7 unchanged sentences
Since this is not the functional currency of our subsidiaries in China and Australia, the changes in these balances are translated in our Consolidated Statements of Income, resulting in the recognition of a remeasurement gain or loss.
−Removed: Starting in 2020, we began entering into monthly foreign currency forward contracts to provide a hedge against currency fluctuations on the U.S.
−Removed: dollar denominated assets and liabilities held by our foreign subsidiaries.
+Added: In order to provide a hedge against currency fluctuations on the U.S.
+Added: dollar denominated assets and liabilities held by our foreign subsidiaries, we enter into monthly foreign currency forward contracts (balance sheet hedges) to offset a portion of the remeasurement gain or loss recorded.
As of December 31, 2021, if the U.S.
dollar strengthened or weakened 5%, the impact to the unrealized value of our forward contracts would be approximately $1.0 million.
−Removed: The gain or loss on the forward contracts would be offset by the gain or loss on the underlying transactions, and therefore, would have no impact on future earnings.
+Added: The gain or loss on the forward contracts would be largely offset by the gain or loss on the underlying transactions, and therefore, would have minimal impact on future earnings.
Interest Rate Risk
2 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.