3 unchanged sentences
At July 31, 2023, 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 24% of our total debt outstanding, at an average interest rate during Fiscal 2023 of approximately 5.4%.
−Removed: 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.
+Added: Based on variable-rate borrowings outstanding as of July 31, 2023, a 100-basis point (or 1.0%) change in our borrowing rates would result in our annual interest payments changing by $6.7 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 operations are conducted in local currency, which we then translate to U.S.
+Added: We are exposed to currency translation risk because 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 in 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, Australian dollar and Swiss franc 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.
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 our Australian ski areas are reported in Canadian dollars and Australian dollars respectively, which we then translate to U.S.
+Added: The results of Whistler Blackcomb are reported in Canadian dollars, the results of our Australian resorts are reported in Australian dollars, and the results of Andermatt-Sedrun are reported in Swiss francs, each of
+Added: which we then translate to U.S.
dollars for inclusion in our Consolidated Financial Statements.
6 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.