Quantitative and Qualitative Disclosures about Market Risk
−Removed: We are exposed to market risk from changes in foreign currency exchange rates and interest rates, which could affect our operating results, financial position and cash flows.
+Added: We are exposed to market risks from changes in foreign currency exchange rates and interest rates, which could affect our operating results, financial position and cash flows.
We manage our exposure to these market risks through our regular operating and financing activities.
2 unchanged sentences
We are exposed to changes in foreign currency exchange rates which could affect our operating results as well as our financial position and cash flows.
−Removed: The foreign currencies to which we have the most significant exchange rate exposures are the Euro, British Pound and Japanese Yen.
+Added: The foreign currencies to which we have the most significant exchange rate exposures are the Euro, British Pound, Japanese Yen and Chinese Yuan.
The Company manages its foreign currency exposures on a consolidated basis, which allows the Company to analyze exposures globally and take into account offsetting exposures in certain balances.
3 unchanged sentences
The intent of these economic hedges is to offset gains and losses on the underlying exposures from these currencies with gains and losses resulting from the foreign currency contracts that hedge these exposures.
−Removed: We had foreign currency contracts with notional amounts totaling $28.5 million and a fair value of less than $0.1 million as of December 31, 2020.
+Added: We had foreign currency contracts with notional amounts totaling $50.0 million and net fair value of less than $0.1 million as of December 31, 2021.
A hypothetical 10% strengthening of the U.S.
−Removed: dollar against other currencies would result in an approximately $1.6 million increase in the fair value of our foreign currency contracts as of December 31, 2020.
+Added: dollar against other currencies would result in an approximately $0.6 million increase in the net fair value of our foreign currency contracts as of December 31, 2021.
By contrast, a hypothetical 10% weakening of the U.S.
−Removed: dollar against other currencies would result in an approximately $1.6 million decrease in the fair value of our foreign currency contracts as of December 31, 2020.
+Added: dollar against other currencies would result in an approximately $0.6 million decrease in the net fair value of our foreign currency contracts as of December 31, 2021.
Interest Rates
−Removed: Our exposure to market risk associated with changes in interest rates relates primarily to our debt obligations.
−Removed: We have $204.8 million of outstanding variable rate debt as of December 31, 2020.
+Added: Our exposure to market risk associated with changes in interest rates relates primarily to our borrowings under our Senior Credit Facilities.
+Added: We had $438.6 million of outstanding variable rate debt as of December 31, 2021.
A 100 basis point increase in interest rates at December 31, 2021 would increase our annual pre-tax interest expense by approximately $4.4 million.
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.