4 unchanged sentences
As of March 31, 2023, we had $2,100.3 million in fixed rate senior notes outstanding.
−Removed: As of March 31, 2022, we had $58.9 million in outstanding borrowings under our Credit Agreement which are exposed to changes in interest rates.
+Added: As of March 31, 2023, we had $301.7 million in outstanding borrowings under our Credit Agreement and $698.1 million in term loans which are exposed to changes in interest rates.
+Added: Based upon our debt structure at March 31, 2023, a hypothetical 100 basis point increase in floating interest rates would increase annual interest expense by approximately $10.0 million.
We monitor our interest rate risk, but do not engage in any hedging activities using derivative financial instruments.
7 unchanged sentences
Translation adjustments for subsidiaries whose local currency is their functional currency are recorded as a component of accumulated other comprehensive income (loss) within equity.
−Removed: Note 18 to our consolidated financial statements titled, “ Reclassifications out of Accumulated Other Comprehensive Income (Loss),” contains additional information about the impact of translation on accumulated other comprehensive income (loss) and equity.
+Added: Note 18 to our consolidated financial statements titled, “Reclassifications out of Accumulated Other Comprehensive (Loss) Income,” contains additional information about the impact of translation on accumulated other comprehensive income (loss) and equity.
Transaction gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized in the Consolidated Statements of Income.
Since we operate internationally and approximately 30% of our revenues and 30% of our Cost of revenues are generated outside the United States, foreign currency exchange rate fluctuations can significantly impact our financial position, results of operations, and competitive position.
−Removed: We enter into foreign currency forward co ntracts to hedge monetary assets and liabilities denominated in foreign currencies, including inter-company transactions.
+Added: We enter into foreign currency forward co ntracts to hedge monetary assets and liabilities denominated in foreign currencies, including intercompany transactions.
We do not use derivative financial instruments for speculative purposes.
−Removed: At March 31, 2022, we held a foreign currency forward contract to sell 11.0 million euros.
+Added: At March 31, 2023, we held foreign currency forward contracts to buy 19.5 million British pounds sterling;
+Added: and to sell 150.0 million Mexican pesos, and 7.0 million Singapore dollars and 6.0 million euros.
COMMODITY RISK
11 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.