1 unchanged sentence
Our earnings, cash flows and financial position are exposed to market risks relating to fluctuations in interest rates and foreign currency exchange rates.
−Removed: All of the potential changes noted below are based on information available at October 1, 2021.
+Added: All of the potential changes noted below are based on information available at April 1, 2022.
Interest Rate Risk
−Removed: Each one percentage point change associated with the variable rate Amended Term Loan would result in a $0.1 million change in our annual cash interest expenses, net of interest rate swaps in place as of October 1, 2021 to hedge a portion of this risk
+Added: Each one percentage point change associated with the variable rate Amended Term Loan would result in a $0.1 million change in our annual cash interest expenses, net of interest rate swaps in place as of April 1, 2022 to hedge a portion of this risk
Assuming our Amended Revolver was fully drawn to a principal amount equal to $270.0 million, each one percentage point change in interest rates would result in a $2.7 million change in our annual cash interest expense.
−Removed: As of October 1, 2021, the notional value of our interest rate swap agreements totaled $43.7 million.
+Added: As of April 1, 2022, the notional value of our interest rate swap agreements totaled $39.8 million.
The difference to be paid or received under the terms of the interest rate swap agreements is accrued as interest rates change and recognized as an adjustment to interest expense for the related debt in the period incurred.
4 unchanged sentences
However, we are required to transact in foreign currencies for some of our contracts, resulting in some assets and liabilities denominated in foreign currencies.
−Removed: Therefore, our earnings may experience some volatility related to movements in foreign currency exchange rates.
−Removed: We enter into forward foreign exchange contracts to buy or sell various foreign currencies to selectively protect against volatility in the value of non-functional currency denominated monetary assets and liabilities.
−Removed: Changes in the fair value of these forward contracts are recogni zed in earnings.
−Removed: As of October 1, 2021, the U.S.
−Removed: dollar notional value of our outstanding foreign currency forward contracts was approximately $3.4 million.
−Removed: We perform a sensitivity analysis to determine the effects that market risk exposures may have on the fair values of our foreign currency forward contracts.
−Removed: To perform the sensitivity analysis, we assess the risk of loss in fair values from the effect of hypothetical changes in foreign currency exchange rates.
−Removed: This analysis assumes a like movement by the foreign currencies in our hedge portfolio against the U.S.
−Removed: As of October 1, 2021, a 5% appreciation in the value of the U.S.
−Removed: dollar would result in a net decrease in the fair value of our derivative portfolio of approximately $0.2 million.
+Added: As a result, our earnings may experience some volatility related to movements in foreign currency exchange rates.
+Added: In the past, we entered into forward foreign exchange contracts to buy or sell various foreign currencies to selectively protect against volatility in the value of non-functional currency denominated monetary assets and liabilities.
+Added: The impact of the related contracts on our Condensed Consolidated Statements of Income and our Condensed Consolidated Balance Sheets was immaterial and related hedging was discontinued.
+Added: Our last forward contracts expired in January 2021 and no such contracts are outstanding as of April 1, 2022.
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.