3 unchanged sentences
We are exposed to foreign currency exchange risk as we conduct business outside the U.S.
−Removed: in several currencies including British Pound Sterling, Euro, Indian Rupee, and Philippine Peso.
+Added: in several currencies including British Pound Sterling, Indian Rupee, Euro, and Philippine Peso.
Changes in the exchange rates for such currencies into U.S.
2 unchanged sentences
The changes in fair value for these foreign currency forward contracts are initially reported as a component of Accumulated other comprehensive loss ("AOCL") and subsequently reclassified into operating expenses when the hedged exposure affects earnings.
−Removed: A sensitivity analysis was performed based on the estimated fair value of all foreign currency forward contracts outstanding at February 28, 2022.
+Added: A sensitivity analysis was performed based on the estimated fair value of all foreign currency forward contracts outstanding at May 31, 2022.
dollar had been 10% weaker, the fair value of outstanding foreign currency forward contracts would have increased by $15.0 million.
Such a change in fair value of our financial instruments would be substantially offset by changes in our expense base.
−Removed: If we had no hedges in place as of February 28, 2022, a hypothetical 10% weaker U.S.
−Removed: dollar against all foreign currencies from the quoted foreign currency exchange rates at February 28, 2022, with operating results held constant in local currencies, would result in a decrease in operating income by $41.5 million over the next 12 months.
+Added: If we had no hedges in place as of May 31, 2022, a hypothetical 10% weaker U.S.
+Added: dollar against all foreign currencies from the quoted foreign currency exchange rates at May 31, 2022, with operating results held constant in local currencies, would result in a decrease in operating income by $39.6 million over the next 12 months.
A hypothetical 10% weaker U.S.
−Removed: dollar against all foreign currencies at February 28, 2022 would have increased the fair value of total assets by $67.9 million and equity by $47.1 million.
−Removed: Refer to Note 6, Derivative Instruments in the Notes to our Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information on our foreign currency exposures and our foreign currency forward contracts.
+Added: dollar against all foreign currencies at May 31, 2022 would have increased the fair value of total assets by $65.6 million and equity by $45.9 million.
+Added: Refer to Note 6, Derivative Instruments for more information on our foreign currency exposures and our foreign currency forward contracts.
Interest Rate Risk
Cash and Cash Equivalents and Investments
−Removed: The fair market value of our Cash and cash equivalents and Investments at February 28, 2022 was $808.0 million.
−Removed: Our cash and cash equivalents consist of demand deposits and money market funds with original maturities of three months or less and are reported at fair value.
+Added: The fair market value of our Cash and cash equivalents and Investments at May 31, 2022 was $560.5 million.
+Added: Our cash and cash equivalents consist of demand deposits, money market funds and mutual funds not subject to maturities and are reported at fair value.
We are exposed to interest rate risk through fluctuations of interest rates on our investments.
1 unchanged sentence
2022 Credit Agreement
−Removed: As of February 28, 2022, we had long-term debt outstanding under the 2019 Revolving Credit Facility with a principal balance of $575.0 million.
−Removed: The debt bears interest on the outstanding principle at a rate equal to LIBOR plus a spread, using a debt leverage pricing grid.
−Removed: The variable rate of interest on our long-term debt created exposure to interest rate volatility due to changes in LIBOR.
−Removed: To mitigate this exposure, on March 5, 2020, we entered into the 2020 Swap Agreement (as defined in Note 6, Derivative Instruments ) with a notional amount of $287.5 million to hedge the variable interest rate obligation, effectively converting the floating interest rate to fixed for the hedged portion.
−Removed: Thus, our exposure was limited to base interest rate risk on floating rate borrowings in excess of any amounts that are not hedged, or $287.5 million of our outstanding principal balance.
−Removed: Assuming all terms of our outstanding long-term debt remained the same, a hypothetical 25 basis point change (up or down) in the one-month LIBOR provided exposure of $0.7 million to our annual interest expense.
−Removed: Refer to Note 11, Debt, in the Notes to our Consolidated Financial Statements included in Part 1, Item 1 of this Quarterly Report on Form 10-Q for additional information regarding our outstanding debt obligations.
−Removed: As of March 1, 2022 , we repaid in full and terminated our 2019 Credit Agreement .
−Removed: Refer to Note 17, Subsequent Events for more information on the termination.
−Removed: 2022 Credit Agreement
−Removed: On March 1, 2022, FactSet Research Systems Inc.
−Removed: borrowed $1.0 billion under the 2022 Term Facility and $250.0 million under the 2022 Revolving Facility.
−Removed: The debt will bear interest on the outstanding principle at an applicable Secured Overnight Financing Rate ("SOFR") rate plus a spread, using a debt leverage pricing grid.
−Removed: The variable rate of interest on our long-term debt creates exposure to interest rate volatility due to changes in SOFR.
−Removed: To mitigate this exposure, on March 1, 2022, we entered into the 2022 Swap Agreement.
−Removed: Refer to Note 17, Subsequent Events , in the Notes to the Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information on these defined terms, our 2022 Term Facility, 2022 Revolving Facility and our 2022 Swap Agreement.
+Added: On March 1, 2022, we borrowed $1.0 billion under the 2022 Term Facility and $250.0 million of the available $500.0 million under the 2022 Revolving Facility.
+Added: As of May 31, 2022 we had an outstanding principal balance of $875.0 million under the 2022 Term Facility and $250.0 million under the 2022 Revolving Facility.
+Added: The outstanding borrowings under the 2022 Credit Facilities bore interest at a rate equal to the applicable Term SOFR rate plus a spread using a debt leverage pricing grid, currently at 1.1% as of May 31, 2022.
+Added: The variable rate of interest on our debt creates exposure to interest rate volatility due to changes in SOFR.
+Added: To mitigate this exposure, on March 1, 2022, we entered into the 2022 Swap Agreement with a notional amount of $800.0 million.
+Added: The 2022 Swap Agreement will hedge a portion of our outstanding floating SOFR rate debt with a fixed interest rate of 1.162%, to maintain an intended fixed to floating interest rate ratio.
+Added: The notional amount of the 2022 Swap Agreement declines by $100.0 million on a quarterly basis beginning May 31, 2022 and matures on February 28, 2024.
+Added: As of May 31, 2022, the notional amount was $700.0 million.
+Added: Thus, our exposure is limited to fluctuations in SOFR on our borrowings from the 2022 Credit Facilities in excess of amounts that are not hedged, or $425.0 million of our outstanding principal balance.
+Added: Assuming all terms of our outstanding long-term debt remained the same, a hypothetical 25 basis point change (up or down) in the one-month SOFR provided exposure of $1.1 million to our annual interest expense.
+Added: Refer to Note 12, Debt for more information on our 2022 Term Facility and 2022 Revolving Facility.
+Added: Refer to Note 6, Derivative Instruments for more information on our 2022 Swap Agreement.
Current market events have not required us to modify materially or change our financial risk management strategies with respect to our exposures to foreign currency exchange risk and interest rate risk.
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.