3 unchanged sentences
Interest Rate Risk
−Removed: Exposure to interest rate risk is related to changing interest rates under our Credit Agreement, which are variable and based on an index selected at our option.
−Removed: The rates range from 1.50% to 2.00% above the Eurocurrency rate for Eurocurrency-based borrowings or from 0.50% to 1.00% above the defined base rate for base rate borrowings.
−Removed: Additionally, we may borrow certain foreign currencies at rates set in the same respective range above the London interbank offered interest rates for those currencies.
+Added: Exposure to interest rate risk is related to changing interest rates under our Credit Agreement, which are variable and determined by reference to a term benchmark rate or a base rate at our option.
+Added: The rates range from 1.00% to 2.00% above the term benchmark rate or from 0.00% to 1.00% above the defined base rate for base rate borrowings, in each case based upon our leverage ratio.
+Added: Additionally, we may borrow certain foreign currencies at rates set in the same range above the respective term benchmark rates for those currencies.
The outstanding balance of the term loan as of November 30, 2022 was $268.1 million.
3 unchanged sentences
As of November 30, 2022, the notional value of the hedge was $120.0 million.
−Removed: As of November 30, 2021, the fair value of the hedge was a loss of $3.1 million and was included in other noncurrent liabilities on our consolidated balance sheets.
+Added: As of November 30, 2022, the fair value of the hedge was a gain of $4.4 million and was included in other assets on our consolidated balance sheets.
November 30, 2022 November 30, 2021
2 unchanged sentences
Foreign Currency Risk
−Removed: Exposure to market rate risk for changes in interest rates relates to our investment portfolio.
−Removed: We have not used derivative financial instruments in our investment portfolio.
−Removed: We place our investments with high-quality issuers and have policies limiting, among other things, the amount of credit exposure to any one issuer.
−Removed: We seek to limit default risk by purchasing only investment-grade securities.
−Removed: Our investments have an average remaining maturity of less than two years or interest-rate resets of less than 60 days and are primarily fixed-rate instruments.
−Removed: In addition, we have classified our debt securities as available-for-sale.
−Removed: The available-for-sale classification reduces the consolidated statements of operations exposure to interest rate risk if such investments are held until their maturity date because changes in fair value due to market changes in interest rates are recorded on the consolidated balance sheet in accumulated other comprehensive income.
−Removed: Based on a hypothetical 10% adverse movement in interest rates, the potential losses in future earnings, fair value of risk-sensitive instruments and cash flows are immaterial.
We generally use forward contracts that are not designated as hedging instruments to hedge economically the impact of the variability in exchange rates on intercompany accounts receivable and loans receivable denominated in certain foreign currencies.
We generally do not hedge the net assets of our international subsidiaries.
−Removed: All forward contracts are recorded at fair value in other current assets,
−Removed: other assets, other accrued liabilities, or other noncurrent liabilities on the consolidated balance sheets at the end of each reporting period and expire between 30 days and 3 years from the date the contract was entered.
−Removed: In fiscal year 2021, realized and unrealized gains of $2.1 million from our forward contracts were recognized in foreign currency loss, net on the consolidated statements of operations.
+Added: All forward contracts are recorded at fair value in other current assets, other assets, other accrued liabilities, or other noncurrent liabilities on the consolidated balance sheets at the end of each reporting period and expire between 30 days and 2 years from the date the contract was entered.
+Added: In fiscal year 2022, realized and unrealized losses of $7.7 million from our forward contracts were recognized in foreign currency loss, net on the consolidated statements of operations.
These losses were substantially offset by realized and unrealized gains and losses on the offsetting positions.
10 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.