9 unchanged sentences
We are exposed to market risk due to the possibility of changing interest rates under our credit facilities.
−Removed: Our 2018 Credit Facility is comprised of a five-year revolving loan facility with a maturity date of May 2023 and a three-year term loan facility with a maturity date of May 2021.
−Removed: We also have three unsecured uncommitted revolving credit facilities that are callable by the bank at any time.
+Added: Our 2018 Credit Facility includes a five-year revolving loan facility with a maturity date of May 2023.
+Added: We also have four unsecured, uncommitted revolving credit facilities that are callable by the bank at any time.
We may borrow funds under the 2018 Credit Facility in U.S.
−Removed: Dollars in the case of the Term Loan and U.S.
−Removed: Dollars, Euros or in certain other agreed currencies in the case of the Revolving Credit Facility as described under Note 7 of Notes to the Consolidated Financial Statements.
−Removed: At the end of fiscal 2019 , we had outstanding a term loan facility of $225.0 million and a revolver credit facility of $110.0 million under the 2018 Credit Facility and three revolving credit facilities of $218.7 million under the Uncommitted Facilities.
+Added: Dollars, Euros or in certain other agreed currencies as described in Note 6 of Notes to the Consolidated Financial Statements.
+Added: At the end of fiscal 2020, we had one £55.0 million, two $75.0 million, and one €100.0 million revolving credit facilities, which are uncommitted.
A hypothetical 1% increase in our borrowing rates at the end of fiscal 2020 could result in approximately $2.6 million annual increase in interest expense on these existing principal balances.
5 unchanged sentences
Dollar and various foreign currencies, the most significant of which is the Euro.
+Added: In addition, volatile market conditions arising from the COVID-19 pandemic could result in changes in exchange rates.
Historically, the majority of our revenue contracts are denominated in U.S.
−Removed: Dollars, with the most significant exception being Europe, where we invoice primarily in Euros.
+Added: Dollars, with the most significant exception being Europe, where we invoice primarily in Euro.
Additionally, a portion of our expenses, primarily the cost to manufacture, cost of personnel to deliver technical support on our products and professional services, sales and sales support, and research and development, are denominated in foreign currencies, primarily the Euro.
1 unchanged sentence
As exchange rates vary, operating income may differ from expectations.
−Removed: In fiscal 2019 , revenue and operating income were unfavorably impacted by foreign currency exchange rates by $43.8 million and $2.1 million, respectively.
−Removed: We enter into foreign currency forward contracts to minimize the short-term impact of foreign currency exchange rate fluctuations on cash, debt, and certain trade and inter-company receivables and payables, primarily denominated in Euros, British pound, New Zealand dollars, Australian dollars, Brazilian Real, and Canadian dollars.
+Added: In fiscal 2020, revenue and operating income were favorably impacted by foreign currency exchange rates by $3.2 million and $4.3 million, respectively.
+Added: We enter into foreign currency forward contracts to minimize the short-term impact of foreign currency exchange rate fluctuations on cash, debt, and certain trade and inter-company receivables and payables, primarily denominated in New Zealand Dollars, Brazilian Real, Canadian Dollars, Norwegian Krone, and Euro.
These contracts reduce the exposure to fluctuations in foreign currency exchange rate movements, as the gains and losses associated with foreign currency balances are generally offset with the gains and losses on the forward contracts.
3 unchanged sentences
Foreign currency forward contracts outstanding at the end of fiscal 2020 and 2019 are summarized as follows:
−Removed: At the End of Fiscal 2019
−Removed: At the End of Fiscal 2018
+Added: At the End of Fiscal 2020 At the End of Fiscal 2019
+Added: Value Nominal
(In millions)
Forward contracts:
+Added: Purchased $ (99.4) $ 0.9 $ (84.3) $ 0.3
+Added: Sold $ 52.0 $ (0.5) $ 159.2 $ (1.0)
INDEX TO FINANCIAL STATEMENTS
7 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.