8 unchanged sentences
The change in fair value related to contracts not designated as accounting hedging instruments will be reflected in cost of revenue within our Consolidated Statements of Operations.
−Removed: The forward contracts are primarily denominated in Chinese yuan renminbi, Euros, Indian Rupee, Malaysian ringgit and Mexican pesos.
+Added: The forward contracts are primarily denominated in Chinese yuan renminbi, Euro, Malaysian ringgit, Mexican peso and Swiss franc.
Based on our overall currency rate exposures as of August 31, 2022, including the derivative financial instruments intended to hedge the nonfunctional currency-denominated monetary assets and liabilities, an immediate 10% hypothetical change of foreign currency exchange rates would not have a material effect on our Consolidated Financial Statements.
2 unchanged sentences
Our exposure to market risk includes changes in interest rates that could affect the Consolidated Balance Sheet, Consolidated Statement of Operations, and the Consolidated Statement of Cash Flows.
−Removed: We are exposed to interest rate risk primarily on variable rate borrowings under the Credit Facility.
+Added: We are exposed to interest rate risk primarily on intra-quarter variable rate borrowings under the Credit Facility and our commercial paper program.
There were no borrowings outstanding under debt facilities with variable interest rates as of August 31, 2022.
We utilize valuation models to estimate the effects of sudden interest rate changes.
−Removed: Primarily due to the current low interest rates, the impact of a hypothetical change of 10% in variable interest rates would not have a material effect on our Consolidated Financial Statements.
+Added: A hypothetical 100-basis-point increase in the interest rates under the Credit Facility and our commercial paper program would increase our interest expense as of August 31, 2022 by approximately $18 million .
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources” and Note 7 — “Notes Payable and Long-Term Debt” to the Consolidated Financial Statements for additional information regarding our outstanding debt obligations.
To manage our exposure to market risk, we use derivative financial instruments and hybrid instruments when deemed appropriate.
−Removed: We have interest rate swap agreements with a notional value of $50 million, with a mandatory termination date of February 15, 2022 (the “2020 Extended Interest Rate Swaps”).
−Removed: In addition, we have entered into interest rate swaps to offset future exposures of fluctuations in the fair value of the 2020 Extended Interest Rate Swaps.
In connection with our anticipated debt issuance, we have interest rate swaps with aggregate notional amounts of $150 million and $100 million, which expire on July 31, 2024.
2 unchanged sentences
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.