchanged sentences
Additionally, if market prices were to change at a greater rate than our vehicle acquisition costs, we could experience a positive or negative effect on our operating margin.
−Removed: The average of scrap metal prices for 2020 was relatively flat compared to the average for 2019.
+Added: The average of scrap metal prices for 2021 increased 83% compared to the average for 2020.
+Added: The average prices of rhodium, platinum, and palladium increased by 77%, 22% and 7%, respectively, for the year ended December 31, 2021 over the averages for the year ended December 31, 2020.
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.