8 unchanged sentences
Floorplan Line.
−Removed: Based on variable-rate borrowings outstanding of $1.6 billion for both years ended December 31, 2021 and 2020, respectively, a 100 basis-point change in interest rates would have resulted in an approximate $14.8 million and a $16.0 million change to our annual interest expense, respectively, after consideration of the average interest rate swaps in effect during the periods.
+Added: Based on variable-rate borrowings outstanding of $1.9 billion and $1.6 billion during the Current Year and Prior Year, respectively, a 100 basis-point change in interest rates would have resulted in an approximate $9.8 million and a $14.8 million change to our annual interest expense, respectively, after consideration of the average interest rate swaps in effect during the periods.
To mitigate the impact of interest rate fluctuations, we employ an interest rate hedging strategy, whereby we swap variable interest rate exposure on a portion of our borrowings for a fixed interest rate.
1 unchanged sentence
We reflect interest assistance as a reduction of new vehicle inventory cost until the associated vehicle is sold.
−Removed: During the years ended December 31, 2021, and 2020, we recognized $54.2 million and $47.3 million, respectively, of interest assistance as a reduction of new vehicle cost of sales.
+Added: During the Current Year and Prior Year, we recognized $56.0 million and $54.2 million, respectively, of interest assistance as a reduction of new vehicle cost of sales.
Foreign Currency Exchange Rates
2 unchanged sentences
Our exposure to fluctuating foreign currency exchange rates relates to the effects of translating financial statements of those subsidiaries into our reporting currency, which we do not hedge against based on our investment strategy in these foreign operations.
−Removed: A 10% devaluation in average foreign currency exchange rates for the GBP to the USD would have resulted in a $239.6 million and $195.3 million decrease to our revenues for the years ended December 31, 2021, and 2020, respectively.
+Added: A 10% devaluation in average foreign currency exchange rates for the GBP to the USD would have resulted in a $254.1 million and $239.6 million decrease to our revenues for the Current Year and Prior Year, respectively.
For additional information about our market sensitive financial instruments, see Note 7.
4 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.