Quantitative and Qualitative Disclosures about Market Risk
−Removed: Market risk refers to the potential for losses arising from changes in interest rates, foreign currency fluctuations and exchange rates, equity prices and commodity prices including the correlation among these factors and their volatility.
+Added: Market risk refers to the potential losses arising from changes in interest rates, foreign currency fluctuations and exchange rates, equity prices, and commodity prices, including the correlation among these factors and their volatility.
Our principal market risks are our exposure to changes in interest rates and foreign currency exchange rates.
2 unchanged sentences
We have a revolving credit facility that is subject to the risk of higher interest charges associated with increases in interest rates.
−Removed: As of December 31, 2020, we had $19.0 million in floating-rate obligations drawn under the Amended Revolving Credit Facility.
−Removed: The use of floating-rate obligations exposes us to the risk of increased interest expense in the event of increases in short-term interest rates.
−Removed: If the floating interest rates increased by 1% from December 31, 2020 levels, our consolidated interest expense would increase by a total of approximately $0.2 million annually.
+Added: As of December 31, 2021, we had no floating-rate obligations outstanding under our ABL Facility.
+Added: Use of floating-rate obligations would expose us to the risk of increased interest expense in the event of increases in short-term interest rates.
Foreign Currency Exchange Rate Risk.
3 unchanged sentences
In order to mitigate the effects of foreign currency exchange rate risks in areas outside of the United States (primarily in our Offshore/Manufactured Products segment), we generally pay a portion of our expenses in local currencies and a substantial portion of our contracts provide for collections from customers in U.S.
−Removed: During 2020, our reported foreign currency exchange losses
−Removed: were $0.2 million and are included in "Other operating (income) expense, net" in the consolidated statements of operations.
−Removed: In order to reduce our exposure to fluctuations in foreign currency exchange rates, we may enter into foreign currency exchange agreements with financial institutions.
−Removed: No foreign currency contracts were outstanding as of December 31, 2020 or 2019.
−Removed: Our accumulated other comprehensive loss, reported as a component of stockholders' equity, increased from $67.7 million as of December 31, 2019 to $71.4 million as of December 31, 2020, primarily as a result of foreign currency exchange rate differences of $3.8 million in the current year.
−Removed: This other comprehensive income is primarily related to fluctuations in the currency exchange rates compared to the U.S.
−Removed: dollar for certain of the international operations of our reportable segments.
−Removed: During 2020, the exchange rate of the British pound strengthened by 3% compared to the U.S.
−Removed: dollar and the Brazilian real weakened by 23% compared to the U.S.
−Removed: During 2019, the exchange rate of the British pound strengthened by 4% compared to the U.S.
+Added: During the year ended December 31, 2021, our reported foreign currency exchange losses were $0.2 million and are included in "Other operating expense, net" in the consolidated statements of operations.
+Added: Accumulated other comprehensive loss, reported as a component of stockholders' equity, is primarily relates to fluctuations in currency exchange rates against the U.S.
+Added: dollar as used to translate certain of the international operations of our operating segments.
+Added: Our accumulated other comprehensive loss decreased $5.4 million from $71.4 million as of December 31, 2020 to $66.0 million as of December 31, 2021, with the reclassification of $9.3 million in historical currency translation adjustments to net loss upon the liquidation of an international operation partially offset by the impact of changes in currency exchange rates during 2021.
+Added: During 2021, the exchange rate for the British pound and the Brazilian real weakened by 1% and 7%, respectively, compared to the U.S.
+Added: During 2020, the exchange rate for the British pound strengthened by 3% compared to the U.S.
dollar while the Brazilian real weakened by 23% compared to the U.S.
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.