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Our exposure is primarily tied to the Secured Overnight Financing Rate (“SOFR”).
−Removed: We use interest rate derivative contracts, including interest rate swaps, to mitigate the Company’s exposure from interest rate changes on existing debt and future debt issuances, thereby reducing the volatility of our financing costs and, based on current and projected market conditions, fix a portion of variable-rate debt.
+Added: We periodically use interest rate derivative contracts, including interest rate swaps, to mitigate the Company’s exposure from interest rate changes on existing debt and future debt issuances, thereby reducing the volatility of our financing costs and, based on current and projected market conditions, fix a portion of variable rate debt.
Generally, under these interest rate swaps, we agree with a counterparty to exchange variable rate for fixed rate interest amounts with an agreed upon notional amount.
−Removed: As of December 31, 2023, we had approximately $2.2 billion of debt outstanding under our debt facilities, which bears interest determined by reference to a variable rate index.
+Added: As of December 31, 2024, approximately $1.7 billion of our $2.2 billion of total debt outstanding had interest determined by reference to a variable rate index.
A one percentage point increase or decrease in interest rates would increase or decrease annual interest expense by approximately $17 million.
−Removed: This exposure includes the impact of associated forward interest rate swaps outstanding as of December 31, 2023.
Refer to Note 11, Derivative Instruments in the Notes to Consolidated Financial Statements for further discussion of these risk mitigation activities.
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Foreign Exchange Risk
−Removed: We provide products, solutions and services in approximately 185 countries throughout the world and, therefore, at times are exposed to risk based on movements in foreign exchange rates.
+Added: We provide offerings in approximately 176 countries throughout the world and, therefore, at times are exposed to risk based on movements in foreign exchange rates.
In some instances, we invoice customers in their local currency and have a resulting foreign currency denominated revenue transaction and accounts receivable.
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.