Quantitative and Qualitative Disclosures About Market Risk
−Removed: We are exposed to financial market risk related to foreign currency fluctuations and changes in interest rates.
−Removed: Except as presented below, there have been no material changes in market risk from the information provided in Item 7A.
+Added: We are exposed to market risk related to changes in interest rates and foreign currency exchange rates.
+Added: There have been no material changes in market risk from the information provided in Item 7A.
Quantitative and Qualitative Disclosures About Market Risk of our Annual Report on Form 10-K, for the year ended December 31, 2023.
−Removed: To manage the volatility related to the exposure to changes in interest rates, we have historically entered into a derivative financial instrument, specifically an interest rate swap.
−Removed: Our objective has been to reduce, where it is deemed appropriate to do so, fluctuations in earnings and cash flows associated with changes in interest rates.
−Removed: Our policies and practices are to use derivative financial instruments only to the extent necessary to manage exposures.
−Removed: We do not hold or issue derivative financial instruments for trading or speculative purposes.
−Removed: In March 2023, we disposed of our interest rate swap by selling the remaining notional value totaling $340 million back to our counterparty.
−Removed: We received $19.2 million from our counterparty, consisting of $0.8 million of interest and $18.4 million for the sale.
−Removed: We recognized a gain from accumulated other comprehensive income (loss) of $7.3 million to Other expense, net in our condensed consolidated statement of operations for the three months ended March 31, 2023.
−Removed: Amounts remaining in accumulated other comprehensive income (loss) related to our derivative totaled $12.0 million and are being amortized to interest expense over the remaining term of our variable-rate debt on a straight-line basis.
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.