3 unchanged sentences
At July 31, 2022, we had approximately $0.7 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 26% of our total debt outstanding, at an average interest rate during Fiscal 2022 of approximately 2.6%.
−Removed: Based on variable-rate borrowings outstanding as of July 31, 2021, 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 $8.4 million.
+Added: Based on variable-rate borrowings outstanding as of July 31, 2022, a 100-basis point (or 1.0%) change in LIBOR (or its successor, SOFR) would result in our annual interest payments on our net variable-rate debt changing by $7.4 million.
Our market risk exposure fluctuates based on changes in underlying interest rates.
Foreign Currency Exchange Rate Risk.
−Removed: We are exposed to currency translation risk because the results of our international entities are reported in local currency, which we then translate to U.S.
+Added: We are exposed to currency translation risk because the results of our international operations are conducted in local currency, which we then translate to U.S.
dollars for inclusion in our Consolidated Financial Statements.
−Removed: As a result, changes between the foreign exchange rates, in particular the Canadian dollar and Australian dollar compared to the U.S.
+Added: As a result, changes in foreign exchange rates, in particular the Canadian dollar and Australian dollar compared to the U.S.
dollar, affect the amounts we record for our foreign assets, liabilities, revenues and expenses, and could have a negative effect on our financial results.
3 unchanged sentences
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, representing gains (losses), and foreign currency gain (loss) on intercompany loans recognized in comprehensive income (in thousands):
+Added: The following table summarizes the amounts of foreign currency translation adjustments, representing (losses) gains, and foreign currency (loss) gain on intercompany loans recognized in comprehensive income (in thousands):
Year ended July 31,
1 unchanged sentence
Foreign currency translation adjustments $ (46,493) $ 100,019 $ (9,075)
−Removed: Foreign currency gain (loss) on intercompany loans $ 8,282 $ (3,230) $ (2,854)
+Added: Foreign currency (loss) gain on intercompany loans $ (2,682) $ 8,282 $ (3,230)
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.