Quantitative and Qualitative Disclosures About Market Risk
−Removed: We are exposed to a variety of risks, including changes in interest rates affecting the return on our investments and borrowing activities and foreign currency fluctuations.
+Added: We are exposed to a variety of risks, including changes in interest rates affecting the return on our invested cash and borrowing activities and foreign currency fluctuations.
We have established policies and procedures to manage our exposure to fluctuations in interest rates and foreign currency exchange rates.
6 unchanged sentences
The contract matures on April 30, 2024 and requires periodic interest rate settlements.
−Removed: Under this interest rate swap contract, we receive a floating rate based on the greater of 1-month LIBOR or 0.00% and pay a fixed rate of 1.855% on the outstanding notional amount.
−Removed: As of November 30, 2022, the notional value of the hedge was $120.0 million.
−Removed: 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.
+Added: In June 2023, the interest rate swap agreement was amended to implement certain changes in the reference rate from LIBOR to SOFR.
+Added: Under the agreement, we receive a floating rate based on the greater of 1-month SOFR or 0.00% and pay a fixed rate of 1.855% on the outstanding notional amount.
+Added: W e were previously exposed to market risk due to variable interest rates based on LIBOR and are now exposed to market risk due to variable interest rates based on SOFR.
November 30, 2023 November 30, 2022
5 unchanged sentences
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.
−Removed: 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.
+Added: In fiscal year 2023, realized and unrealized gains of $2.3 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.
−Removed: Foreign currency translation exposure from a 10% movement of currency exchange rates would have a material impact on our reported revenue and net income.
Based on a hypothetical 10% adverse movement in all foreign currency exchange rates, our revenue would be adversely affected by approximately 3%, or $18 million, and our net income would be adversely affected by approximately 11%, or $8 million (excluding any offsetting positive impact from our ongoing hedging programs), although the actual effects may differ materially from the hypothetical analysis.
8 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.