8 unchanged sentences
However, there can be no assurance that any or all such actions taken by the Company will be fully effective in successfully managing currency risk, including in the event of a significant and sudden decline in the value of any of the foreign currencies of the Company’s worldwide operations.
−Removed: One of the Company ’s wholly owned European subsidiaries (the “Euro Issuer”) has two outstanding unsecured senior notes issued in Europe (collectively, the “Euro Notes”), each of which were issued with a principal amount of €500.0.
+Added: One of the Company ’s wholly owned European subsidiaries (the “Euro Issuer”) has two outstanding unsecured senior notes issued in Europe (collectively, the “Euro Notes”), each of which was issued with a principal amount of €500.0.
The 0.750% Euro Senior Notes, which were issued in May 2020, mature on May 4, 2026, while the 2.000% Euro Senior Notes, which were issued in October 2018, mature on October 8, 2028.
7 unchanged sentences
A 10% change in foreign currency exchange rates would not have a material effect on the value of the hedges as of December 31, 2023 and 2022.
−Removed: The Company does not engage in purchasing forward contracts for trading or speculative purposes, and our derivative financial instruments are with large financial institutions with strong credit ratings.
+Added: The Company does
+Added: not engage in purchasing forward contracts for trading or speculative purposes, and our derivative financial instruments are with large financial institutions with strong credit ratings.
As of December 31, 2023, the Company does not have any significant concentration of exposure with any one counterparty.
4 unchanged sentences
The Company currently has various fixed rate senior notes outstanding, in both the United States and Europe, with various maturity dates, the most recent of which was issued in 2023.
−Removed: In September 2021, the Company issued $750.0 principal amount of unsecured 2.200% Senior Notes due September 15, 2031, the net proceeds of which were used to repay certain outstanding borrowings under the U.S.
+Added: In March 2023, the Company issued $350.0 principal amount of 4.750% 2026 Senior Notes, the net proceeds of which were used to repay certain outstanding borrowings under the U.S.
Commercial Paper Program.
1 unchanged sentence
dollar borrowings are either the base rate or the adjusted term Secured Overnight Financing Rate (“SOFR”).
−Removed: Similarly, any borrowings under the two-year, $750.0 unsecured delayed draw term loan credit agreement (the “2022
−Removed: 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 delayed draw 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 December 31, 2022, approximately $640, or 14%, of the Company’s outstan ding borrowings, primarily under the U.S.
−Removed: Commercial Paper Program, were subject to floating interest rates;
−Removed: the Company’s weighted average floating rate on borrowings under the U.S.
−Removed: Commercial Paper Program as of December 31, 2022 was 4.69%.
−Removed: As of December 31, 2021, approximately $804, or 17%, of the Company’s outstan ding borrowings, primarily under the U.S.
+Added: As of December 31, 2023, the Company had no borrowings outstanding under the Revolving Credit Facility, Term Loan, U.S.
+Added: Commercial Paper Program and Euro Commercial Paper Pro gram.
+Added: However , the Company borrowed under the U.S.
+Added: Commercial Paper Program throughout much of 2023, the proceeds of which were used for general corporate purposes, and the Company may make additional borrowings under any of its debt instruments from time to time.
+Added: As of December 31, 2023 , less than 1% of the Company’s outstanding borrowings were subject to floating interest rates.
+Added: As of December 31, 2022, there were no outstanding borrowings under the Revolving Credit Facility, Term Loan and Euro Commercial Paper Program, while approximately $640, or 14% of the Company’s outstan ding borrowings in 2022, primarily under the U.S.
Commercial Paper Program, were subject to floating interest rates.
1 unchanged sentence
Commercial Paper Program as of December 31, 2022 was 4.69%.
−Removed: As of December 31, 2022 and 2021, there were no outstanding borrowings under the Revolving Credit Facility, 2022 Term Loan, and Euro Commercial Paper Program.
−Removed: As a result of recent increases in the federal funds rate by the U.S.
−Removed: Federal Reserve, the floating interest rates related to our U.S.
−Removed: Commercial Paper Program increased substantially over the course of 2022, a trend that could continue throughout 2023.
−Removed: Consequently, the Company currently expects the floating interest rates related to its U.S.
−Removed: Commercial Paper Program (as well as its Revolving Credit Facility and 2022 Term Loan, to the extent either are drawn upon in the future) to continue to increase in the first quarter of 2023 and potentially beyond, which is expected to result in increased interest expense in 2023 as compared to 2022.
+Added: As a result of increases in the federal funds rate by the U.S.
+Added: Federal Reserve beginning in early 2022 and through the middle of 2023, the floating interest rates related to our U.S.
+Added: Commercial Paper Program (as well as our Revolving Credit Facility and Term Loan, to the extent either are drawn upon in the future) have increased substantially over this same period, a trend that could continue into 2024 and potentially beyond.
+Added: To the extent that interest rates related to this floating rate debt increase further and the Company borrows under any of these floating interest rate instruments in the future, interest expense and interest payments would increase.
A 10% change in the interest rate at December 31, 2023 and 2022 under our Revolving Credit Facility, Term Loan or Commercial Paper Programs would not have a material effect on interest expense.
−Removed: Although the Company does not expect changes in interest rates to have a material effect on income or cash flows in 2023, primarily due to our current expected limited reliance on borrowings tied to floating rates of interest, there can be no assurance that interest rates will not change significantly from current levels.
+Added: Although the Company does not expect changes in interest rates to have a material effect on income or cash flows in 2024, there can be no assurance that interest rates will not change significantly from current levels.
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.