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What changed 10-K
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
2022-02-25 compared with 2021-03-01 · 1 added, 1 removed, 16 unchanged (11% of the section changed)
8 unchanged sentences
LIBOR is a commonly used indicative measure of the average interest rate at which major global banks could borrow from one another.
−Removed: The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has publicly announced that it intends to discontinue the reporting of certain LIBOR rates after 2021, with a complete cessation for all USD LIBOR rates after June 2023.
+Added: The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, discontinued the reporting of certain LIBOR rates on December 31, 2021 and has publicly announced that it intends to discontinue all USD LIBOR rates after June 2023.
Certain of our agreements use LIBOR as a “benchmark” or “reference rate” for various terms.
6 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.