3 unchanged sentences
Market risk refers to the risk of loss from adverse changes in market prices and interest rates.
−Removed: As of December 31, 2023, we had $645.0 million of outstanding USD-denominated variable-rate debt and C$250.0 million of outstanding CAD-denominated variable-rate debt under our Senior Unsecured Term Loan A Facility bearing interest at one-month SOFR for the USD tranche and one-month CDOR for the CAD tranche, plus a margin of up to 0.94%.
−Removed: We have entered into interest rate swaps to effectively lock in the floating rates on all of our USD-denominated term loan at a weighted average rate of 4.39% and all of our outstanding CAD-denominated term loan at a weighted average rate of 4.53%.
−Removed: As a result, the only borrowings that we have exposure to changes in interest rates as of December 31, 2023 consist of our borrowings under our Revolving Credit Facility including:
−Removed: $34.0 million, C$35.0 million, €67.5 million, £78.0 million, A$191.0 million and NZD44.0 million.
−Removed: At December 31, 2023, one-month term and daily SOFR was approximately 5.31%, one-month CDOR was approximately 5.44%, one-month SONIA was at 5.19%, and one-month AUD BBSW was approximately 4.36%, one-month EURIBOR was approximately 3.84% and one-month BKBM was approximately 5.63%, therefore a 100 basis point increase in market interest rates would result in an increase in interest expense to service our variable-rate debt of approximately $3.9 million.
−Removed: A 100 basis point decrease in market interest rates would result in a decrease in interest of approximately $3.9 million.
+Added: As of December 31, 2024, we had $645.0 million of outstanding USD-denominated variable-rate debt and C$250.0 million of outstanding CAD-denominated variable-rate debt under the Senior Unsecured Term Loan Facility.
+Added: This consisted of our Senior Unsecured Term Loan A Facility bearing interest at one-month Adjusted Term SOFR for the USD tranches and adjusted daily CORRA for the CAD tranche.
+Added: These rates are also subject to contractual margins up to 0.94% and index adjustments of 0.10% on SOFR and 0.30% on CORRA.
+Added: We have entered into interest rate swaps to effectively lock in the floating rates on all of our USD-denominated term loans at a weighted average rate of 4.20% and all of our outstanding CAD-denominated term loan at a rate of 4.53%.
+Added: Additionally, as of December 31, 2024, we had $14.0 million , C$35.0 million, €70.5 million, A$197.0 million, and NZ$39.0 million outstanding of Senior Unsecured Revolving Credit Facility draws.
+Added: At December 31, 2024, adjusted daily SOFR was approximately 4.41%, adjusted daily CORRA was approximately 3.61%, one-month AUD BBSW was approximately 4.37%, one-month EURIBOR was approximately 2.86%, and one-month BKBM was approximately 4.42%.
+Added: T hese rates are also subject to contractual margins of 0.84% and an index of adjustment of 0.10% on SOFR and 0.30% on CORRA.
+Added: The interest rate paid on borrowings can never drop below 0.0%, although the associated benchmark rate does.
+Added: A 100 basis point increase in market interest rates would result in an increase in annual interest expense to service our variable-rate debt of approximately $2.6 million, and a 100 basis point decrease in market interest rates would result in a $2.6 million decrease in annual interest expense.
Foreign Currency Risk
11 unchanged sentences
dollar, would have resulted in a reduction in our total equity of approximately $35.3 million as of December 31, 2024.
+Added: However, to manage this risk, as of December 31, 2024, the Company designated A$197.0 million and €820.5 million of debt and accrued interest as a hedge of its net investments in certain international subsidiaries.
+Added: Additionally, the Company periodically enters into cross-currency swap agreements, which effectively mitigate the Company’s exposure to fluctuations in cash flows due to changes in foreign exchange rates.
+Added: As of December 31, 2024, the Company’s outstanding intercompany loan balance of A$153.5 million was
+Added: Table of C ontents
+Added: hedged under a cross-currency swap agreement.
+Added: Refer to Note 10 - Derivative Financial Instruments for further details.
Our operations in Argentina are reported using highly inflationary accounting.
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As of December 31, 2024, the net monetary assets of the Argentina subsidiary were immaterial and, therefore, a 10% unfavorable change in the exchange rate would not be material.
−Removed: Additionally, the operating income of the Argentina subsidiary was less than 1.0% of our consolidated operating income for the years ended December 31, 2023 and 2022.
+Added: Additionally, the operating income of the Argentina subsidiary was 2.0% and 1.0% of our consolidated operating income for the years ended December 31, 2024 and 2023, respectively.
