6 unchanged sentences
We include translation gains and losses in accumulated other comprehensive income (loss), a component of shareholders’
−Removed: Foreign currency translation gains (losses) were ($189,550), $707,000 and ($1.3 million) in 2020, 2019 and 2018, respectively.
+Added: Foreign currency translation gains (losses) were $24,000, ($190,000), and $707,000 in 2021, 2020, and 2019, respectively.
Gains and losses related to transactions denominated in a currency other than the functional currency of the countries in which we operate and short-term intercompany accounts are included in other income (expense) in the consolidated statements of income and amounted to $10,000, ($333,000), and ($483,000) in 2021, 2020, and 2019, respectively.
−Removed: The change is primarily the result of exchange rate fluctuation applied to an intercompany loan from our Canadian subsidiary which was paid off in the three-month period ended September 30, 2020.
+Added: The change is primarily the result of exchange rate fluctuation applied to an intercompany loan from our Canadian subsidiary which was paid off in September 2020.
A portion of our cash in our Canadian subsidiary is denominated in foreign currencies, where fluctuations in exchange rates will impact our cash balances in U.S.
4 unchanged sentences
We do not purchase or hold any currency exchange related derivative financial instruments.
+Added: We do not expect any foreign currency exposure after the anticpated closure of our Canadian office by the end of 2022.
We are exposed to interest rate risk with both our fixed-rate Term Loan and variable rate Line of Credit.
8 unchanged sentences
We have not entered into any interest rate swaps or hedging transactions.
−Removed: LIBOR is currently expected to be phased out in 2021.
−Removed: We are required to pay interest on borrowings under our Line of Credit and Delayed Draw Term Loan at floating rates based on LIBOR.
+Added: LIBOR is currently expected to be phased out beginning in 2021 through 2023.
+Added: The one-week and two-month LIBOR rates were retired on December 31, 2021.
+Added: The overnight, one-month, three-month, six-month and 12-month LIBOR rates are expected to be published through June 2023.
+Added: We are required to pay interest on borrowings under our Line of Credit and Delayed Draw Term Loan at floating rates based on the one-month LIBOR.
Future debt that we may incur may also require that we pay interest based upon LIBOR.
Under the terms of our Credit Agreement with FNB, if LIBOR becomes unavailable during the term of the agreement, FNB may, in its discretion and in a manner consistent with market practice, designate a substitute index.
−Removed: We currently expect that the determination of interest under our Credit Agreement would be revised to provide for an interest rate that approximates the existing interest rate as calculated in accordance with LIBOR.
−Removed: Despite our current expectations, we cannot be sure that if LIBOR is phased out or transitioned, the changes to the determination of interest under our agreements would approximate the current calculation in accordance with LIBOR.
−Removed: We do not know what standard, if any, will replace LIBOR if it is phased out or transitioned.
+Added: We currently expect that the determination of interest under our Credit Agreement would be revised as to provide for an interest rate that approximates the existing interest rate as calculated in accordance with LIBOR.
+Added: Despite our current expectations, we cannot be sure that when LIBOR is phased out or transitioned, the changes to the determination of interest under our agreements would approximate the current calculation in accordance with LIBOR.
+Added: We do not know what standard, if any, will replace LIBOR when it is phased out or transitioned.
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.