1 unchanged sentence
We are exposed to market risk from changes in interest rates and foreign currency exchange rates.
−Removed: Beginning in 2019, we may from time to time use derivative financial instruments or other financial instruments to hedge these economic exposures related to foreign currencies.
+Added: We may from time to time use derivative financial instruments or other financial instruments to hedge these economic exposures related to foreign currencies.
We do not hold or issue financial instruments for trading purposes.
Interest Rate Risk
−Removed: Under our 2019 Facility, we have substantial variable rate debt.
+Added: Under our 2019 Facility, as amended, we have substantial variable rate debt.
Fluctuations in interest rates may affect our business, financial condition, results of operations and cash flows.
3 unchanged sentences
As of December 31, 2020, there was availability of $200.0 million on the 2019 Revolving Facility.
−Removed: Any increase in the interest rate under the 2019 Revolving Facility may have a negative impact on our future earnings to the extent we have outstanding borrowings under the 2019 Revolving Facility.
−Removed: The effect of a 100 basis points adverse change in market interest rates on our 2019 Term Facility, in excess of applicable minimum floors, on our interest expense would be approximately $2.4 million .
−Removed: Historically, we have not used derivative financial instruments or other financial instruments to hedge such economic exposures.
+Added: Any increase in the
+Added: interest rate under the 2019 Revolving Facility may have a negative impact on our future earnings to the extent we have outstanding borrowings under the 2019 Revolving Facility.
+Added: The Company uses interest rate swaps to reduce the variability in cash flows associated with a portion of the Company’s forecasted interest payments on its variable rate debt.
+Added: As of December 31, 2020, the Company had entered into interest rate swap contracts to fix the LIBOR rate on a notional amount of $100.0 million through May 31, 2024.
+Added: The average fixed LIBOR rate on the interest rate swaps as of December 31, 2020 was approximately 0.82%.
+Added: This agreement involves the receipt of floating rate amounts in exchange for fixed rate interest payments over the life of the agreement without an exchange of the underlying principal amount.
+Added: Please refer to Note 14, “Derivative Instruments”, for further details on the interest rate swaps.
+Added: The effect of a 100 basis points adverse change in market interest rates on our 2019 Term Facility, in excess of applicable minimum floors, on our interest expense would be approximately $1.9 million excluding the impact of our interest rate swaps.
Foreign Currency Risk
1 unchanged sentence
Intercompany transactions between entities that use different functional currencies also expose us to foreign currency risk.
−Removed: During the years ended December 31, 2019 , 2018 and 2017, the net impact of foreign currency changes on transactions was a gain of less than $0.1 million, a loss of $0.6 million and a gain of $0.3 million , respectively.
−Removed: In 2019, we have entered into foreign currency forward contracts primarily to reduce the effects of fluctuating foreign currency exchange rates.
+Added: During the years ended December 31, 2020, 2019 and 2018, the net impact of foreign currency changes on transactions was a loss of $0.3 million, a gain of less than $0.1 million and a loss of $0.6 million, respectively.
+Added: From time to time, we enter into foreign currency forward contracts primarily to reduce the effects of fluctuating foreign currency exchange rates.
We may enter into additional foreign currency forward contracts when deemed appropriate.
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.