4 unchanged sentences
We are primarily exposed to interest rate risk through our variable rate borrowings under our Amended Credit Facility, as further described in Note 12 , “Credit Facility,” in the Financial Statements.
−Removed: Under the Amended Credit Facility, the term loan and U.S.-dollar-denominated borrowings under the revolver bear interest at a rate equal to one-month SOFR plus a spread.
−Removed: Euro- and sterling-denominated borrowings under the revolver bear at rate equal to the EURIBOR and SONIA reference rates, respectively, plus a spread.
+Added: Under the Amended Credit Facility, the term loan and U.S.-dollar-denominated borrowings under the revolving line of credit (“Revolver”) bear interest at a rate equal to one-month of Secured Overnight Financing Rate (“SOFR”) plus a spread.
+Added: Euro and sterling-denominated borrowings under the revolver bear at rate equal to the Euro Interbank Offered Rate (“EURIBOR”) and Sterling Overnight Index Average (“SONIA”) reference rates, respectively, plus a spread.
At October 31, 2025, we had total outstanding borrowings of $1,569.0 million.
3 unchanged sentences
As actual interest rate movements over time are uncertain, our interest rate swaps pose potential interest rate risks if interest rates decrease.
−Removed: As of October 31, 2024, the fair value of our interest rate swap agreements was an asset of $13.5 million.
+Added: As of October 31, 2025, the fair values of our interest rate swap agreements were an asset of $4.3 million and a liability of $0.1 million.
Foreign Currency Exchange Rate Risk
3 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.