Quantitative and Qualitative Disclosures About Market Risk
−Removed: We are exposed to a variety of market risks, including changes in interest rates affecting the return on our cash and cash equivalents, short-term and long-term investments and fluctuations in foreign currency exchange rates.
+Added: We are exposed to a variety of market risks, including changes in interest rates affecting the return on our cash and cash equivalents, restricted cash and short-term and long-term investments and fluctuations in foreign currency exchange rates.
Interest Rate Exposure
−Removed: Our $200.0 million term loan bears variable interest rates which subjects us to interest rate risk.
+Added: Our term loan bears variable interest rates which subjects us to interest rate risk.
Our primary interest rate risk exposure results from changes in the short-term LIBOR rate, the federal funds effective rate and the prime rate.
−Removed: As of September 30, 2019, the weighted average stated interest rate on the term loans was 5.3%.
+Added: As of September 30, 2020, the weighted average stated interest rate on all of our term loans, including the three five-year term loans assumed in connection with our acquisition of GENEWIZ in November 2018, was 4.1%.
At September 30, 2020, the outstanding term loan principal balance was $50.4 million, excluding unamortized deferred financing costs of $0.4 million.
−Removed: During fiscal year 2019, we incurred aggregate interest expense of $21.9 million on the term loans.
+Added: During fiscal year 2020, we incurred aggregate interest expense of $2.4 million on all of our term loans.
A hypothetical 100 basis point change in interest rates would result in a $0.5 million change in interest expense incurred during fiscal year 2020.
−Removed: Our cash and cash equivalents consist principally of money market securities which are short-term in nature.
+Added: Our cash and cash equivalents and restricted cash consist principally of money market securities which are short-term in nature.
At September 30, 2020 and 2019, our aggregate short-term and long-term investments were $3.2 million and $37.0 million, respectively, and consisted mostly of highly rated corporate debt securities and municipal securities.
At September 30, 2020 and 2019, the unrealized loss position on marketable securities was insignificant, which is included in “Accumulated other comprehensive income” in the Consolidated Balance Sheets.
−Removed: A hypothetical 100 basis point change in interest rates would result in an annual change of approximately $0.3 million and less than $1.0 million, respectively, in interest income earned in fiscal years 2019 and 2018.
+Added: A hypothetical 100 basis point change in interest rates would result in an annual change of approximately $0.2 million and $0.3 million, respectively, in interest income earned in fiscal years 2020 and 2019.
Currency Rate Exposure
9 unchanged sentences
We incurred foreign currency losses of $3.4 million and $1.8 million, respectively, in fiscal years 2020 and 2019, which related to the currency fluctuation on these balances between the time the transaction occurred and the ultimate settlement of the transaction.
−Removed: A hypothetical 10% change in foreign exchange rates would result in a change of $0.2 million and $4.9 million, respectively, in our net income during fiscal year 2019 and 2018.
+Added: A hypothetical 10% change in foreign exchange rates would result in a change of $1.4 million and $0.2 million, respectively, in our net income during fiscal years 2020 and 2019.
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.