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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 $0.8 million for the three months ended March 31, 2023.
+Added: dollar, our consolidated loss before taxes would have decreased by approximately $1.8 million for the six months ended June 30, 2023.
Interest Rate Risk
1 unchanged sentence
We manage our interest rate risk through the use of derivative financial instruments.
−Removed: 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.
+Added: Specifically, we have entered into interest rate cap and collar agreements to manage our exposure to potential interest rate increases that may result from fluctuations in SOFR.
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 (Loss) Income.
−Removed: As of March 31, 2023, 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%.
−Removed: The aggregate fair value of our interest rate caps represented an outstanding net asset of $39.6 million as of March 31, 2023.
−Removed: 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 $0.3 million in interest expense, net of gains from interest rate caps, for the three months ended March 31, 2023.
+Added: As of June 30, 2023, we had interest rate cap and with an aggregate notional value of principal of $650.0 million with a maturity date of December 16, 2024.
+Added: We also had interest rate collar contracts with an aggregate notional value of principal of $300.0 million with a maturity date of April 5, 2026.
+Added: The aggregate fair value of our interest rate caps and collars represented an outstanding net asset of $44.0 million as of June 30, 2023.
+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 $0.5 million in interest expense, net of gains from interest rate caps and collars, for the six months ended June 30, 2023.
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.
1 unchanged sentence
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.