4 unchanged sentences
We manage our variable rate interest rate risk through a combination of short-term and long-term borrowings and the use of derivative instruments entered into for hedging purposes.
−Removed: Our interest rate exposure includes LIBOR rates.
+Added: Our interest rate exposure includes SOFR rates.
The Financial Conduct Authority in the U.K.
−Removed: has stated that it plans to phase out all tenors of LIBOR by June 2023.
−Removed: We do not currently anticipate a significant impact to our financial position or results of operations as a result of this action as we expect that our financial contracts currently indexed to LIBOR will either expire or be modified without significant financial impact before the phase out occurs.
+Added: has stated that it plans to phase out all tenors of LIBOR by June 2023, therefore, we modified our financial contracts that were indexed to LIBOR to reference SOFR during 2022.
+Added: These modifications did not have a significant financial impact.
Due to the nature of our debt, the materiality of the fair values of the derivative instruments and the highly liquid, short-term nature and level of our cash and cash equivalents as of December 31, 2022, we believe that the risk of exposure to changing interest rates for those positions is immaterial.
5 unchanged sentences
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.