5 unchanged sentences
Quantitative and Qualitative Disclosures About Market Risk in its 2021 Annual Report.
−Removed: From time to time, the Company may borrow under the Revolving Credit Facility and Commercial Paper Programs.
−Removed: Any borrowings under the Euro Commercial Paper Program and Revolving Credit Facility, in addition to the outstanding borrowings under the Company’s Euro Notes, as discussed in Note 4 of the accompanying Notes to Condensed Consolidated Financial Statements, are and may continue to be denominated in foreign currencies, and there can be no assurance that the Company can successfully manage changes in exchange rates, including in the event of a significant and sudden decline in the value of any of the foreign currencies for which such borrowings are made.
+Added: From time to time, the Company may borrow under the Revolving Credit Facility, Commercial Paper Programs and the 2022 Term Loan (as defined below).
+Added: Any borrowings under the Euro Commercial Paper Program and Revolving Credit Facility, in addition to the outstanding borrowings under the Company’s Euro Notes, as discussed in Note 4 of the Notes to Condensed Consolidated Financial Statements, are and may continue to be denominated in foreign currencies, and there can be no assurance that the Company can successfully manage changes in exchange rates, including in the event of a significant and sudden decline in the value of any of the foreign currencies for which such borrowings are made.
In addition, any borrowings under the Revolving Credit Facility bear interest at rates that fluctuate with a spread that varies, based on the Company’s debt rating, over certain currency-specific benchmark rates, which benchmark rates in the case of U.S.
dollar borrowings are either the base rate or the adjusted term Secured Overnight Financing Rate (“SOFR”).
−Removed: Similarly, any borrowings under the new two-year, $750.0 unsecured delayed draw term loan credit agreement (the “2022 Term Loan”) entered into by the Company in April of 2022, bear interest at rates that fluctuate with a spread that varies, based on the Company’s debt rating, over either the base rate or the adjusted term SOFR.
+Added: Similarly, any borrowings under the two-year, $750.0 unsecured delayed draw term loan credit agreement (the “2022 Term Loan”) entered into by the Company in April of 2022, bear interest at rates that fluctuate with a spread that varies, based on the Company’s debt rating, over either the base rate or the adjusted term SOFR.
Any borrowings under the Commercial Paper Programs are subject to floating interest rates.
Therefore, when the Company borrows under these debt instruments, the Company is exposed to market risk related to changes in interest rates.
−Removed: As of June 30, 2022, outstanding borrowings under the U.S.
+Added: As of September 30, 2022, outstanding borrowings under the U.S.
Commercial Paper Program were at a weighted average floating interest rate of 3.40%, while there were no outstanding borrowings under the Revolving Credit Facility, 2022 Term Loan and Euro Commercial Paper Program.
−Removed: The Company does not expect changes in interest rates to have a material effect on income or cash flows in 2022, although there can be no assurances that interest rates will not change significantly.
+Added: As a result of the substantial increases in interest rates during the second and third quarters of 2022 and the expected further increases during the fourth quarter of 2022, the Company currently expects the floating interest rates related to its U.S.
+Added: Commercial Paper Program borrowings to continue to increase in the fourth quarter of 2022 and into 2023, which would result in increased interest expense.
+Added: Although the Company does not expect changes in interest rates to have a material
+Added: effect on income or cash flows in 2022, there can be no assurance that interest rates will not increase significantly from current levels.
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