Quantitative and Qualitative Disclosures About Market Risk.
+Added: There have been no significant changes to our exposure management and procedures in relation to our market risk, foreign currency risk, and interest rate risk and procedures during the third quarter of 2024 and September year-to date 2024 as compared to the respective risk exposures and procedures disclosed in Quantitative and Qualitative Disclosures About Market Risk, set forth in Part II Item 7A, of our Annual Report on Form 10-K for the year ended December 31, 2023, other than factors discussed below.
Foreign Currency
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therefore, the Company recorded a gain of $1.2 million in the first quarter of 2024 (see Fair Value Measurements footnote in the notes to our consolidated financial statements for more details).
−Removed: On February 8, 2024, the Company entered into a foreign currency forward contract with a notional amount of €17.0 million to manage the foreign currency risk associated with the additional expected proceeds in the third quarter of 2024 related to the sale of our EMEA staffing operations (see Acquisition and Disposition footnote in the notes to our consolidated financial statements).
+Added: On February 8, 2024, the Company entered into a foreign currency forward contract with a notional amount of € 17.0 million to manage the foreign currency risk associated with the expected additional proceeds related to the sale of our EMEA staffing operations (see Acquisition and Disposition footnote in the notes to our consolidated financial statements).
The expected proceeds are recorded as a euro-denominated receivable which is remeasured each period.
−Removed: The forward contract was designated as a fair value hedge, with the mark-to-market changes of the forward contract offsetting the mark-to-market changes of the receivable in the (gain) loss on sale of EMEA staffing operations in the consolidated statement of earnings.
−Removed: An unrealized gain of $0.2 million associated with the forward contract was recorded in the first six months of 2024 (see Fair Value Measurements footnote in the notes to our consolidated financial statements for more details).
+Added: The forward contract was designated as a fair value hedge, with the mark-to-market changes of the forward contract offsetting the mark-to-market changes of the receivable in the gain on sale of EMEA staffing operations in the consolidated statement of earnings.
+Added: An unrealized loss of $0.6 million associated with the forward contract was recorded in the first nine months of 2024 (see Fair Value Measurements footnote in the notes to our consolidated financial statements for more details), which was settled in October 2024.
Interest Rates
−Removed: We are exposed to interest rate risks through the use of our credit facilities and other local borrowings, when applicable.
−Removed: A hypothetical fluctuation of 10% of market interest rates would not have had a material impact on 2024 second quarter earnings.
+Added: We are exposed to interest rate risks through our use of our credit facilities and other local borrowings, when applicable.
+Added: Due to our outstanding debt balance associated with our most recent acquisition, on July 17, 2024, we entered into a $50.0 million 12-month interest rate swap and a $50.0 million 18-month interest rate swap that effectively locked in the variable SOFR component of our interest rate for a portion of the long-term borrowings on the Securitization Facility at a fixed rate of 4.772% and 4.468% from its July 17, 2024 effective date through July 17, 2025 and January 17, 2026, respectively.
+Added: A hypothetical fluctuation of 10% of market interest rates would not have had a material impact on 2024 third quarter earnings.
We are exposed to market risk as a result of our obligation to pay benefits under our nonqualified deferred compensation plan and our related investments in company-owned variable universal life insurance policies.
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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.