5 unchanged sentences
Our long-term debt portfolio, excluding finance leases and other debt, consists of $800 million fixed-rate and $900 million variable-rate loans, complemented by a variable-rate revolving credit facility.
−Removed: In the second quarter of 2022, we entered into multiple swap agreements to convert $650 million of variable rate debt from SOFR-indexed to EURIBOR-indexed.
−Removed: A hypothetical 1% increase in EURIBOR would, among other things, increase our interest expense by approximately $6.5 million.
−Removed: We also entered into multiple swap agreements to convert $250 million of variable rate USD-denominated debt into USD-denominated fixed rate debt.
−Removed: For our fixed rate notes, a 1% increase or decrease in interest rates would decrease or increase the fair value of our notes by approximately 4.5%.
+Added: We use cross-currency swap agreements to convert $650 million of variable-rate debt from Secured Overnight Financing Rate (“SOFR”) to Euro Interbank Offered Rate (“Euribor”).
+Added: We also entered into interest rate swap agreements to convert $250 million of variable-rate U.S.
+Added: dollar (“USD”)-denominated debt into USD-denominated fixed-rate debt.
+Added: As of September 30, 2022, a hypothetical 1% increase in Euribor would have increased our interest expense by approximately $6 million.
+Added: For our fixed-rate notes, a 1% increase or decrease in interest rates would have decreased or increased the fair value of our notes by approximately 4%.
Foreign Currency Exchange Risk
−Removed: A significant proportion of our net assets and income are in non-U.S.
−Removed: dollar (“USD”) currencies, primarily the Euro (“EUR”) and British pound sterling (“GBP”).
+Added: A significant proportion of our net assets and income are in non-USD currencies, primarily the Euro (“EUR”) and British pound sterling (“GBP”).
We are exposed to currency risk from potential changes in functional currency values of our foreign currency denominated assets, liabilities, and cash flows.
2 unchanged sentences
We use foreign currency option contracts to mitigate the risk of a reduction in the value of earnings from our operations that use the EUR or GBP as their functional currency.
−Removed: As of June 30, 2022, a uniform 10% strengthening in the value of the USD relative to the EUR would have resulted in an increase in net assets of approximately $57 million.
−Removed: As of June 30, 2022, a uniform 10% strengthening in the value of the USD relative to the GBP would have resulted in a decrease in net assets of approximately $48 million.
+Added: As of September 30, 2022, a uniform 10% strengthening in the value of the USD relative to the EUR would have increased our net assets by approximately $20 million.
+Added: As of September 30, 2022, a uniform 10% strengthening in the value of the USD relative to the GBP would have decreased our net assets by approximately $30 million.
These theoretical calculations assume that an instantaneous, parallel shift in exchange rates occurs, which is not consistent with the history of foreign currency markets.
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.