5 unchanged sentences
We derive service revenues from investment earnings related to cash balances maintained in bank accounts on which we are the agent for clients.
−Removed: The balances maintained in the bank accounts can significantly fluctuate.
+Added: The balances maintained in the bank accounts will fluctuate.
+Added: The effect of changes in interest rates attributable to earnings derived from cash balances we hold for clients is offset by changes in interest rates on our variable debt.
For 2025, there were average daily cash balances of approximately $2.6 billion maintained in such accounts.
We estimate that a 100 basis point change in the interest earnings rates would equate to approximately $12.6 million of net income, net of income taxes, on an annual basis.
−Removed: The effect of changes in interest rates attributable to earnings derived from cash balances we hold for clients is partially offset by changes in interest rates on our variable debt.
At December 31, 2025, we had total debt of $7,466.9 million, including $4,716.9 million of variable interest rate debt.
−Removed: As of December 31, 2024, a 100 basis point increase in interest rates would result in a change in interest expense of approximately $43.0 million per year.
−Removed: Equity price risk
−Removed: We have exposure to equity price risk as a result of our investments in equity securities.
−Removed: Equity price risk results from changes in the level or volatility of equity prices which affect the value of equity securities or instruments that derive their value from such securities or indexes.
−Removed: The fair value of our investments that are subject to equity price risk as of December 31, 2024 was approximately $43.9 million.
−Removed: The impact of a 10% change in fair value of these investments would have been approximately $3.3 million to net income.
−Removed: Changes in equity values of our investments could have a material effect on our results of operations and our financial position.
+Added: As of December 31, 2025, a 100 basis point increase in interest rates would result in an increase in interest expense of approximately $47.2 million per year.
Foreign currency exchange rate risk
−Removed: During 2024, approximately 31% of our revenues were from clients located outside the United States (“U.S.”).
−Removed: A portion of the revenues from clients located outside the U.S.
−Removed: is denominated in foreign currencies, primarily the British pound.
+Added: During 2025, approximately 33% of our revenues were from clients located outside the United States and approximately 22% of our revenues were from currencies other than the United States dollar.
+Added: During 2025, approximately 36% of our expenses were from currencies other than the United States dollar.
+Added: The British pound represents the majority of revenues and expenses denominated in a currency other than the United States dollar.
While revenues and expenses of our foreign operations are primarily denominated in their respective local currencies, some subsidiaries do enter into certain transactions in currencies that are different from their local currency.
These transactions consist primarily of cross-currency intercompany balances and trade receivables and payables.
−Removed: As a result of these transactions, we have exposure to changes in foreign currency exchange rates that result in foreign currency transaction gains and losses, which we report in other income, net.
+Added: result of these transactions, we have exposure to changes in foreign currency exchange rates that result in foreign currency transaction gains and losses, which we report in other (expense) income, net.
These outstanding amounts were not material for the year ended December 31, 2025.
The amount of these balances can fluctuate in the future as we bill customers and buy products or services in currencies other than our functional currency, which could increase our exposure to foreign currency exchange rates.
−Removed: We continue to monitor our exposure to foreign exchange rates as a result of our acquisitions and changes in our operations.
+Added: Our exposures to foreign currency exchange rates can also fluctuate as a result of acquisitions.
+Added: Accordingly, we continuously assess and monitor our exposure to foreign exchange rates.
We do not enter into any market risk sensitive instruments for trading purposes.
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.