2 unchanged sentences
Our exposure to market risk is limited primarily to the fluctuating interest rates associated with variable rate indebtedness.
−Removed: At July 31, 2019, we had approximately $1.2 billion of variable rate indebtedness, representing approximately 77% of our total debt outstanding, at an average interest rate during Fiscal 2019 of 3.6% .
−Removed: Based on variable-rate borrowings outstanding as of July 31, 2019, a 100-basis point (or 1.0%) change in LIBOR would result in our annual interest payments changing by $12.2 million.
+Added: At July 31, 2020, we had approximately $0.9 billion of net variable rate indebtedness (after taking into consideration $400.0 million in interest rate swaps which converts variable-rate debt to fixed-rate debt), representing approximately 37% of our total debt outstanding, at an average interest rate during Fiscal 2020 of approximately 3.8% .
+Added: Based on variable-rate borrowings outstanding as of July 31, 2020, a 100-basis point (or 1.0%) change in LIBOR would result in our annual interest payments on our net variable-rate debt changing by $9.1 million.
Our market risk exposure fluctuates based on changes in underlying interest rates.
+Added: During the year ended July 31, 2020, we entered into interest rate swap agreements to fix the interest rate on a portion of our Vail Holdings Credit Agreement, which has the effect of fixing the underlying floating interest rate component of $400.0 million of the principal amount outstanding at an effective rate of 1.46%.
Foreign Currency Exchange Rate Risk.
4 unchanged sentences
Additionally, we have foreign currency transaction exposure from an intercompany loan to Whistler Blackcomb that is not deemed to be permanently invested, which has and could materially change due to fluctuations in the Canadian dollar exchange rate.
−Removed: The results of Whistler Blackcomb and Perisher are reported in Canadian dollars and Australian dollars respectively, which we then translate to U.S.
+Added: The results of Whistler Blackcomb and our Australian ski areas are reported in Canadian dollars and Australian dollars respectively, which we then translate to U.S.
dollars for inclusion in our Consolidated Financial Statements.
We do not currently enter into hedging arrangements to minimize the impact of foreign currency fluctuations on our operations.
−Removed: The following table summarizes the amounts of foreign currency translation adjustments, net of tax, and foreign currency (loss) gain on intercompany loans, recognized in comprehensive income (in thousands):
+Added: The following table summarizes the amounts of foreign currency translation adjustments, net of tax, representing losses and foreign currency loss on intercompany loans recognized in comprehensive income (in thousands):
Year Ended July 31,
Foreign currency translation adjustments, net of tax
−Removed: Foreign currency (loss) gain on intercompany loans
+Added: Foreign currency loss on intercompany loans
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.