8 unchanged sentences
Market risk on variable-rate financial instruments.
−Removed: At December 31, 2021 and December 31, 2020, we maintained Senior Secured Credit Facilities comprised of a $225.0 million revolving credit facility and $2,000.0 million of Term Loans due 2026.
+Added: At December 31, 2022 and December 31, 2021, we maintained Senior Secured Credit Facilities comprised of a $225.0 million revolving credit facility and $2,000.0 million of term loans.
The Credit Agreement (which governs the Senior Secured Credit Facilities) provides for borrowings at a rate per annum equal to, at our option, either (1) a base rate determined by reference to the highest of (a) 0.50% per annum plus the Federal Funds Effective Rate, and (b) the prime rate announced by the Administrative Agent or (2) LIBOR plus (x) in the case of the Senior Secured Term Loans, 2.0% for base rate loans or 3.0% for LIBOR loans or (y) in the case of the Senior Secured Revolving Credit Facility, an applicable margin based on the Secured Leverage Ratio (defined in the Credit Agreement).
The rate in effect for the outstanding Senior Secured Term Loan due 2026 was 7.274% per annum at December 31, 2022 and 3.103% per annum at December 31, 2021.
−Removed: At December 31, 2020, we also maintained a revolving credit facility at our Odeon subsidiary.
Increases in market interest rates would cause interest expense to increase and earnings before income taxes to decrease.
The change in interest expense and earnings before income taxes would be dependent upon the weighted average outstanding borrowings during the reporting period following an increase in market interest rates.
−Removed: At December 31, 2021, we had no variable-rate borrowings outstanding under our Senior Secured Revolving Credit Facilities and had an aggregate principal balance of $1,945.0 million outstanding under the Term Loans due 2026.
+Added: At December 31, 2022, we had no variable-rate borrowings outstanding under our Senior Secured Revolving Credit Facilities and had an aggregate principal balance of $1,925.0 million outstanding under the Senior Secured Term Loan due 2026.
A 100-basis point change in market interest rates would have increased or decreased interest expense on the Senior Secured Credit Facilities by $19.3 million during the year ended December 31, 2022.
−Removed: At December 31, 2020, we had aggregate principal balance of $212.2 million under our revolving credit facility, $120.8 million under the Odeon Revolving Credit Facility, and had an aggregate principal balance of $1,965.0 million outstanding under the Term Loans due 2026.
−Removed: A 100-basis point change in market interest rates would have increased or decreased interest expense on the Senior Secured Credit Facilities and the Odeon Revolving Credit Facility by $23.0 million during the year ended December 31, 2020.
+Added: At December 31, 2021, we had no variable-rate borrowings outstanding under our Senior Secured Revolving Credit Facilities and had an aggregate principal balance of $1,945.0 million outstanding under the Senior Secured Term Loan due 2026.
+Added: A 100-basis point change in market interest rates would have increased or decreased interest expense on the Senior Secured Credit Facilities by $19.5 million during the year ended December 31, 2021.
Market risk on fixed-rate financial instruments.
+Added: Included in long-term corporate borrowings at December 31, 2022 were principal amounts of $950.0 million of our First Lien Notes due 2029, $1,389.8 million of our Second Lien Notes due 2026, $400.0 million of our Odeon Notes due 2027, $98.3 million of our Notes due 2025, $55.6 million of our Notes due 2026, $125.5 million of our Notes due 2027, and £4.0 million ($4.8 million) of our Sterling Notes due 2024.
+Added: A 100-basis point change in market interest rates would have caused an increase or (decrease) in the fair value of our fixed rate financial instruments of approximately $47.5 million and $(45.4) million, respectively, during the year ended December 31, 2022.
