2 unchanged sentences
Foreign Currency Risk
−Removed: Our exposure to fluctuations in foreign currency exchange rates is primarily the result of foreign subsidiaries domiciled in the United Kingdom, the Netherlands, India and Canada.
+Added: Our exposure to fluctuations in foreign currency exchange rates is primarily the result of foreign subsidiaries domiciled in the United Kingdom, the Netherlands, and India.
We have not used financial derivative instruments to hedge foreign currency exchange rate risks associated with our foreign subsidiaries.
−Removed: During the year ended December 31, 2020, we divested our child care center business in Canada and ceased to operate our two centers in that geography.
−Removed: The assets and liabilities of our British, Dutch, Indian and Canadian subsidiaries, whose functional currencies are the British pound, Euro, Indian rupee and Canadian dollar, respectively, are translated into U.S.
+Added: The assets and liabilities of our British, Dutch, and Indian subsidiaries, whose functional currencies are the British pound, Euro, and Indian rupee, respectively, are translated into U.S.
dollars at exchange rates in effect at the balance sheet date.
5 unchanged sentences
Interest Rate Risk
−Removed: Interest rate exposure relates primarily to the effect of interest rate changes on borrowings outstanding under our revolving credit facility and secured term loan facility that are subject to variable interest rates, and on our investments in marketable debt securities.
−Removed: We entered into variable-to-fixed interest rate swap agreements to mitigate the exposure to variable interest arrangements under our term loan facility.
−Removed: At December 31, 2020, we had interest rate swaps with an underlying fixed notional amount of $500 million subject to a total interest rate of approximately 3.65%.
−Removed: In addition, during the year ended December 31, 2020, we entered into interest rate cap agreements with a total notional value of $800 million.
−Removed: These interest rate cap agreements provide us with interest rate protection in the event the one-month LIBOR rate increases above 1%.
−Removed: Interest rate cap agreements for $300 million notional value have an effective date of June 30, 2020 and expire on October 31, 2023, while interest rate cap agreements for another $500 million notional amount have a forward starting effective date of October 29, 2021, which coincides with the maturity of the interest rate swap agreements, and expire on October 31, 2023.
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−Removed: At December 31, 2020, we had borrowings outstanding of $1.03 billion under our term loan facility, which were subject to a weighted average interest rate of 3.23% during the year then ended, including the impact of the interest rate swap agreements.
−Removed: Based on the borrowings outstanding under the senior secured credit facilities during 2020, we estimate that had the average interest rate on our borrowings increased by 100 basis points in 2020, our interest expense for the year would have increased by approximately $4.4 million, including the impact of the interest rate hedge agreements.
+Added: Interest rate exposure relates primarily to the effect of interest rate changes on borrowings outstanding under our revolving credit facility and term loan facilities that are subject to variable interest rates, and on our investments in marketable debt securities.
+Added: We entered into variable-to-fixed interest rate swap agreements to mitigate the exposure to variable interest arrangements.
+Added: In October 2021, our interest rate swap agreements matured and therefore we had no interest rate swap agreements in a cash flow hedging relationship as of December 31, 2021.
+Added: Our interest rate swaps had an underlying fixed notional amount of $500 million subject to a total interest rate of approximately 3.65%.
+Added: In June 2020, we entered into interest rate cap agreements with a total notional value of $800 million, designated and accounted for as cash flow hedges from inception, to provide us with interest rate protection in the event the one-month LIBOR rate increases above 1%.
+Added: Interest rate cap agreements for $300 million notional value have an effective date of June 30, 2020 and expire on October 31, 2023, while interest rate cap agreements for another $500 million notional amount have a forward starting effective date of October 29, 2021 and expire on October 31, 2023.
+Added: In December 2021, we entered into additional interest rate cap agreements with a total notional value of $900 million, and are designated and accounted for as cash flow hedges from inception.
+Added: Interest rate cap agreements for $600 million, which have a forward starting effective date of October 31, 2023 and expire on October 31, 2025, provide us with interest rate protection in the event the one-month LIBOR rate increases above 2.5%.
+Added: Interest rate cap agreements for $300 million, which have a forward starting effective date of October 31, 2023 and expire on October 31, 2026, provide us with interest rate protection in the event the one-month LIBOR rate increases above 3.0%.
+Added: At December 31, 2021, we had borrowings outstanding of $1.0 billion under our term loan facilities, which were subject to a weighted average interest rate of 2.98% during the year then ended, including the impact of the interest rate swap agreements prior to their maturity.
+Added: Based on the borrowings outstanding under the senior secured credit facilities during 2021, we estimate that had the average interest rate on our borrowings increased by 100 basis points in 2021, our interest expense for the year would have increased by approximately $2.2 million, including the impact of the interest rate hedge agreements prior to their maturity.
These estimates assume the interest rate of each variable rate borrowing is raised by 100 basis points.
1 unchanged sentence
Therefore, the estimated increase in interest expense as calculated above may not be indicative of future expenses.
−Removed: As actual interest rate movements over time are uncertain, our swaps pose potential interest rate risks if interest rates decrease.
−Removed: As of December 31, 2020, the fair value of our interest rate swap agreements was a liability of $4.8 million and the fair value of our interest rate cap agreements was an asset of $0.3 million.
+Added: As of December 31, 2021, the fair value of our interest rate cap agreements was an asset of $8.8 million.
During the year ended December 31, 2021, our wholly-owned captive insurance entity purchased and sold marketable debt securities, which were classified as available-for-sale.
7 unchanged sentences
Refer to Note 11, Credit Arrangements and Debt Obligations, to the consolidated financial statements in Item 8 of this Annual Report on Form 10-K for additional information on derivative financial instruments.
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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.