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Foreign Currency Risk
−Removed: Our exposure to foreign currency exchange rate fluctuations is primarily the result of foreign subsidiaries and foreign branches primarily domiciled in Europe and Canada.
−Removed: We use financial derivative instruments to hedge foreign currency exchange rate risks associated with our Canadian subsidiary.
−Removed: The assets and liabilities of our foreign subsidiaries and foreign branches, whose functional currencies are primarily Canadian dollars, British pounds and euros, respectively, are translated into U.S.
+Added: Our exposure to foreign currency exchange rate fluctuations is primarily the result of foreign subsidiaries and foreign branches primarily domiciled in Canada.
+Added: We use financial derivative instruments to hedge foreign currency exchange rate risks associated with our Canadian operations.
+Added: The assets and liabilities of our foreign subsidiaries and foreign branches, whose functional currencies are primarily Canadian dollars, are translated into U.S.
dollars at exchange rates in effect at the balance sheet date.
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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’
+Added: dollar are included in accumulated other comprehensive loss as a separate component of stockholders’ equity.
We estimate that had the exchange rate in each country unfavorably changed by ten percent relative to the U.S.
−Removed: dollar, our consolidated loss before taxes would have decreased by approximately $2.8 million for the nine months ended September 30, 2023.
+Added: dollar, our consolidated loss before taxes would have decreased by approximately $0.5 million for the three months ended March 31, 2024.
Interest Rate Risk
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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.
−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”
−Removed: in our Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income.
−Removed: As of September 30, 2023, we had an interest rate cap with an aggregate notional value of principal of $650.0 million with a maturity date of December 16, 2024.
+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” in our Condensed Consolidated Statements of Operations and Comprehensive Loss.
+Added: As of March 31, 2024, we had an interest rate cap with an aggregate notional value of principal of $650.0 million with a maturity date of December 16, 2024.
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.
−Removed: The aggregate fair value of our interest rate caps and collars represented an outstanding net asset of $39.3 million as of September 30, 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 $0.7 million in interest expense, net of gains from interest rate caps and collars, for the nine months ended September 30, 2023.
+Added: The aggregate fair value of our interest rate caps and collars represented an outstanding net asset of $22.5 million as of March 31, 2024.
+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 $0.2 million in interest expense, net of gains from interest rate caps and collars, for the three months ended March 31, 2024.
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.