15 unchanged sentences
Cash and cash equivalents $ 133,202 $ 133,202 1.23 % $ 195,354 $ 195,354 0.04 %
−Removed: On May 8, 2018, we issued $400 million of senior notes in a private offering to qualified institutional investors (the “2018 Senior Notes”).
−Removed: On December 6, 2019, we issued $350 million of senior notes in a private offering to qualified institutional investors (the “2019 Senior Notes,” and with the 2018 Senior Notes, the “Senior Notes”).
+Added: On May 8, 2018, we issued $400 million of senior notes in a private placement to qualified institutional investors (the “2018 Senior Notes”).
+Added: On December 6, 2019, we issued $350 million of senior notes in a private offering to qualified institutional investors (the “2019 Senior Notes”).
+Added: On December 17, 2021, we issued $550 million of additional senior notes of the same class as the 2019 Senior Notes in a private placement to qualified institutional investors (the “2021 Senior Notes” and collectively with the 2018 Senior Notes and 2019 Senior Notes, the “Senior Notes”).
The fair value of the Senior Notes may increase or decrease due to various factors, including fluctuations in market interest rates and fluctuations in general economic conditions.
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Capital Resources and Liquidity” for additional information on the Senior Notes.
−Removed: The following table presents the carrying amounts and fair values for the Senior Notes at September 30, 2021 and 2020:
+Added: The following table presents the face values and fair values for the Senior Notes at September 30, 2022 and 2021:
September 30, 2022 September 30, 2021
−Removed: Face Value (*) Fair Value Face Value (*) Fair Value
+Added: Face Value ( * )
+Added: Fair Value Face Value ( * )
(In thousands)
The 2018 Senior Notes 400,000 381,500 400,000 453,000
−Removed: The 2019 Senior Notes 350,000 357,000 350,000 358,750
+Added: The 2019 Senior Notes and the 2021 Senior Notes 900,000 767,250 350,000 357,000
Total $ 1,300,000 $ 1,148,750 $ 750,000 $ 810,000
(*) The carrying value of the Senior Notes was the face value reduced by the net debt issuance costs of $14.3 million and $9.0 million at September 30, 2022 and 2021, respectively.
−Removed: We have interest rate risk with respect to our $600 million unsecured revolving line of credit.
−Removed: Interest on amounts borrowed under the credit facility is based on (i) a base rate, which is the greater of (a) the prime rate and (b) the Federal Funds rate plus 0.500% and (c) the one-month LIBOR rate plus 1.000%, plus, in each case, an applicable margin, or (ii) an adjusted LIBOR rate plus an applicable margin.
+Added: We have interest rate risk with respect to our unsecured revolving line of credit and term loan.
+Added: Interest on amounts borrowed under the credit facility is based on (i) an adjusted base rate, which is the greatest of (a) the prime rate, and (b) the Federal Funds rate plus 0.500% and (c) the one-month LIBOR rate plus 1.000%, plus, in each case, an applicable margin, or (ii) an adjusted LIBOR rate plus an applicable margin.
The applicable margin for base rate borrowings ranges from 0% to 0.750% and for LIBOR borrowings ranges from 1.000% to 1.750%, and is determined based on our consolidated leverage ratio.
A change in interest rates on this variable rate debt impacts the interest incurred and cash flows, but does not impact the fair value of the instrument.
−Removed: We had $518.0 million in borrowings outstanding at a weighted-average interest of 1.212% under the credit facility as of September 30, 2021.
+Added: As of September 30, 2022, we had $280.0 million in borrowings outstanding under the revolving credit facility at a weighted-average interest rate of 4.479% and $288.8 million in outstanding balance of the term loan at an interest rate of 4.283%.
Foreign Currency Forward Contracts
−Removed: We use derivative instruments to manage risks caused by fluctuations in foreign exchange rates.
−Removed: The primary objective of our derivative instruments is to protect the value of foreign-currency-denominated receivable and cash balances from the effects of volatility in foreign exchange rates that might occur prior to conversion to their functional currencies.
−Removed: We principally utilize foreign currency forward contracts, which enable us to buy and sell foreign currencies in the future at fixed exchange rates and economically offset changes in foreign exchange rates.
−Removed: We routinely enter into contracts to offset exposures denominated in the British pound, Euro and Singapore dollar.
−Removed: Foreign-currency-denominated receivable and cash balances are remeasured at foreign exchange rates in effect on the balance sheet date with the effects of changes in foreign exchange rates reported in other income, net.
−Removed: The forward contracts are not designated as hedges and are marked to market through other income, net.
−Removed: Fair value changes in the forward contracts help mitigate the changes in the value of the remeasured receivable and cash balances attributable to changes in foreign exchange rates.
−Removed: The forward contracts are short-term in nature and typically have average maturities at inception of less than three months.
+Added: We maintain a program to manage our foreign exchange rate risk on existing foreign-currency-denominated receivable and cash balances by entering into forward contracts to sell or buy foreign currencies.
+Added: At period end, foreign-currency-denominated receivable and cash balances held by our various reporting entities are remeasured into their respective functional currencies at current market rates.
+Added: The change in value from this remeasurement is then reported as a foreign exchange gain or loss for that period in our accompanying consolidated statements of income and comprehensive income and the resulting gain or loss on the forward contract mitigates the foreign exchange rate risk of the associated assets.
+Added: All of our foreign currency forward contracts have maturity periods of less than three months.
+Added: Such derivative financial instruments are subject to market risk.
The following tables summarize our outstanding foreign currency forward contracts, by currency, at September 30, 2022 and 2021:
17 unchanged sentences
Singapore dollar (SGD) SGD 6,650 $ 4,900 —
−Removed: The foreign currency forward contracts were entered into on September 30 of each fiscal year;
−Removed: therefore, the fair value was $0 on September 30, 2021 and 2020.
+Added: The foreign currency forward contracts were entered into on September 30, 2022 and 2021;
+Added: therefore, their fair value was $0 at each of these dates.
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.