1 unchanged sentence
Foreign Currency Exchange Risk .
−Removed: The functional currency of our foreign subsidiaries is generally the applicable local currency.
+Added: The functional currency of our international subsidiaries is generally the applicable local currency.
Our consolidated financial statements are presented in U.S.
−Removed: Therefore, the net revenue, expenses, assets, and liabilities of our foreign subsidiaries are translated from their functional currencies into U.S.
+Added: Therefore, the net revenue, expenses, assets, and liabilities of our international subsidiaries are translated from their functional currencies into U.S.
Fluctuations in the value of the U.S.
dollar affect the reported amounts of net revenue, expenses, assets, and liabilities.
−Removed: Foreign exchange differences which arise on translation of our foreign subsidiaries' balance sheets into U.S.
+Added: Foreign exchange differences which arise on translation of our international subsidiaries' balance sheets into U.S.
dollars are recorded as a foreign currency translation adjustment in accumulated other comprehensive income or loss within stockholders' equity.
3 unchanged sentences
The potential impact of currency fluctuation increases as our international expansion increases.
−Removed: As of November 1, 2020, we had certain forward currency contracts outstanding in order to hedge a portion of the foreign currency exposure that arises on translation of a Canadian subsidiary into U.S.
−Removed: We also had certain forward currency
−Removed: contracts outstanding in an effort to reduce our exposure to the foreign exchange revaluation gains and losses that are recognized by our Canadian and Chinese subsidiaries on U.S.
+Added: As of May 2, 2021, we had certain forward currency contracts outstanding in order to hedge a portion of the foreign currency exposure that arises on translation of a Canadian subsidiary into U.S.
+Added: We also had certain forward currency contracts outstanding in an effort to reduce our exposure to the foreign exchange revaluation gains and losses that are recognized by our Canadian and Chinese subsidiaries on U.S.
dollar denominated monetary assets and liabilities.
−Removed: Please refer to Note 9 to the unaudited interim consolidated financial statements included in Item 1 of Part I of this report for further information, including details of the notional amounts outstanding.
+Added: Please refer to Note 7.
+Added: Derivative Financial Instruments included in Item 1 of Part I of this report for further information, including details of the notional amounts outstanding.
In the future, in an effort to reduce foreign exchange risks, we may enter into further derivative financial instruments including hedging additional currency pairs.
16 unchanged sentences
– an increase in the foreign currency translation adjustment from derivative valuation losses on forward currency contracts, entered into as net investment hedges of a Canadian subsidiary.
−Removed: During the first three quarters of fiscal 2020, the change in the relative value of the U.S.
−Removed: dollar against the Canadian dollar resulted in a $6.7 million increase in accumulated other comprehensive loss within stockholders' equity.
−Removed: During the first three quarters of fiscal 2019, the change in the relative value of the U.S.
+Added: During the first quarter of 2021, the change in the relative value of the U.S.
dollar against the Canadian dollar resulted in a $67.1 million reduction in accumulated other comprehensive loss within stockholders' equity.
+Added: During the first quarter of 2020, the change in the relative value of the U.S.
+Added: dollar against the Canadian dollar resulted in a $74.4 million increase in accumulated other comprehensive loss within stockholders' equity.
A 10% appreciation in the relative value of the U.S.
−Removed: dollar against the Canadian dollar compared to the exchange rates in effect for the first three quarters of fiscal 2020 would have resulted in lower income from operations of approximately $10.6 million in the first three quarters of fiscal 2020.
+Added: dollar against the Canadian dollar compared to the exchange rates in effect for the first quarter of 2021 would have resulted in lower income from operations of approximately $11.6 million.
This assumes a consistent 10% appreciation in the U.S.
−Removed: dollar against the Canadian dollar over the first three quarters of fiscal 2020.
+Added: dollar against the Canadian dollar over the first quarter of 2021.
The timing of changes in the relative value of the U.S.
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Interest Rate Risk .
−Removed: Our committed revolving credit facilities provide us with available borrowings in an amount up to $700.0 million in the aggregate.
+Added: Our committed revolving credit facility provides us with available borrowings in an amount up to $400.0 million.
Because our revolving credit facilities bear interest at a variable rate, we will be exposed to market risks relating to changes in interest rates, if we have a meaningful outstanding balance.
−Removed: As of November 1, 2020, aside from letters of credit of $2.7 million, there were no borrowings outstanding under these credit facilities.
+Added: As of May 2, 2021, aside from letters of credit of $2.7 million, there were no borrowings outstanding under these credit facilities.
We currently do not engage in any interest rate hedging activity and currently have no intention to do so.
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We are also exposed to credit-related losses in the event of nonperformance by the financial institutions that are counterparties to our forward currency contracts.
−Removed: The credit risk amount is
−Removed: our unrealized gains on our derivative instruments, based on foreign currency rates at the time of nonperformance.
+Added: The credit risk amount is our unrealized gains on our derivative instruments, based on foreign currency rates at the time of nonperformance.
We have not experienced any losses related to these items, and we believe credit risk to be minimal.
−Removed: We seek to minimize our credit risk by entering into transactions with credit worthy and reputable financial institutions and by monitoring the credit standing of the financial institutions with whom we transact.
+Added: We seek to minimize our credit risk by entering into transactions with credit worthy and reputable financial institutions and by monitoring the credit
+Added: standing of the financial institutions with whom we transact.
We seek to limit the amount of exposure with any one counterparty.
2 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.