6 unchanged sentences
Interest Rates
−Removed: We have interest rate risk on our variable-rate debt obligations, primarily consisting of our Floorplan Line which had an outstanding balance of $1.1 billion and $1.9 billion and a weighted average interest rate of 2.7% and 3.7% as of December 31, 2019 and 2018, respectively, excluding the impact of our interest rate swaps described below.
−Removed: Based on the average amount of variable-rate borrowings outstanding for the years ended December 31, 2019 and 2018, and before the impact of our interest rate swaps, a 100 basis-point change in interest rates would have resulted in an approximate $18.3 million and $17.5 million change to our annual interest expense, respectively.
−Removed: After consideration of the average interest rate swaps in effect during the years ended December 31, 2019 and 2018, a 100 basis-point change would have yielded a net annual change of $9.3 million in annual interest expense for both years.
+Added: We have interest rate risk on our variable-rate debt obligations, primarily consisting of our U.S.
+Added: Floorplan Line.
+Added: Based on the amount of variable-rate borrowings outstanding of $1.6 billion and $1.9 billion as of December 31, 2020 and 2019, respectively, a 100 basis-point change in interest rates would have resulted in an approximate $16.0 million and $18.3 million change to our annual interest expense, respectively, after consideration of the average interest rate swaps in effect during the periods.
The majority of our floorplan notes payable, mortgages and other debt are benchmarked to LIBOR.
−Removed: On July 27, 2017, the Chief Executive of the U.K.
−Removed: Financial Conduct Authority, which regulates LIBOR, announced that it intends to stop persuading or requiring banks to submit rates for the calculation of LIBOR after 2021.
+Added: The Financial Conduct Authority, the authority that regulates LIBOR, announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021.
+Added: The Alternative Reference Rates Committee (“ARRC”) has proposed that the Secured Overnight Financing Rate (“SOFR”) is the rate that represents the best practice as the alternative to USD-LIBOR for use in derivatives and other financial contracts that are currently indexed to USD-LIBOR.
+Added: ARRC has proposed a paced market transition plan to SOFR from USD-LIBOR.
+Added: A similar transition away from LIBOR is occurring in the U.K.
+Added: to the Sterling Overnight Indexed Average.
The use of an alternative rate could result in increased interest expense, in addition to costs to amend the loan agreements and other applicable arrangements to a new reference rate.
−Removed: For further discussion, refer to “Item 1A.
−Removed: Risk Factors.”
Our exposure to changes in interest rates with respect to our variable-rate floorplan borrowings is partially mitigated by manufacturers’ interest assistance, which in some cases is influenced by changes in market-based variable interest rates.
7 unchanged sentences
A 10% devaluation in average exchange rates for the BRL to the USD would have resulted in a $22.9 million and $40.5 million decrease to our revenues for the years ended December 31, 2020 and 2019, respectively.
−Removed: For additional information about our market sensitive financial instruments, see Note 6 “Financial Instruments and Fair Value Measurements” within our Notes to Consolidated Financial Statements.
+Added: For additional information about our market sensitive financial instruments, see Note 6.
+Added: Financial Instruments and Fair Value Measurements within our Notes to Consolidated Financial Statements.
Financial Statements and Supplementary Data
−Removed: See our Consolidated Financial Statements beginning on page F-1 for the information required by this Item and incorporated herein by reference.
+Added: Refer to our Consolidated Financial Statements beginning on page F-1 for the information required by this Item and incorporated herein by reference.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
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.