7 unchanged sentences
Interest Rate Risk
−Removed: Our exposure to market risk for changes in interest rates relates primarily to our investment portfolio and borrowings under our Credit Facility that bear variable market interest rates.
+Added: Our exposure to market risk for changes in interest rates relates primarily to our investment portfolio and potential borrowings under our credit facility that would bear variable market interest rates.
The primary objectives of our investment activities are to preserve our principal while at the same time maximizing yields without significantly increasing risk.
1 unchanged sentence
Our cash and cash equivalents are not subject to significant interest rate risk due to the short maturities of these instruments.
−Removed: As of September 30, 2023, the carrying value of our cash and cash equivalents approximated fair value.
+Added: As of March 31, 2024, the carrying value of our cash and cash equivalents approximated fair value.
Our return on these investments is subject to interest rate fluctuations.
−Removed: As of September 30, 2023 and December 31, 2022, we had $660.6 million and $652.8 million, respectively, of cash and cash equivalent investments primarily in funds that invest in U.S.
−Removed: treasuries, money market funds, as well as, demand deposit accounts with maturities of 90 days or less.
−Removed: We do not have interest rate risk on our outstanding long-term debt as these arrangements have fixed interest rates.
+Added: As of March 31, 2024 and December 31, 2023, we had $734.8 million and $737.6 million, respectively, of cash and cash equivalent investments primarily in funds that invest in U.S.
+Added: treasuries, money market funds as well as demand deposit accounts with maturities within three months or less.
+Added: Currently, we do not have interest rate risk on our outstanding long-term debt as these arrangements have fixed interest rates.
+Added: As of March 31, 2024, the carrying value and the fair value of our fixed rate debt was $1.0 billion and $0.9 billion, respectively.
+Added: This fixed rate debt matures as follows:
+Added: $550.0 million in 2026 and $460.0 million in 2030.
+Added: Interest rates have risen since these sources of financing were obtained, thus, we may not be able to refinance this fixed rate debt at similar rates when it matures.
+Added: Further, our revolving credit agreement bears interest at variable rates.
+Added: However, during the three months ended March 31, 2024, we did not need to draw on this revolving credit agreement.
+Added: If we need to draw on the revolving credit facility in the future, we will be exposed to interest rate changes.
+Added: Refer to Note 5 — Fair Value Measurements and Note 7 — Debt to the Notes in Item 1 of Part I of this Quarterly Report on Form 10-Q for further details.
We cannot ensure that future interest rate movements will not have a material adverse effect on our future business, prospects, financial condition, operating results, and cash flows.
To date, we have not entered into interest rate hedging transactions to control or minimize certain of these risks.
−Removed: Our investment in Consensus common stock, which has a carrying value of approximately $26.0 million as of September 30, 2023, is based upon the quoted market price of Consensus common stock.
+Added: Our investment in Consensus common stock, which has a carrying value of approximately $16.4 million as of March 31, 2024, is based upon the quoted market price of Consensus common stock.
Our results of operations and financial condition have been and may be materially impacted by increases or decreases in the price of Consensus common stock, which is traded on the Nasdaq Global Select Market.
(Losses) gains on the investment in Consensus common stock were as follows (in thousands):
−Removed: Three months ended
−Removed: September 30,
−Removed: Nine months ended
−Removed: September 30,
−Removed: 2023 2022 2023 2022
−Removed: Realized (losses) gains on securities sold during the period $ — $ 471 $ 357 $ (47,772)
−Removed: Unrealized (loss) gain recognized during the period on equity securities held at the reporting date
+Added: Three months ended March 31,
+Added: Realized gain on securities sold during the period
+Added: Unrealized loss recognized during the period on equity securities held at the reporting date
$ (10,705) $ (20,345)
−Removed: The carrying value of the investment in Consensus common stock as of September 30, 2023 was $26.0 million, or approximately 0.8% of the Company’s consolidated total assets.
+Added: The carrying value of investment in Consensus common stock as of March 31, 2024 was $16.4 million, or approximately 0.4% of the Company’s consolidated total assets.
A $2.00 increase or decrease in the share price of Consensus common stock would result in an unrealized gain or loss, respectively, of approximately $2.1 million.
Foreign Currency Risk
−Removed: We conduct business in certain foreign markets, primarily in Canada, the United Kingdom, Australia, the European Union, Japan, New Zealand, and Norway.
−Removed: Our principal exposure to foreign currency risk relates to investment and inter-company debt in foreign subsidiaries that transact business in functional currencies other than the U.S.
−Removed: Dollar, primarily the Canadian Dollar, British Pound Sterling, the Australian Dollar, Euro, Japanese Yen, the New Zealand Dollar, and the Norwegian Kroner.
−Removed: If we are unable to settle our inter-company debts in a timely manner, we remain exposed to foreign currency fluctuations.
+Added: We conduct business in certain foreign markets, primarily in Canada, the United Kingdom, Australia, the European Union, Japan, Denmark, Sweden, and Norway.
+Added: Our principal exposure to foreign currency risk relates to investment and intercompany debt in foreign subsidiaries that transact business in functional currencies other than the U.S.
+Added: Dollar, primarily the Canadian Dollar, the British Pound Sterling, the Australian Dollar, the Euro, the Japanese Yen, the Danish Krone, the Swedish Krona, and the Norwegian Krone.
+Added: If we are unable to settle our intercompany debts in a timely manner, we will remain exposed to foreign currency fluctuations.
As we expand our international presence, we become further exposed to foreign currency risk by entering new markets with additional foreign currencies.
6 unchanged sentences
Our objective in managing foreign exchange risk is to minimize the potential exposure to changes that exchange rates might have on earnings, cash flows, and financial position.
−Removed: During the three months ended September 30, 2023 and 2022, foreign exchange gains amounted to $1.1 million and $3.4 million, respectively.
−Removed: During the nine months ended September 30, 2023 and 2022, foreign exchange (losses) gains amounted to $(0.8) million and $12.3 million, respectively.
−Removed: Cumulative translation adjustments, net of tax, included in other comprehensive loss for the three months ended September 30, 2023 and 2022 were $6.8 million and $24.8 million, respectively, and for the nine months ended September 30, 2023 and 2022, were $0.7 million and $55.3 million, respectively.
+Added: During the three months ended March 31, 2024 and 2023, foreign exchange losses amounted to zero and $0.8 million, respectively.
+Added: Cumulative translation adjustments, net of tax, included in other comprehensive (loss) income for the three months ended March 31, 2024 and 2023 were $6.5 million and $(3.7) million, respectively.
We currently do not have derivative financial instruments for hedging, speculative, or trading purposes and, therefore, are not subject to such hedging risk.
1 unchanged sentence
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.