6 unchanged sentences
These currencies may continue to fluctuate, in either direction, especially as a result of central bank responses to inflation, concerns regarding future economic growth and other macroeconomic factors, and such fluctuations will affect financial statement line item comparability.
−Removed: The Company periodically enters into foreign currency contracts.
−Removed: The purpose of these derivative instruments is to help manage the Company’s exposure to foreign exchange rate risks within the acquired CPA Global business.
+Added: We periodically enter into foreign currency contracts.
+Added: The purpose of these derivative instruments is to help manage our exposure to foreign exchange rate risks within the acquired CPA Global business.
These contracts generally do not exceed 180 days in duration.
−Removed: The Company accounts for these foreign currency contracts at fair value and recognizes the associated realized and unrealized gains and losses in Other operating income, net in the Consolidated Statements of Operations, as the contracts are not designated as accounting hedges under the applicable sections of ASC Topic 815.
+Added: We account for these foreign currency contracts at fair value and recognize the associated realized and unrealized gains and losses in Other operating expense (income), net in the Consolidated Statements of Operations, as the contracts are not designated as accounting hedges under the applicable sections of ASC Topic 815.
Revenues denominated in currencies other than U.S.
dollars amounted to $767.7, or approximately 29.2%, of our total revenues for the year ended December 31, 2023.
−Removed: A significant majority of this amount was denominated in euros, British pounds and Japanese yen.
−Removed: A 5% increase or decrease in the value of the euro, British pound and Japanese yen relative to the U.S.
+Added: A significant majority of this amount was denominated in Euros and British pounds.
+Added: A 5% increase or decrease in the value of the Euro and British pound relative to the U.S.
dollar would have caused our revenues for the year ended December 31, 2023, to increase or decrease by $31.0.
−Removed: The following table presents the average of the weighted average exchange rates of the currencies, which have the most significant impact on our business:
−Removed: Rate for 1 USD Year Ended December 31,
−Removed: 2022 2021 Percentage Change
−Removed: GBP $ 0.81 $ 0.73 11 %
−Removed: EUR 0.95 0.85 12 %
−Removed: JPY 131.49 109.83 20 %
Interest Rate Risk
Our interest rate risk arises primarily from our borrowings at floating interest rates.
−Removed: Borrowings under our credit facilities are subject to floating base interest rates, plus a margin.
−Removed: As of December 31, 2022, we had $2,497.4 of floating rate debt outstanding under our credit facilities, consisting of borrowings under the revolving and term loan facilities.
−Removed: For the term loan facility, the base rate is one-month LIBOR (subject to a floor of 0.00% for $1,094.0 and 1.00% for $1,403.4), which was at 4.39% at December 31, 2022, or Prime plus a margin of 2.25% per annum, as applicable depending on the borrowing.
−Removed: For the revolving credit facility, the base interest rate is at Term SOFR, plus a 0.1% SOFR adjustment, plus 3.25% per annum (or 2.75% per annum, based on first lien leverage ratios) or Prime plus a margin of 2.25% per annum, as applicable depending on the borrowing.
+Added: Borrowings under our credit facilities are subject to floating interest rates, plus a SOFR adjustment and a margin.
+Added: As of December 31, 2023, we had $2,197.4 of floating rate debt outstanding under our Term Loan Facility.
+Added: For our Term Loan Facility, the interest rate is one-month Term SOFR plus a SOFR adjustment of 0.11% (subject to a floor of 0.00% for $962.6 and 1.00% for $1,234.8), or Prime plus a margin of 2.25% per annum, as applicable depending on the borrowing.
+Added: For borrowings under the revolving credit facility, the base interest rate is at Term SOFR, plus a 0.1% SOFR adjustment, plus 3.25% per annum (or 2.75% per annum, based on first lien leverage ratios) or Prime plus a margin of 2.25% per annum, as applicable depending on the borrowing.
The interest rate margins under our credit facilities will decrease upon the achievement of certain first lien net leverage ratios (as the term is used in the Credit Agreement).
1 unchanged sentence
As a result, $1,085.0 of our outstanding borrowings effectively bore interest at floating rates.
−Removed: A 0.125 basis point increase or decrease in the applicable base interest rate under our credit facilities would have an impact of $1.5 on our cash interest expense for the year ended December 31, 2022.
−Removed: We are not currently exposed to market instruments, except for the effective interest rate hedges discussed above.
−Removed: We are, however, exposed to credit risk on our accounts receivable, and we maintain an allowance for potential credit losses.
−Removed: Further, given our subscription-based revenues model, where a significant portion of customer obligations are payable to us upfront, and our credit control procedures, we believe that our exposure to customer credit risk is currently limited.
+Added: A 0.125 basis point increase or decrease in the applicable base interest rate under our credit facilities would have an impact of $1.8 on our cash interest expense during the year ended December 31, 2023.
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.