5 unchanged sentences
dollar, our functional currency.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations - Factors Affecting the Comparability of Our Results of Operations-Effect of Currency Fluctuations for more information about our foreign currency exchange rate exposure.
−Removed: In accordance with our treasury policy, we seek to naturally hedge our foreign exchange transaction exposure by matching the transaction currencies for our cash inflows and outflows.
−Removed: For example, where commercially feasible, we seek to borrow in the same currencies in which cash flows from operations are generated.
+Added: These currencies may continue to fluctuate, in either direction, especially as a result of central bank responses to inflation, concerns regarding future economic growth and other macroeconomic factors, and such fluctuations will affect financial statement line item comparability.
The Company periodically enters into foreign currency contracts.
7 unchanged sentences
dollar would have caused our revenues for the year ended December 31, 2022, to increase or decrease by $33.0.
+Added: The following table presents the average of the weighted average exchange rates of the currencies, which have the most significant impact on our business:
+Added: Rate for 1 USD Year Ended December 31,
+Added: 2022 2021 Percentage Change
+Added: GBP $ 0.81 $ 0.73 11 %
+Added: EUR 0.95 0.85 12 %
+Added: JPY 131.49 109.83 20 %
Interest Rate Risk
1 unchanged sentence
Borrowings under our credit facilities are subject to floating base interest rates, plus a margin.
−Removed: As of December 31, 2021, we had $2,818,800 of floating rate debt outstanding under our credit facilities, consisting of borrowings under the revolving and term loan facilities for which the base rate was one-month LIBOR (subject, with respect to the term loan facility only, to a floor of 0.00% for $1,234,800 and 1.00% for $1,584,000), which stood at 0.10% at December 31, 2021.
−Removed: Of this amount, we hedged $449,250 of our principal amount of our floating rate debt under hedges using interest rate derivatives.
+Added: As of December 31, 2022, we had $2,497.4 of floating rate debt outstanding under our credit facilities, consisting of borrowings under the revolving and term loan facilities.
+Added: For the term loan facility, the base rate is one-month LIBOR (subject to a floor of 0.00% for $1,094.0 and 1.00% for $1,403.4), which was at 4.39% at December 31, 2022, or Prime plus a margin of 2.25% per annum, as applicable depending on the borrowing.
+Added: For the revolving credit facility, the base interest rate is at Term SOFR, plus a 0.1% SOFR adjustment, plus 3.25% per annum (or 2.75% per annum, based on first lien leverage ratios) or Prime plus a margin of 2.25% per annum, as applicable depending on the borrowing.
+Added: The interest rate margins under our credit facilities will decrease upon the achievement of certain first lien net leverage ratios (as the term is used in the Credit Agreement).
+Added: Of the total debt outstanding under our credit facilities, we hedged $1,222.2 of our principal amount of our floating rate debt using interest rate swaps.
As a result, $1,275.2 of our outstanding borrowings effectively bore interest at floating rates.
−Removed: 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.
−Removed: For additional information on our outstanding debt and related hedging, see Item 8.
−Removed: Financial Statements and Supplementary Data - Notes to the Consolidated Financial Statements - Note 10 - Derivative Instruments and Note 14 - Debt.
−Removed: In April 2017, the Company entered into interest rate derivative arrangements with counterparties to reduce its exposure to variability in cash flows relating to interest payments on $300,000 of its term loan, effective April 30, 2021.
−Removed: Additionally, in May 2019, the Company entered into additional interest rate derivative arrangements with counterparties to reduce its exposure to variability in cash flows relating to interest payments on $50,000 of its term loan, effective March 2021 and maturing in September 2023.
−Removed: The Company applies hedge accounting by designating the interest rate swaps as a hedge in applicable future quarterly interest payments.
+Added: A 0.125 basis point increase or decrease in the applicable base interest rate under our credit facilities would have an impact of $1.5 on our cash interest expense for the year ended December 31, 2022.
We are not currently exposed to market instruments, except for the effective interest rate hedges discussed above.
2 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.