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This amount includes, on an absolute basis, exposures to assets and liabilities held in currencies other than our local entities’ functional currencies.
−Removed: On a net basis, we had $17.6 million of foreign currency assets as of September 30, 2023.
+Added: On a net basis, we had $55.6 million of foreign currency assets as of March 31, 2024.
As currency rates change, these nonfunctional currency balances are revalued, and the corresponding adjustment is recorded in the income statement.
A hypothetical change of 10% in currency rates could result in an adjustment to the income statement of approximately $5.6 million.
−Removed: Actual results may differ.
+Added: Actual results may differ from these estimates.
Interest Rate Risk
We are exposed to interest rate fluctuations with respect to our variable rate debt, depending on general economic conditions.
−Removed: On September 30, 2023, we had the following variable rate debt:
+Added: On March 31, 2024, we had the following variable rate debt:
(in thousands, except interest rates)
+Added: Current Maturities of Long-Term Debt
+Added: Foreign Bank Debt
Long-term debt
Credit agreement with borrowings outstanding, net of fixed rate portion, at an end of period interest rate of 7.05% in 2024, due in 2028
+Added: Foreign Bank Debt
Total $ 79,079
1 unchanged sentence
To manage interest rate risk, we may periodically enter into interest rate swap agreements to effectively fix the interest rates on variable debt to a specific rate for a period of time.
+Added: Our current interest rate swap agreements expire in October 2024, which will result in a significant increase in our interest cost, which will be calculated using a floating rate based on the one-month term SOFR at that time, which was 5.33% as of March 31, 2024.
(See Note 14.
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.