23 unchanged sentences
As a result, $2,369,550 of our outstanding borrowings effectively bore interest at floating rates.
−Removed: A 100 basis point increase or decrease in the applicable base interest rate under our credit facilities would have an annual impact of $1,264 on our cash interest expense for the year ended December 31, 2020.
+Added: A 1/8 th basis point increase or decrease in the applicable base interest rate under our credit facilities would have an impact of $1,501 on our cash interest expense for the year ended December 31, 2021.
For additional information on our outstanding debt and related hedging, see Item 8.
3 unchanged sentences
The Company applies hedge accounting by designating the interest rate swaps as a hedge in applicable future quarterly interest payments.
−Removed: It is not clear what impact, if any, the United Kingdom’s withdrawal from the European Union will have on the interest rate on our indebtedness and related derivative instruments.
−Removed: The United Kingdom withdrew from the European Union on January 31, 2020.
−Removed: Under the terms of the withdrawal agreement between the United Kingdom and the European Union, a transition period was in effect until December 31, 2020.
−Removed: During the transition period, the United Kingdom was treated in all material respects as though it was a member of the European Union, with most EU laws applying to and in the United Kingdom.
−Removed: In addition, the United Kingdom remained in the European Union single market and customs union and free movement of people continued until the end of the transition period.
−Removed: On December 24, 2020, the United Kingdom and the European Union reached an agreement on the terms of their future cooperation.
−Removed: There remains significant uncertainty on the implementation of this agreement.
−Removed: In addition, in July 2017 the UK Financial Conduct Authority announced its intention to phase out LIBOR rates by the end of 2021.
−Removed: It is not possible to predict the effect of any changes in the methods by which LIBOR is determined, or any other reforms to LIBOR that may be enacted in the United Kingdom or elsewhere.
−Removed: Such developments may cause LIBOR to perform differently than in the past, including sudden or prolonged increases or decreases in LIBOR, or cease to exist, resulting in the application of a successor base rate under our credit facilities, which in turn could have unpredictable effects on our interest payment obligations under our credit facilities.
We are not currently exposed to market instruments, except for the effective interest rate hedges discussed above.
We are, however, exposed to credit risk on our accounts receivable, and we maintain an allowance for potential credit losses.
−Removed: As of December 31, 2020, no single customer accounted for more than 1% of our consolidated revenues.
Further, given our subscription-based revenues model, where a significant portion of customer obligations are payable to us upfront, and our credit control procedures, we believe that our exposure to customer credit risk is currently limited.
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.