2 unchanged sentences
Our exposure to interest rate risk relates primarily to our cash, cash equivalents, and debt.
−Removed: 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.
+Added: As of March 31, 2024, 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 December 31, 2023, we had $1,098.4 million of variable-rate debt.
+Added: As of March 31, 2024, we had $1,088.1 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 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.
+Added: As of March 31, 2024, a hypothetical 100 basis point increase in rates, inclusive of the impact of our outstanding interest rate swaps that are accruing interest as of March 31, 2024, would result in a $8.7 million impact to interest expense over the next 12 months.
This does not include any yield from cash and marketable securities.
29 unchanged sentences
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
−Removed: group because they are either:
+Added: dollar cash impact for the consolidated group because they are either:
dollar loans or 2) we elect to hedge certain non-U.S.
2 unchanged sentences
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 $7.4 million on our income (loss) before income taxes for the three and six months ended December 31, 2023.
+Added: A hypothetical decrease in exchange rates of 10% against the functional currency of our subsidiaries would have resulted in a change of $0.9 million on our income before income taxes for the nine months ended March 31, 2024.
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.