1 unchanged sentence
Interest Rate Sensitivity
−Removed: The Company’s investment portfolio primarily includes cash equivalents for which the market values are not significantly affected by changes in interest rates.
+Added: Our investment portfolio primarily includes cash equivalents for which the market values are not significantly affected by changes in interest rates.
Our interest rate risk results primarily from our variable rate indebtedness under our credit facility, which is influenced by movements in short-term rates.
1 unchanged sentence
Based on the amount of variable rate debt, $210.1 million at December 31, 2020, an increase in interest rates by one hundred basis points from our current rate would increase annual interest expense by approximately $2.1 million.
+Added: Table o f Contents
Foreign Currency Risk
1 unchanged sentence
This foreign currency exposure, particularly the Euro, British Pound Sterling, Brazilian Real, Canadian Dollar and the Indian Rupee, arises primarily from the translation of our foreign subsidiaries’ financial statements into U.S.
+Added: Gains and losses relating to nonfunctional currency transactions, are reported in the Consolidated statements of income.
For example, a portion of our annual sales and operating costs are denominated in British Pound Sterling and we have exposure related to sales and operating costs increasing or decreasing based on changes in currency exchange rates.
8 unchanged sentences
Translation adjustments for these movements are recorded as a separate component of Accumulated Other Comprehensive Income in Stockholder Equity.
−Removed: We do not currently enter into forward exchange contracts to hedge exposures denominated in foreign currencies.
An unfavorable 10% change (strengthening) in the average U.S.
−Removed: Dollar exchange rates for the year ended December 31, 2019 would cause a decrease in consolidated operating income of approximately $0.4 million.
+Added: Dollar exchange rates for the year ended December 31, 2020 would cause a decrease to our operating loss of approximately $5.9 million.
+Added: This was primarily driven by our operating losses impacted by impairment charges recorded on March 31, 2020 in certain of our international locations which is more fully described in note 8-Goodwill, 9-Intangible Assets and 17-Leases to the consolidated financial statements.
+Added: Adjusted for the impairment charges, an unfavorable 10% change (strengthening) in the average U.S.
+Added: Dollar exchange rates for the year ended December 31, 2020 would cause a decrease in adjusted operating income of approximately $0.3 million.
+Added: We do not currently enter into forward exchange contracts to hedge exposures denominated in foreign currencies.
We may consider entering into hedging or forward exchange contracts in the future, as sales in international currencies increase due to growth in our International segment.
5 unchanged sentences
Our results of operations and financial condition have not been significantly affected by inflation and changing prices.
+Added: Table o f Contents
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.