Quantitative and Qualitative Disclosures about Market Risk
−Removed: We had no material derivative financial instruments or derivative commodity instruments as of September 30, 2022.
+Added: We had no material derivative financial instruments or derivative commodity instruments as of March 31, 2023.
We maintain our cash and cash equivalents in bank deposit accounts, money market funds and short-term U.S.
10 unchanged sentences
For every 100 basis points increase in LIBOR on our variable rate indebtedness, we would incur an incremental $1.0 million in interest expense per year, excluding any offset from the interest rate cap agreement.
−Removed: To reduce our exposure to market risks from increases in interest rates on our variable rate indebtedness we entered into a hedging arrangement in the form of an interest rate cap agreement.
+Added: To reduce our exposure to
+Added: market risks from increases in interest rates on our variable rate indebtedness we entered into a hedging arrangement in the form of an interest rate cap agreement.
The interest rate cap agreement provides us with interest rate protection in the event the three month LIBOR rate increases above 2% and has a January 2025 termination date.
−Removed: As of September 30, 2022, the interest rate cap agreement hedged $87.5 million of principal under our term loan.
+Added: As of March 31, 2023, the interest rate cap agreement hedged $87.5 million of principal under our term loan.
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.