2 unchanged sentences
Our exposure to interest rate risk relates primarily to our cash, cash equivalents, and debt.
−Removed: As of September 30, 2023, our cash and cash equivalents consisted of standard depository accounts, which are held for working capital purposes, money market funds, and marketable securities with an original maturity of less than 90 days.
+Added: As of December 31, 2023, our cash and cash equivalents consisted of standard depository accounts, which are held for working capital purposes, money market funds, and marketable securities with an original maturity of less than 90 days.
We do not believe we have a material exposure to interest rate fluctuations related to our cash and cash equivalents.
−Removed: As of September 30, 2023, we had $1,087.4 million of variable-rate debt.
+Added: As of December 31, 2023, we had $1,098.4 million of variable-rate debt.
As a result, we have exposure to market risk for changes in interest rates related to these obligations.
In order to mitigate our exposure to interest rate changes related to our variable-rate debt, we execute interest rate swap contracts to fix the interest rate on a portion of our outstanding or forecasted long-term debt with varying maturities.
−Removed: As of September 30, 2023, a hypothetical 100 basis point increase in rates, inclusive of the impact of our outstanding interest rate swaps that are accruing interest as of September 30, 2023, would result in a $8.6 million impact to interest expense over the next 12 months.
+Added: As of December 31, 2023, a hypothetical 100 basis point increase in rates, inclusive of the impact of our outstanding interest rate swaps that are accruing interest as of December 31, 2023, would result in a $8.8 million impact to interest expense over the next 12 months.
This does not include any yield from cash and marketable securities.
15 unchanged sentences
In addition, we elect to execute currency derivatives contracts that do not qualify for hedge accounting.
−Removed: As a result, we may experience volatility in our consolidated statements of operations due to (i) the impact of unrealized gains and losses reported in other income, net, on the mark-to-market of outstanding contracts and (ii) realized gains and losses recognized in other income, net, whereas the offsetting economic gains and losses are reported in the line item of the underlying activity, for example, revenue.
+Added: As a result, we may experience volatility in our consolidated statements of operations due to (i) the impact of unrealized gains and losses reported in other (expense) income, net, on the mark-to-market of outstanding contracts and (ii) realized gains and losses recognized in other (expense) income, net, whereas the offsetting economic gains and losses are reported in the line item of the underlying activity, for example, revenue.
• Translation of our non-U.S.
7 unchanged sentences
• Remeasurement of monetary assets and liabilities:
−Removed: Transaction gains and losses generated from remeasurement of monetary assets and liabilities denominated in currencies other than the functional currency of a subsidiary are included in other income, net, on the consolidated statements of operations.
+Added: Transaction gains and losses generated from remeasurement of monetary assets and liabilities denominated in currencies other than the functional currency of a subsidiary are included in other (expense) income, net, on the consolidated statements of operations.
Certain of our subsidiaries hold intercompany loans denominated in a currency other than their functional currency.
−Removed: Due to the significance of these balances, the revaluation of intercompany loans can have a material impact on other income, net.
+Added: Due to the significance of these balances, the revaluation of intercompany loans can have a material impact on other (expense) income, net.
We expect these impacts may be volatile in the future, although our largest intercompany loans do not have a U.S.
−Removed: dollar cash impact for the consolidated group because they are either:
+Added: dollar cash impact for the consolidated
+Added: group because they are either:
dollar loans or 2) we elect to hedge certain non-U.S.
−Removed: dollar loans with cross-currency
−Removed: swaps and forward contracts.
+Added: dollar loans with cross-currency swaps and forward contracts.
A hypothetical 10% change in currency exchange rates was applied to total net monetary assets denominated in currencies other than the functional currencies at the balance sheet dates to compute the impact these changes would have had on our (loss) income before income taxes in the near term.
The balances are inclusive of the notional value of any cross-currency swaps designated as cash flow hedges.
−Removed: A hypothetical decrease in exchange rates of 10% against the functional currency of our subsidiaries would have resulted in a change of $4.0 million on our income (loss) before income taxes for the three months ended September 30, 2023.
+Added: A hypothetical decrease in exchange rates of 10% against the functional currency of our subsidiaries would have resulted in a change of $7.4 million on our income (loss) before income taxes for the three and six months 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.