2 unchanged sentences
We address interest rate risks primarily through the use of interest rate swaps.
−Removed: We do not currently hedge foreign exchange risk, as discussed further below.
−Removed: The following quantitative and qualitative information is provided regarding our foreign currency exchange rates and financial instruments to which we are a party at December 31, 2022, and from which we may incur future gains or losses from changes in market interest rates and/or foreign currency rates.
+Added: We do not currently hedge foreign currency exchange risk, as discussed further below.
+Added: The following quantitative and qualitative information is provided regarding our foreign currency exchange rates and financial instruments to which we are a party at December 31, 2023, and from which we may incur future gains or losses from changes in market interest rates and/or foreign currency exchange rates.
We do not enter into derivative or other financial instruments for speculative or trading purposes.
Interest Rates
−Removed: We have interest rate risk on our variable-rate debt obligations, primarily consisting of our U.S.
−Removed: Floorplan Line.
+Added: We have interest rate risk on our variable-rate debt obligations.
Based on variable-rate borrowings outstanding of $2.4 billion and $1.9 billion during the Current Year and Prior Year, respectively, a 100 basis-point change in interest rates would have resulted in an approximate $14.4 million and a $9.8 million change to our annual interest expense, respectively, after consideration of the average interest rate swaps in effect during the periods.
7 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 $254.1 million and $239.6 million decrease to our revenues for the Current Year and Prior Year, respectively.
+Added: A 10% devaluation in average foreign currency exchange rates for GBP to USD would have resulted in a $278.1 million and $254.1 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.