Included in long-term corporate borrowings at December 31, 2021 were principal amounts of $500.0 million of our First Lien Notes due 2025, $1,508.0 million of our Second Lien Notes due 2026, $300.0 million of our First Lien Notes due 2026, $73.5 million of our First Lien Toggle Notes due 2026, $552.6 million of our Odeon Term Loan Facility due 2023, $98.3 million of our Notes due 2025, $55.6 million of our Notes due 2026, $130.7 million of our Notes due 2027, and £4.0 million ($5.4 million) of our Sterling Notes due 2024.
−Removed: A 100-basis point change in market interest rates would have caused an increase or (decrease) in the fair
−Removed: value of our fixed rate financial instruments of approximately $99.1 million and $(95.2) million, respectively, during the year ended December 31, 2021.
−Removed: Included in long-term corporate borrowings at December 31, 2020 were principal amounts of $500.0 million of our First Lien Notes due 2025, $1,423.6 million of our Second Lien Notes due 2026, $600.0 million of our Convertible Notes due 2026, $300.0 million of our First Lien Notes due 2026, $98.3 million of our Notes due 2025, $55.6 million of our Notes due 2026, $130.7 million of our Notes due 2027, and £4.0 million ($5.4 million) of our Sterling Notes due 2024.
A 100-basis point change in market interest rates would have caused an increase or (decrease) in the fair value of our fixed rate financial instruments of approximately $99.1 million and $(95.2) million, respectively, during the year ended December 31, 2021.
Foreign Currency Exchange Rate Risk.
−Removed: We are also exposed to market risk arising from changes in foreign currency exchange rates as a result of our ownership of Odeon and Nordic.
−Removed: Odeon’s revenues and operating expenses are transacted in British Pounds and Euros, and Nordic’s revenues and operating expenses are transacted primarily in Swedish Krona and Euros.
+Added: We are also exposed to market risk arising from changes in foreign currency exchange rates arising from our International markets operations.
+Added: International markets revenues and operating
+Added: expenses are transacted in British Pounds, Euros, Swedish Krona and Norwegian Krone.
GAAP requires that our subsidiaries use the currency of the primary economic environment in which they operate as their functional currency.
−Removed: If Odeon and Nordic operate in a highly inflationary economy, U.S.
+Added: If any international subsidiary operates in a highly inflationary economy, U.S.
GAAP requires that the U.S.
−Removed: dollar be used as the functional currency for Odeon and Nordic.
+Added: dollar be used as the functional currency.
Currency fluctuations in the countries in which we operate result in us reporting exchange gains (losses) or foreign currency translation adjustments.
−Removed: Based upon our ownership in Odeon and Nordic as of December 31, 2021, holding everything else constant, a hypothetical 10% strengthening of the U.S.
−Removed: dollar versus the average exchange rates of applicable currencies to depict the potential impact to net income (loss) of changes in foreign exchange rates would increase the aggregate net loss of our International theatres for the year ended December 31, 2021 by approximately $22.0 million.
−Removed: Based upon our ownership in Odeon and Nordic as of December 31, 2020, holding everything else constant, a hypothetical 10% strengthening of the U.S.
+Added: Based upon the functional currencies in the International markets as of December 31, 2022, holding everything else constant, a hypothetical 10% strengthening of the U.S.
dollar versus the average exchange rates of applicable currencies to depict the potential impact to net income (loss) of changes in foreign exchange rates would decrease the aggregate net loss of our International theatres for the year ended December 31, 2022 by approximately $26.2 million.
−Removed: Our foreign currency translation rates increased by approximately 1.9% for the year ended December 31, 2021 compared to the year ended December 31, 2020.
+Added: Based upon the functional currencies in the International markets as of December 31, 2021, holding everything else constant, a hypothetical 10% strengthening of the U.S.
+Added: dollar versus the average exchange rates of applicable currencies to depict the potential impact to net income (loss) of changes in foreign exchange rates would decrease the aggregate net loss of our International theatres for the year ended December 31, 2021 by approximately $22.0 million.
+Added: Our foreign currency translation rates decreased by approximately 11.0% for the year ended December 31, 2022 compared to the year ended December 31, 2021.
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.