Quantitative and Qualitative Disclosures About Market Risk
−Removed: We are exposed to a variety of market risks, including changes in interest rates affecting the return on our investments and foreign currency fluctuations.
+Added: We are exposed to a variety of market risks, changes in interest rates affecting the return on our investments and foreign currency fluctuations.
+Added: To manage the volatility related to the exposure to changes in interest rates, we have entered into a derivative financial instrument.
+Added: Our objective is to reduce, where it is deemed appropriate to do so, fluctuations in earnings and cash flows associated with changes in interest rates.
+Added: Our policies and practices are to use derivative financial instruments only to the extent necessary to manage exposures.
+Added: We do not hold or issue derivative financial instruments for trading or speculative purposes.
+Added: Amounts reported in accumulated other comprehensive (loss) income related to our derivative will be reclassified to interest expense as interest is accrued on our variable-rate debt.
+Added: Our derivative had a fair value of $10.9 million at December 31, 2020, consisting of $3.1 million included in Accrued expenses and other and $7.8 million included in Other long-term liabilities on our consolidated balance sheet.
+Added: Based upon projected forward rates, we estimate as of December 31, 2020 that $3.2 million may be reclassified as an increase to interest expense over the next twelve months.
At December 31, 2020, we had outstanding debt totaling approximately $393.1 million.
−Removed: A hypothetical movement of plus or minus 100 basis points in the interest rate of our outstanding debt would have changed our interest expense by $0.8 million for the year ended December 31, 2019 .
−Removed: Based on a hypothetical 10% adverse movement in all foreign currency exchange rates, our revenue for the year ended December 31, 2019 would have been adversely affected by approximately $8 million and our net loss for the year ended December 31, 2019 would have been adversely affected by approximately $4 million, although the actual effects may differ materially from this hypothetical analysis.
+Added: A hypothetical movement of plus or minus 50 basis points in the interest rate of our outstanding debt would have changed our interest expense by approximately $2 million for the year ended December 31, 2020.
+Added: Based on a hypothetical 10% adverse movement in all foreign currency exchange rates, our revenue for the year ended December 31, 2020 would have been adversely affected by approximately $22 million and our net income for the year ended December 31, 2020 would have been adversely affected by approximately $7 million, although the actual effects may differ materially from this hypothetical analysis.
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.