3 unchanged sentences
These exposures are actively monitored by management.
−Removed: Our exposure to foreign exchange rate risk is due to certain costs, revenues and borrowings being denominated in currencies other than one of our subsidiary’s functional currency.
+Added: Our exposure to foreign exchange rate risk is due to certain costs, revenues and borrowings
+Added: being denominated in currencies other than one of our subsidiary’s functional currency.
Similarly, we are exposed to market risk as the result of changes in interest rates, which may affect the cost of our financing.
−Removed: It is our policy and practice to use derivative financial instruments only to the extent necessary to manage exposures.
+Added: It is our policy and
+Added: practice to use derivative financial instruments only to the extent necessary to manage exposures.
We do not hold or issue derivative financial instruments for trading or speculative purposes.
−Removed: As of December 31, 2020, we did not have any derivative financial instruments.
+Added: As of December 31, 2021, we did not have any
+Added: derivative financial instruments.
Exchange Rate Risk
−Removed: We have exchange rate exposure, primarily, with respect to the Canadian Dollar, the Euro, the British Pound, the Polish Zloty, the Mexican Peso, the Taiwan Dollar, the Chinese Yuan Renminbi and the Hong Kong Dollar.
−Removed: As of December 31, 2020, our monetary assets and liabilities which are subject to this exposure are immaterial, therefore, the potential immediate loss to us that would result from a hypothetical 10% change in foreign currency exchange rates would not be expected to have a material impact on our earnings or cash flows.
−Removed: This sensitivity analysis assumes an unfavorable 10% fluctuation in the exchange rates affecting the foreign currencies in which monetary assets and liabilities are denominated and does not take into account the incremental effect of such a change on our foreign currency denominated revenues.
+Added: We have exchange rate exposure, primarily, with respect to the Canadian Dollar, the Euro, the British Pound, the Polish Zloty, the Hungarian Forint, the Mexican Peso, the Taiwan Dollar, the Chinese Yuan Renminbi and the Hong Kong Dollar.
+Added: of December 31, 2021, our monetary assets and liabilities which are subject to this exposure are immaterial, therefore, the potential immediate loss to us that would result from a hypothetical 10% change in foreign currency exchange rates would
+Added: not be expected to have a material impact on our earnings or cash flows.
+Added: This sensitivity analysis assumes an unfavorable 10% fluctuation in the exchange rates affecting the foreign currencies in which monetary assets and liabilities are
+Added: denominated and does not take into account the incremental effect of such a change on our foreign currency denominated revenues.
Interest Rate Risk
We manage our exposure to interest rate risk through the proportion of fixed rate debt and variable rate debt in our debt portfolio.
−Removed: To manage a portion of our exposure to interest rate changes, we have in the past entered into interest rate swap agreements.
+Added: To manage a portion of our exposure to interest rate changes, we have in the past entered into interest rate
+Added: swap agreements.
We invest our excess cash in highly liquid short-term investments.
Substantially all of our debt is variable rate debt as of December 31, 2021 and 2020.
−Removed: Based upon our current level of borrowings under our revolving credit facility and our Polish overdraft facility, and our excess cash, the effect of a hypothetical, instantaneous and unfavorable change of 100 basis points in the interest rate would have an immaterial impact on our earnings or cash flows.
+Added: Based upon our current level of borrowings under our revolving credit
+Added: facility and our Polish overdraft facility, and our excess cash, the effect of a hypothetical, instantaneous and unfavorable change of 100 basis points in the interest rate would have an immaterial impact on our earnings or cash flows.
In addition, we are party to several supply chain financing arrangements, in which we may sell certain of our customers’ trade accounts receivable to such customers’ financial institutions.
−Removed: We sell our undivided interests in certain of these receivables at our discretion when we determine that the cost of these arrangements is less than the cost of servicing our receivables with existing debt.
+Added: We sell our undivided interests in certain of these
+Added: receivables at our discretion when we determine that the cost of these arrangements is less than the cost of servicing our receivables with existing debt.
During the year ended December 31, 2021, we sold $818.8 million of receivables.
−Removed: Depending upon the level of sales of receivables pursuant these agreements, the effect of a hypothetical, instantaneous and unfavorable change of 100 basis points in the margin rate may have an approximate $7.0 million negative impact on our earnings or cash flows.
+Added: upon the level of sales of receivables pursuant these agreements, the effect of a hypothetical, instantaneous and unfavorable change of 100 basis points in the margin rate may have an approximate $8.2 million negative impact on our earnings or
The charge related to the sale of receivables is included in selling, general and administrative expenses in our consolidated statements of operations.
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.