1 unchanged sentence
We are exposed to market risks that relate principally to changes in interest rates and foreign currency fluctuations.
−Removed: To the extent reasonable and practical, we may decide to reduce the risk of changing interest rates and foreign currency fluctuations on the underlying exposure by entering into interest rate swaps and foreign currency forward exchange contracts, respectively.
−Removed: We do not emphasize such transactions to the same degree as some other companies with international operations.
We do not enter into derivative financial instrument transactions for speculative purposes.
+Added: Foreign Currency Exchange Risk
We operate multiple foreign subsidiaries that manufacture and market our products worldwide.
2 unchanged sentences
We are exposed to risks caused by changes in foreign exchange, principally our British pound sterling, euro and Japanese yen denominated debt and receivables denominated in currencies other than the United States dollar, and from operations in other foreign currencies.
−Removed: Although we may enter into foreign exchange agreements with financial institutions to reduce our exposure to fluctuations in foreign currency values relative to our debt or receivables obligations, these hedging transactions do not eliminate that risk entirely.
−Removed: At October 31, 2021, a uniform hypothetical 5% increase or decrease in the foreign currency exchange rates in comparison to the United States dollar would have resulted in a corresponding increase or decrease in approximately $39.6 million in operating income for the fiscal year ended October 31, 2021.
+Added: We did not have any cross-currency swaps or foreign currency forward contracts as of October 31, 2022.
+Added: At October 31, 2022, a uniform hypothetical 5% increase or decrease in the foreign currency exchange rates in comparison to the United States dollar would have resulted in a corresponding increase or decrease of approximately $35.0 million in operating income for the fiscal year ended October 31, 2022.
For additional information, see Item 1A.
1 unchanged sentence
" and Note 1.
−Removed: Accounting Policies of the Consolidated Financial Statements for additional information.
−Removed: We are also exposed to risks associated with changes in interest rates, as the interest rates on our revolving lines of credit and term loans may vary with the federal funds rate and LIBOR.
−Removed: We may decrease this interest rate risk by hedging a portion of variable rate debt effectively converting it to fixed rate debt for varying periods.
−Removed: On April 6, 2020, we entered into six interest rate swap contracts to hedge our exposure to changes in cash flows associated with our variable rate debt.
−Removed: The interest rate swap contracts became effective on April 6, 2020 and had maturities of seven years or less with a total notional amount of $1.5 billion.
−Removed: The outstanding contracts as of October 31, 2021 have a total notional amount of $1.0 billion.
−Removed: We believe that we are not significantly exposed to interest rate risk at this time.
−Removed: We did not have any cross-currency swaps or foreign currency forward contracts as of October 31, 2021.
−Removed: On November 2, 2021, subsequent to the fiscal year ended October 31, 2021, the Company entered into a 364-day, $840.0 million, term loan agreement by and among the Company, the lenders party thereto and The Bank of Nova Scotia, as administrative agent which matures on November 1, 2022.
−Removed: The Company used part of the funds to partially repay outstanding borrowings under the 2020 Revolving Credit Facility and for general corporate purposes.
−Removed: Subsequent Events of the Consolidated Financial Statements for additional information.
−Removed: On October 16, 2020, we entered into a 364-day, $350.0 million, term loan agreement by and among us, the lenders party thereto and The Bank of Nova Scotia, as administrative agent, which matured on October 15, 2021.
−Removed: At maturity, outstanding amounts under this agreement were fully repaid using borrowings under the 2020 Revolving Credit Facility.
−Removed: On April 1, 2020, we entered into a Revolving Credit and Term Loan Agreement (the 2020 Credit Agreement), among us, CooperVision International Holding Company, LP, CooperSurgical Netherlands B.V., CooperVision Holding Kft.
−Removed: the lenders from time to time party thereto, and KeyBank National Association, as administrative agent.
−Removed: The 2020 Credit Agreement provides for (a) a multicurrency
−Removed: THE COOPER COMPANIES, INC.
−Removed: AND SUBSIDIARIES
−Removed: revolving credit facility (the 2020 Revolving Credit Facility) in an aggregate principal amount of $1.29 billion and (b) a term loan facility (the 2020 Term Loan Facility) in an aggregate principal amount of $850.0 million, each of which, unless terminated earlier, mature on April 1, 2025.
−Removed: The 2020 Credit Agreement replaced our previous credit agreement and funds from the new term loan were used to repay the outstanding amounts under the previous credit agreement, to repay an outstanding term loan, and for general corporate purposes.
−Removed: At October 31, 2021, we had $742.6 million available under the 2020 Revolving Credit Facility and $850.0 million outstanding under the 2020 Term Loan Facility.
−Removed: The interest rate on the 2020 Term Loan Facility was 0.96% at October 31, 2021.
−Removed: Debt of the Consolidated Financial Statements for additional information.
−Removed: (In millions)
−Removed: Short-term debt $ 83.0 $ 409.4
−Removed: Long-term debt 1,396.3 1,384.2
−Removed: unamortized debt issuance cost (0.3) (0.4)
−Removed: Total $ 1,479.0 $ 1,793.2
+Added: Organization and Significant Accounting Policies for additional information.
+Added: Interest Rate Risk
+Added: We are exposed to risks associated with changes in interest rates, as the interest rates on our revolving lines of credit and term loans may vary with the federal funds rate and LIBOR.
+Added: As of October 31, 2022, we had outstanding debt for an aggregate carrying amount of $2.7 billion.
+Added: We have entered, and in the future may enter, into interest rate swaps to manage interest rate risk.
Our ultimate realized gain or loss with respect to interest rate fluctuations will depend on interest rates, the exposures that arise during the period and our hedging strategies at that time.
−Removed: If interest rates were to increase or decrease by 1% or 100 basis points, annual interest expense would increase or decrease by approximately $4.8 million based on average debt outstanding, after consideration of our interest rate swap contracts, for fiscal 2021.
+Added: If interest rates were to increase or decrease by 1% or 100 basis points, annual interest expense would increase or decrease by approximately $4.6 million based on average debt outstanding, after consideration of our interest rate swap contracts, during the fourth quarter of fiscal 2022.
For further information about our debt, see Item 1A.
1 unchanged sentence
", and Note 5.
−Removed: Accounting Policies and Note 5.
−Removed: Debt of the Consolidated Financial Statements for additional information.
+Added: Financing Arrangements for additional information.
THE COOPER COMPANIES, INC.
1 unchanged sentence
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.