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INTEREST RATE RISK
−Removed: As of June 30, 2022, the Company had $2.5 billion in total debt principal outstanding.
+Added: As of September 30, 2022, the Company had $2.5 billion in total debt principal outstanding.
Note 8 — Debt in the Notes to Condensed Consolidated Financial Statements provides additional information regarding the Company’s outstanding debt obligations.
−Removed: Approximately $0.3 billion of the Company’s total debt outstanding as of June 30, 2022 was based on a floating base rate of interest, which potentially exposes the Company to increases in interest rates.
−Removed: However, we reduce our overall exposure to interest rate increases through our interest rate swap contracts, which effectively convert the floating base interest rates on all of our variable rate borrowings to fixed rates.
+Added: Approximately $0.3 billion of the Company’s total debt outstanding as of September 30, 2022 was based on a floating base rate of interest, which potentially exposes the Company to increases in interest rates.
+Added: However, we reduce our overall exposure to interest rate increases through our interest rate swap contract, which effectively converts the floating base interest rates on all of our variable rate borrowings to fixed rates.
FOREIGN CURRENCY RISK
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A measure of the potential impact of foreign currency translation can be determined through a sensitivity analysis of our cash and cash equivalents.
−Removed: At June 30, 2022, we had $360.5 million of cash and cash equivalents, with a substantial portion denominated in foreign currencies.
+Added: At September 30, 2022, we had $528.7 million of cash and cash equivalents, with a substantial portion denominated in foreign currencies.
If the exchange rates of the foreign currencies we hold all changed in comparison to the U.S.
−Removed: dollar by 10%, the amount of cash and cash equivalents we would have reported on June 30, 2022 could have increased or decreased by approximately $33.6 million.
+Added: dollar by 10%, the amount of cash and cash equivalents we would have reported on September 30, 2022 could have increased or decreased by approximately $51.2 million.
The translation of our foreign currency revenues and expenses historically has not had a material impact on our consolidated earnings because movements in and among the major currencies in which we operate tend to impact our revenues and expenses fairly equally.
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We typically enter into foreign currency forward exchange contracts to mitigate the effects of some of this foreign currency transaction risk.
−Removed: Our outstanding foreign currency forward exchange contracts as of June 30, 2022 had an immaterial net unrealized loss.
+Added: Our outstanding foreign currency forward exchange contracts as of September 30, 2022 had an immaterial net unrealized loss.
Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of short-term, highly liquid investments classified as cash equivalents, fees receivable, interest rate swap contracts and foreign currency forward exchange contracts.
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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.