10 unchanged sentences
We do not enter into foreign currency transactions for investment or speculative purposes.
−Removed: The principal currency hedged in 2022 was the British Pound.
−Removed: The contractual value of our foreign exchange derivative instruments, all of which were foreign exchange forward contracts, was approximately $122 million as of December 31, 2022.
+Added: The principal currency hedged in 2023 with foreign currency forward contracts was the British Pound.
+Added: The contractual value of our foreign exchange forward contracts was approximately $121 million as of December 31, 2023.
The fair value of these contracts is subject to change as a result of potential changes in foreign exchange rates.
7 unchanged sentences
The actual impact of exchange rate movements in the future could differ materially from this hypothetical analysis, based on the mix of foreign currencies and the timing and magnitude of individual exchange rate movements.
−Removed: Additionally, commencing in 2016, we designated a portion of our foreign currency denominated debt as a hedge of our net investment in foreign subsidiaries to reduce the volatility in stockholders’ equity caused by changes in the Euro exchange rate with respect to the United States dollar.
−Removed: As of December 31, 2022, these borrowings (net of original issue discount) were € 5,211 million ($ 5,580 million).
−Removed: A hypothetical 10% decrease in the value of the United States dollar would lead to a potential loss in fair value of $558 million.
+Added: During the year ended December 31, 2023, we designated the cross-currency swaps that we entered into in connection with the issuance of our 2029 Senior Secured Notes and Term B-4 Dollar Loans as a hedge of our net investment in certain foreign subsidiaries to reduce the volatility in stockholders’ equity caused by changes in the Euro exchange rate with respect to the United States dollar.
+Added: We do not enter into cross-currency swaps for investment or speculative purposes.
+Added: The contractual value of our cross-currency swaps was approximately $2,750 million as of December 31, 2023.
+Added: The fair value of these cross-currency swaps is subject to change as a result of potential changes in foreign exchange rates.
+Added: We assess our market risk based on changes in foreign exchange rates utilizing a sensitivity analysis.
+Added: The sensitivity analysis measures the potential gain or loss in fair values based on a hypothetical 10% change in foreign currency exchange rates.
+Added: The potential loss in fair value for cross-currency swaps based on a hypothetical 10% decrease in the value of the United States dollar was $327 million as of December 31, 2023.
However, this change in fair value would be offset by the change in value of the hedged portion of our net investment in foreign subsidiaries caused by the currency exchange rate fluctuation.
+Added: Commencing in 2016 we designated our foreign currency denominated debt as a hedge of our net investment in certain foreign subsidiaries to reduce the volatility in stockholders’ equity caused by changes in the Euro exchange rate with respect to the United States dollar.
+Added: We have continued to designate a portion of new issuances of foreign currency denominated debt as a hedge of our net investment in certain foreign subsidiaries.
+Added: As of December 31, 2023, our total foreign currency denominated debt was €4,101 million ($4,526 million), with approximately 60% being designated as a hedge.
+Added: A hypothetical 10% decrease in the value of the United States dollar would lead to a potential loss in fair value of $453 million.
+Added: However, approximately 60% of this change in fair value would be offset by the change in value of the hedged portion of our net investment in foreign subsidiaries caused by the currency exchange rate fluctuation.
Interest Rates
4 unchanged sentences
Accordingly, any change in market value associated with the interest rate swaps is offset by the opposite market impact on the related debt.
−Removed: 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.
−Removed: On January 3, 2023, the Company entered into three interest rate swaps with a combined notional value of $ 1 billion.
+Added: As of December 31, 2023, we had approximately $5,500 million of variable rate indebtedness and interest rate swaps with a notional value of $3,300 million.
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, 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.
+Added: 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 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.