For the years ended December 31, 2024 and 2023, revenues from our international operations were $591.4 million and $597.2 million, respectively, which represented 22.2% and 22.3% of our consolidated revenues, respectively.
−Removed: For the years ended December 31, 2023 and 2022, net assets in international operations were approximately $1.1 billion and $1.3 billion, respectively.
+Added: Net assets in international operations were approximately $352.8 million and $443.2 million as of December 31, 2024 and 2023 ($1.1 billion as of December 31, 2023 excluding net intercompany liabilities), respectively.
The effect of a change in foreign exchange rates on our net investment in foreign subsidiaries is reflected in the Accumulated other comprehensive loss component of equity of our Consolidated Financial Statements included in this Annual Report on Form 10-K.
4 unchanged sentences
All changes in fair value will be recorded to Accumulated other comprehensive loss.
−Removed: On December 30, 2020, we closed on the Agro acquisition, which conducts a significant amount of its operations in Europe.
−Removed: In tandem with this acquisition, we closed on the Series D and E Senior Unsecured Notes in aggregate of €750 million.
−Removed: The debt was designated as a net investment hedge for the Agro operations, as the equity in the European entities is greater than the principal of the debt.
−Removed: Quarterly, effectiveness will be measured according to the amount of principal compared to the equity of the European entities.
−Removed: A portion of the Series D and E Senior Unsecured Notes may be undesignated if the equity is insufficient to hedge the principal from the Series D and E Senior Unsecured Notes issuance.
−Removed: The remeasurement on the Series D and E Senior Unsecured Notes will be recorded to Accumulated other comprehensive loss.
−Removed: Additionally, we entered into a foreign currency forward to exchange the €750 million proceeds for $877.4 million USD.
−Removed: On the date of issuance, the €750 million issuance was equivalent to $922.4 million USD, based on the spot rate.
−Removed: The difference between the proceeds from the foreign currency forward and the market equivalent on the date of debt issuance of $45 million was recorded to Foreign currency exchange loss, net, a component of other (expense) income of our Consolidated Statements of Operations during the year ended December 31, 2020, and included in this Annual Report on Form 10-K.
−Removed: As a result of the Agro acquisition, multiple intercompany loans were generated, denominated in various foreign currencies.
−Removed: These intercompany loans have been designated as long-term, permanent investments, whereby the periodic remeasurement will be recorded through Accumulated other comprehensive loss on the Consolidated Balance Sheet.
−Removed: On May 28, 2021, we closed on the Bowman acquisition.
−Removed: In order to fund the acquisition, we drew £68.5 million from our Senior Unsecured Revolving Credit Facility.
−Removed: The debt was designated as a net investment hedge for the Bowman operations, as the equity residing in this entity is greater than the debt.
−Removed: A portion of this Revolver liability may be undesignated if the equity is insufficient to hedge the outstanding debt.
−Removed: The remeasurement on the GBP Revolver draws will be recorded to Accumulated other comprehensive loss.
−Removed: On November 15, 2021, we closed on the Lago acquisition.
−Removed: In order to fund the acquisition, we drew $80 million AUD from our Senior Unsecured Revolving Credit Facility.
−Removed: The debt was designated as a net investment hedge for the Lago operations, as the equity residing in this entity is greater than the debt.
−Removed: A portion of this Revolver
−Removed: liability may be undesignated if the equity is insufficient to hedge the outstanding debt.
−Removed: The remeasurement on the AUD Revolver draws will be recorded to Accumulated other comprehensive loss.
−Removed: During 2022 and 2023, we have funded various international capital requirements including the De Bruyn acquisition, the Ormeau acquisition, the settlement of the Bowman acquisition deferred consideration and expansion and development projects with borrowings from our Senior Unsecured Revolving Credit Facility.
−Removed: The foreign-denominated borrowings under our Senior Unsecured Revolving Credit Facility was designated as a net investment hedge.
+Added: During the years ended December 31, 2024, 2023 and 2022, we funded various international capital requirements, including acquisitions, and various expansion and development projects with borrowings from our Senior Unsecured Revolving Credit Facility.
+Added: Certain foreign-denominated borrowings under our Senior Unsecured Revolving Credit Facility were designated as a net investment hedge.
A portion of this Revolver liability may be undesignated if the equity is insufficient to hedge the outstanding debt.
−Removed: The remeasurement on these borrowings will be recorded to Accumulated other comprehensive loss.
+Added: The remeasurement on these borrowings is recorded to Accumulated other comprehensive loss.
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.