2 unchanged sentences
Our consolidated financial statements are denominated in, and our principal currency is, the U.S.
−Removed: For the year ended December 31, 2020, a portion of our net sales (approximately $323.8 million, representing approximately 33.6% of our aggregate net sales), was attributable to sales that were denominated in foreign currencies.
+Added: For the year ended December 31, 2021, a portion of our net sales ($370.0 million, representing 34.4% of our aggregate net sales), was attributable to sales that were denominated in foreign currencies.
All other international sales were denominated in U.S.
−Removed: Our principal market risk relates to changes in the value of the Chinese Yuan Renminbi (CNY) and Euro (EUR) relative U.S.
+Added: Our principal market risk relates to changes in the value of the Chinese Yuan Renminbi (CNY) and Euro (EUR) relative to the U.S.
Dollar (USD), with limited market risk relating to various other currencies.
5 unchanged sentences
We forecast our net exposure related to sales and expenses denominated in foreign currencies.
−Removed: As of December 31, 2020 and 2019, we had entered into foreign currency forward contracts, which qualified as cash flow hedges, with aggregate notional amounts of approximately $168.2 million and $212.5 million, respectively.
+Added: As of December 31, 2021 and 2020, we had entered into foreign currency forward contracts, which qualified as cash flow hedges, with aggregate notional amounts of $123.0 million and $168.2 million, respectively.
We also forecast our net exposure in various receivables and payables to fluctuations in the value of various currencies, and we enter into foreign currency forward contracts to mitigate that exposure.
−Removed: As of December 31, 2020 and 2019, we had entered into foreign currency forward contracts, which were not designated as hedging instruments, related to those balance sheet accounts with aggregate notional amounts of approximately $74.8 million and $65.0 million, respectively.
+Added: As of December 31, 2021 and 2020, we had entered into foreign currency forward contracts, which were not designated as hedging instruments, related to those balance sheet accounts with aggregate notional amounts of $86.0 million and $74.8 million, respectively.
A sensitivity analysis of changes in the fair value of all currency exchange rate derivative contracts at December 31, 2021 and 2020 indicates that, if the U.S.
6 unchanged sentences
Interest Rate Risk
−Removed: As discussed in Note 8 to our consolidated financial statements set forth in Item 8 of this report, as of December 31, 2020, we had outstanding borrowings of approximately $351.6 million under the Third Amended Credit Agreement.
+Added: As discussed in Note 8 to our consolidated financial statements set forth in Item 8 of this report, as of December 31, 2021, we had outstanding borrowings of $243.1 million under the Third Amended Credit Agreement.
Accordingly, our earnings and after-tax cash flow are affected by changes in interest rates.
−Removed: On August 5, 2016, we entered into a pay-fixed, receive-variable interest rate swap with Wells Fargo Bank, which as of December 31, 2020 had a notional amount of $175 million, to fix the one-month LIBOR rate at 1.12%.
−Removed: The interest rate swap is scheduled to expire on July 6, 2021.
On December 23, 2019, we entered into a pay-fixed, receive-variable interest rate swap with Wells Fargo Bank, with a notional amount of $75 million, to fix the one-month LIBOR rate at 1.71% for the period from July 6, 2021 to July 31, 2024.
−Removed: These instruments are intended to reduce our exposure to interest rate fluctuations and were not entered into for speculative purposes.
−Removed: Excluding the amount that is subject to a fixed rate under the interest rate swaps and assuming the current level of borrowings remained the same, it is estimated that our interest expense and income before income taxes would change by approximately $2.3 million annually for each one percentage point change in the average interest rate under these borrowings.
+Added: This interest rate swap is intended to reduce our exposure to interest rate fluctuations and was not entered into for speculative purposes.
+Added: Excluding the amount that is subject to a fixed rate under the interest rate swap and assuming the current level of borrowings remained the same, it is estimated that our interest expense and income before income taxes would change by approximately $1.7 million annually for each one percentage point change in the average interest rate under these borrowings.
+Added: Certain of the interest rates applicable to our Third Amended Credit Agreement, and applicable to hedging instruments we have purchased to offset interest rate risk under our Third Amended Credit Agreement, are LIBOR-based.
+Added: We anticipate replacement rates will be identified, as provided for in our Third Amended Credit Agreement, as LIBOR-based rates become unavailable.
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.