2 unchanged sentences
Interest rate risk
−Removed: Our exposure to interest rate fluctuations relate primarily to our Term Loan B and, if drawn, the Revolver.
+Added: Our exposure to interest rate fluctuations relate primarily to our Term Loan B and the Revolver.
As of June 30, 2020 , we had an outstanding balance of $977.5 million on Term Loan B.
1 unchanged sentence
As of June 30, 2020 , an adverse change of one percent on the interest rate would have the effect of increasing our annual interest payment on Term Loan B by approximately $9.8 million , assuming that the loan balance as of June 30, 2020 is outstanding for the entire period ( June 30, 2019 — $9.9 million ).
−Removed: No amounts were drawn on the Revolver during Fiscal 2019.
+Added: As of June 30, 2020 , we had an outstanding balance of $600.0 million on the Revolver.
+Added: Borrowings under the Revolver bear interest per annum at a floating rate of LIBOR plus a fixed rate that is dependent on our consolidated net leverage ratio ranging from 1.25% to 1.75% .
+Added: As of June 30, 2020 , an adverse change of one percent on the interest rate would have the effect of increasing our annual interest payment on the Revolver by approximately $6.0 million , assuming that the full balance as of June 30, 2020 is outstanding for the entire period ( June 30, 2019 — nil ).
+Added: For more information regarding the impact of LIBOR, see "-Stress in the global financial system may adversely affect our finances and operations in ways that may be hard to predict or to defend against" included within Part I, Item 1A of this Annual Report on Form 10-K.
Foreign currency risk
1 unchanged sentence
We transact business in various foreign currencies.
−Removed: Our foreign currency exposures typically arise from intercompany fees, intercompany loans and other intercompany transactions that are expected to be cash settled in the near term.
+Added: Our foreign currency exposures typically arise from intercompany fees, intercompany loans and other intercompany transactions that are expected to be cash settled in the near term and are transacted in non-functional currency.
We expect that we will continue to realize gains or losses with respect to our foreign currency exposures.
−Removed: Our ultimate realized gain or loss with respect to foreign currency exposures will generally depend on the size and type of cross-currency transactions that we
−Removed: enter into, the currency exchange rates associated with these exposures and changes in those rates.
+Added: Our ultimate realized gain or loss with respect to foreign currency exposures will generally depend on the size and type of cross-currency transactions that we enter into, the currency exchange rates associated with these exposures and changes in those rates.
Additionally, we have hedged certain of our Canadian dollar foreign currency exposures relating to our payroll expenses in Canada.
Based on the foreign exchange forward contracts outstanding as of June 30, 2020 , a one cent change in the Canadian dollar to U.S.
−Removed: dollar exchange rate would have caused a change of approximately $0.6 million in the mark to market on our existing foreign exchange forward contracts ( June 30, 2018 — $0.5 million ).
+Added: dollar exchange rate would have caused a change of $0.6 million in the mark to market on our existing foreign exchange forward contracts ( June 30, 2019 — $0.6 million ).
Foreign currency translation risk
2 unchanged sentences
In particular, the amount of cash and cash equivalents that we report in U.S.
−Removed: dollars for a significant portion of the cash held by these subsidiaries is subject to translation variance caused by changes in foreign currency exchange rates as of the end of each respective reporting period (the offset to which is recorded to accumulated other comprehensive income on our Consolidated Balance Sheets ).
+Added: dollars for a significant portion of the cash held by these subsidiaries is subject to translation variance caused by changes in foreign currency exchange rates as of the end of each respective reporting period (the offset to which is recorded to accumulated other comprehensive income (AOCI) on our Consolidated Balance Sheets ).
The following table shows our cash and cash equivalents denominated in certain major foreign currencies as of June 30, 2020 (equivalent in U.S.
11 unchanged sentences
dollar uniformly weakened by 10%, the amount of cash and cash equivalents we would report in equivalent U.S.
−Removed: dollars would decrease by approximately $32.9 million (June 30, 2018— $34.6 million ), assuming we have not entered into any derivatives discussed above under "Foreign Currency Transaction Risk".
+Added: dollars would decrease by $45.1 million ( June 30, 2019 — $32.9 million ), assuming we have not entered into any derivatives discussed above under "Foreign Currency Transaction Risk".
Financial Statements and Supplementary Data
3 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.