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The cumulative translation effects for subsidiaries using a functional currency other than the U.S.
−Removed: dollar are included in accumulated other comprehensive loss as a separate component of stockholders’ equity.
+Added: dollar are included in accumulated other comprehensive loss as a separate component of stockholders’
We estimate that had the exchange rate in each country unfavorably changed by ten percent relative to the U.S.
−Removed: dollar, our consolidated income before taxes would have decreased by approximately $1.3 million for the six months ended June 30, 2021.
+Added: dollar, our consolidated income before taxes would have decreased by approximately $3.2 million for the nine months ended September 30, 2021.
Equity Price Risk
−Removed: As of June 30, 2021, 7,333,333 private placement warrants remained outstanding at a fair value of $19.7 million as of June 30, 2021.
+Added: As of September 30, 2021, 7,333,333 private placement warrants remained outstanding at a fair value of $19.7 million as of September 30, 2021.
The warrant liability is stated at fair value at each reporting period with the change in fair value recorded on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) until the warrants are exercised, expire or other facts and circumstances lead the warrant liability to be reclassified as an equity instrument.
−Removed: Based on the fair value of the private placement warrants outstanding as of June 30, 2021, a hypothetical decrease of 10% in the share price of the Company’s common stock would reduce the fair value of the warrant liability and result in an unrealized gain recognized in Change in fair value of warrant liability on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) of $4.6 million.
−Removed: Similarly, based on the fair value of the private placement warrants outstanding as of June 30, 2021, a hypothetical increase of 10% in the share price of the Company’s common stock would increase the fair value of the warrant liability and result in an unrealized loss recognized in Change in fair value of warrant liability on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) of $5.1 million.
+Added: Based on the fair value of the private placement warrants outstanding as of September 30, 2021, a hypothetical decrease of 10% in the share price of the Company’s common stock would reduce the fair value of the warrant liability and result in an unrealized gain recognized in Change in fair value of warrant liability on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) of $3.4 million.
+Added: Similarly, based on the fair value of the private placement warrants outstanding as of September 30, 2021, a hypothetical increase of 10% in the share price of the Company’s common stock would increase the fair value of the warrant liability and result in an unrealized loss recognized in Change in fair value of warrant liability on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) of $3.7 million.
Interest Rate Risk
−Removed: Interest rate exposure relates primarily to the effect of interest rate changes on borrowings outstanding under the New Term Loan Facility, New Revolving Credit Facility and Notes.
−Removed: As of the closing of the Transactions, we drew $100.0 million on the New Revolving Credit Facility, which was subject to an assumed interest rate of 2.75%.
−Removed: Additionally, we borrowed an aggregate principal amount of $1.325 billion on the New Term Loan Facility, which are subject to an assumed interest rate of 6.0% and $775.0 million in Notes, which is subject to a fixed interest rate of 6.5%.
−Removed: Prior to the Transactions, interest rate exposure related primarily to the effect of interest rate changes on borrowings outstanding under our Prior Credit Facilities, including our AR Facility, the revolving credit facility then in place, First Lien Credit Agreement and Second Lien Credit Agreement.
+Added: Interest rate exposure relates primarily to the effect of interest rate changes on borrowings outstanding under the Term Loan Facility, Revolving Credit Facility and Notes.
+Added: As of the closing of the Transactions, we drew $100.0 million on the Revolving Credit Facility, which was subject to an assumed interest rate of 2.75%.
+Added: Additionally, we borrowed an aggregate principal amount of $1.325 billion on the Term Loan Facility, which are subject to an assumed interest rate of 6.0% and $775.0 million in Notes, which is subject to a fixed interest rate of 6.5%.
+Added: Prior to the Transactions, interest rate exposure related primarily to the effect of interest rate changes on borrowings outstanding under our Prior Credit Facilities.
We manage our interest rate risk through the use of derivative financial instruments.
Specifically, we have entered into interest rate cap agreements to manage our exposure to potential interest rate increases that may result from fluctuations in LIBOR.
−Removed: We do not designate these derivatives as hedges for accounting purposes, and as a result, all changes in the fair value of derivatives, used to hedge interest rates, are recorded in “Interest expense, net” in our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
−Removed: As of June 30, 2021, we had interest rate cap contracts on $1.5 billion of notional value of principal from various financial institutions, with a maturity dates of January 24, 2022 to manage our exposure to interest rate movements on variable rate credit facilities when three-months LIBOR on term loans exceeds caps ranging from 3.25% to 3.50%.
−Removed: The aggregate fair value of our interest rate caps represented an outstanding net liability of $1.1 million as of June 30, 2021.
−Removed: In addition, we had interest rate cap contracts on an additional $650.0 million of notional value of principal from other financial institutions, with a maturity date of December 16, 2024 to manage our exposure to interest rate movements on variable rate credit facilities when one-month
−Removed: LIBOR on term loans exceeding a cap of 0.75%.
−Removed: The aggregate fair value of our interest rate caps represented an outstanding net asset of $6.1 million as of June 30, 2021.
−Removed: Holding other variables constant, a change of one-eighth
−Removed: percentage point in the weighted average interest rate above the floor of 0.75% on the New Term Loan Facility and New Revolving Credit Facility would have resulted in an increase of $0.4 million in interest expense, net of gains from interest rate caps, for the six months ended June 30, 2021.
+Added: We do not designate these derivatives as hedges for accounting purposes, and as a result, all changes in the fair value of derivatives, used to hedge interest rates, are recorded in “Interest expense, net”
+Added: in our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
+Added: As of September 30, 2021, we had interest rate cap contracts on $1.5 billion of notional value of principal from various financial institutions, with a maturity dates of January 24, 2022 to manage our exposure to interest rate movements on variable rate credit facilities when three-months LIBOR on term loans exceeds caps ranging
+Added: from 3.25% to 3.50%.
+Added: The aggregate fair value of our interest rate caps represented an outstanding net liability of $0.8 million as of September 30, 2021.
+Added: In addition, we had interest rate cap contracts on an additional $650.0 million of notional value of principal from other financial institutions, with a maturity date of December 16, 2024 to manage our exposure to interest rate movements on variable rate credit facilities when one-month LIBOR on term loans exceeding a cap of 0.75%.
+Added: The aggregate fair value of our interest rate caps represented an outstanding net asset of $5.9 million as of September 30, 2021.
+Added: Holding other variables constant, a change of one-eighth percentage point in the weighted average interest rate above the floor of 0.75% on the Term Loan Facility and Revolving Credit Facility would have resulted in an increase of $0.6 million in interest expense, net of gains from interest rate caps, for the nine months ended September 30, 2021.
In the future, in order to manage our interest rate risk, we may refinance our existing debt, enter into additional interest rate cap agreements or modify our existing interest rate cap agreement.
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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.