9 unchanged sentences
We are exposed to counterparty credit (or repayment) risk in the event of non-performance by counterparties to our derivative agreements.
−Removed: We attempt to minimize this risk by entering into transactions with major financial institutions of investment grade credit rating.
+Added: We attempt to minimize this risk by entering transactions with major financial institutions of investment grade credit rating.
Interest Rate Risk
−Removed: As discussed further in Note 14, "Debt," of our Financial Statements, the Credit Agreement provides for the Senior Secured Credit Facilities consisting of the Term Loan, the Revolving Credit Facility, and incremental availability under which additional secured credit facilities could be issued under certain circumstances.
−Removed: The Term Loan accrues interest at a variable rate that is currently based on LIBOR, plus an interest rate margin, in accordance with the terms of the Credit Agreement.
+Added: As discussed further in Note 14:
+Added: Debt of our Financial Statements included elsewhere in this Report, the Credit Agreement provides for the Senior Secured Credit Facilities consisting of the Term Loan, the Revolving Credit Facility, and incremental availability under which additional secured credit facilities could be issued under certain circumstances.
+Added: The Term Loan accrues interest at a variable rate that is currently based on London Interbank Offered Rate ("LIBOR"), plus an interest rate margin, in accordance with the terms of the Credit Agreement.
Sensitivity Analysis
10 unchanged sentences
We also enter into foreign currency forward contracts that are not designated for hedge accounting purposes.
−Removed: Refer to Note 19, "Derivative Instruments and Hedging Activities," of our Financial Statements for additional information related to the foreign currency forward contracts outstanding as of December 31, 2020.
+Added: Refer to Note 19:
+Added: Derivative Instruments and Hedging Activities of our Financial Statements included elsewhere in this Report for additional information related to the foreign currency forward contracts outstanding as of December 31, 2021.
Sensitivity Analysis
1 unchanged sentence
(Decrease)/Increase to Future Pre-tax Earnings Due to:
−Removed: (In millions) Net (Liability)/Asset Balance as of December 31, 2020 10% Strengthening of the Value of the Foreign Currency Relative to the U.S.
+Added: (In millions) Net Asset/(Liability) Balance as of December 31, 2021 10% Strengthening of the Value of the Foreign Currency Relative to the U.S.
10% Weakening of the Value of the Foreign Currency Relative to the U.S.
7 unchanged sentences
(Decrease)/Increase to Future Pre-tax Earnings Due to:
−Removed: (In millions) Net Asset/(Liability) Balance as of December 31, 2019 10% Strengthening of the Value of the Foreign Currency Relative to the U.S.
+Added: (In millions) Net (Liability)/Asset Balance as of December 31, 2020 10% Strengthening of the Value of the Foreign Currency Relative to the U.S.
10% Weakening of the Value of the Foreign Currency Relative to the U.S.
8 unchanged sentences
We are exposed to the potential change in prices associated with certain commodities used in the manufacturing of our products.
−Removed: We offset a portion of this exposure by entering into forward contracts that fix the price at a future date for various notional amounts associated with these commodities.
+Added: We offset a portion of this exposure by entering forward contracts that fix the price at a future date for various notional amounts associated with these commodities.
These forward contracts are not designated as accounting hedges.
−Removed: Refer to Note 19, "Derivative Instruments and Hedging Activities," of our Financial Statements for additional information related to the commodity forward contracts outstanding as of December 31, 2020.
+Added: Refer to Note 19:
+Added: Derivative Instruments and Hedging Activities of our Financial Statements included elsewhere in this Report for additional information related to the commodity forward contracts outstanding as of December 31, 2021.
Sensitivity Analysis
The tables below present our commodity forward contracts as of December 31, 2021 and 2020 and the estimated impact to pre-tax earnings associated with a 10% increase/(decrease) in the related forward price for each commodity:
−Removed: Net Asset/(Liability) Balance as of
+Added: Net (Liability)/Asset Balance as of
December 31, 2021 Average Forward Price Per Unit as of December 31, 2021 Increase/(Decrease) to Pre-tax Earnings Due to
9 unchanged sentences
Palladium $ (0.8) $ 1,872.73 $ 0.3 $ (0.3)
−Removed: Net Asset/(Liability) Balance as of
+Added: Net Asset Balance as of
December 31, 2020 Average Forward Price Per Unit as of December 31, 2020 Increase/(Decrease) to Pre-tax Earnings Due to
10 unchanged sentences
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.