16 unchanged sentences
The potential gain in fair value for foreign exchange forward contracts based on a hypothetical 10% decrease in the value of the United States dollar was $12 million as of December 31, 2022.
−Removed: However, the change in the fair value of the foreign exchange forward contracts would likely be offset by a change in the value of the future service contract revenue being hedged caused by the currency exchange rate fluctuation.
+Added: However, the change in the fair value of the foreign exchange forward contracts would likely be offset by a change in the value of the future service contract revenues being hedged caused by the currency exchange rate fluctuation.
The estimated fair values of the foreign exchange forward contracts were determined based on quoted market prices.
−Removed: Exchange rate fluctuations affect the United States dollar value of foreign currency revenue and expenses and may have a significant effect on our results.
+Added: Exchange rate fluctuations affect the United States dollar value of foreign currency revenues and expenses and may have a significant effect on our results.
Excluding the impacts from any outstanding or future hedging transactions, a hypothetical 10% change in average exchange rates used to translate all foreign currencies to the United States dollar would have impacted income before income taxes for 2022 by approximately $276 million.
7 unchanged sentences
We attempt to minimize interest rate risk and lower our overall borrowing costs through the utilization of derivative financial instruments, primarily interest rate swaps.
+Added: We do not enter into interest rate swaps for investment or speculative purposes.
We have entered into interest rate swaps with financial institutions that have reset dates and critical terms that match the underlying debt.
1 unchanged sentence
As of December 31, 2022, we had approximately $7.1 billion of variable rate indebtedness and interest rate swaps with a notional value of $1.8 billion.
+Added: On January 3, 2023, the Company entered into three interest rate swaps with a combined notional value of $ 1 billion.
Because we do not attempt to hedge all of our variable rate debt, we may incur higher interest costs for the portion of our variable rate debt that is not hedged.
−Removed: Excluding debt covered by hedges, each quarter-point increase or decrease in the interest rate on our variable rate debt would result in our interest expense changing by approximately $5.8 million per year.
+Added: Excluding debt covered by hedges, including the swaps entered into on January 3, 2023, each quarter-point increase or decrease in the interest rate on our variable rate debt would result in our interest expense changing by approximately $14 million per year.
Marketable Securities
5 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.