3 unchanged sentences
Foreign Currency Exchange Rate Risk
−Removed: We are exposed to foreign currency exchange risk related to our transactions and our subsidiaries’ balances that are denominated in currencies other than the U.S.
−Removed: dollar, our functional currency.
−Removed: 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: We periodically enter into foreign currency contracts.
−Removed: The purpose of these derivative instruments is to help manage our exposure to foreign exchange rate risks within the acquired CPA Global business.
−Removed: These contracts generally do not exceed 180 days in duration.
+Added: We are exposed to foreign currency exchange rate risk related to our transactions and our subsidiaries’ balances that are denominated in non-U.S.
+Added: dollar currencies.
+Added: These currencies may continue to fluctuate, especially as a result of central bank responses to inflation and other macroeconomic factors, and such fluctuations will affect financial statement line item comparability.
+Added: We periodically enter into foreign currency forward contracts that generally do not exceed 180 days in duration.
+Added: The purpose of these derivative instruments is to help manage our exposure to foreign exchange rate risks.
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.
−Removed: Revenues denominated in currencies other than U.S.
−Removed: 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 and British pounds.
−Removed: A 5% increase or decrease in the value of the Euro and British pound relative to the U.S.
−Removed: dollar would have caused our revenues for the year ended December 31, 2023, to increase or decrease by $31.0.
+Added: Revenues denominated in non-U.S.
+Added: dollar currencies represented approximately 26% of our total revenues for the year ended December 31, 2024, the significant majority of which were denominated in Euros and British pounds.
+Added: A 10% change in value of the Euro and British pound relative to the U.S.
+Added: dollar would result in an approximate $50 change to our annual revenues.
Interest Rate Risk
−Removed: Our interest rate risk arises primarily from our borrowings at floating interest rates.
−Removed: Borrowings under our credit facilities are subject to floating interest rates, plus a SOFR adjustment and a margin.
−Removed: As of December 31, 2023, we had $2,197.4 of floating rate debt outstanding under our Term Loan Facility.
−Removed: 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.
−Removed: 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.
−Removed: 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).
−Removed: Of the total debt outstanding under our credit facilities, we hedged $1,112.4 of our principal amount of our floating rate debt using interest rate swaps.
−Removed: 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 $1.8 on our cash interest expense during the year ended December 31, 2023.
+Added: Our interest rate risk arises primarily from our outstanding variable interest rate debt.
+Added: As of December 31, 2024, the outstanding principal balance of our variable interest rate debt was $1,999.2 related to our term loans maturing in 2031, bearing interest at a rate equal to the applicable one-month Term SOFR plus a 2.75% margin.
+Added: To reduce our exposure to variability in cash flows relating to these interest payments, we have interest rate swap arrangements with an aggregate notional value of $750.8 as of December 31, 2024, at a weighted average fixed interest rate of 2.909%.
+Added: As such, our interest rate risk exposure is limited to the outstanding principal balance of our term loans in excess of our interest rate swap arrangements.
+Added: Assuming our exposure remains at $1,248.4, a hypothetical 25 basis point change in the one-month Term SOFR would result in an approximate $3 change to our annual interest expense.
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.