19 unchanged sentences
In this regard, we have entered into foreign currency forward contracts to hedge certain of these risks.
−Removed: Certain non-functional currency risks related to our direct costs of services and other operating and SG&A expenses and property and equipment additions were not hedged as of December 31, 2019 .
+Added: Certain non-functional currency risks related to our programming and other direct costs of services and other operating costs and expenses and property and equipment additions were not hedged as of December 31, 2020.
For additional information concerning our foreign currency forward contracts, see note 5 to our consolidated financial statements.
9 unchanged sentences
We generally do not hedge against the risk that we may incur non-cash losses upon the translation of the financial statements of our operating subsidiaries and affiliates into U.S.
−Removed: The relationship between (i) the Chilean peso and the Jamaican dollar and (ii) the U.S.
+Added: The relationship between (i) the Chilean peso, the Jamaican dollar and the Costa Rican colón and (ii) the U.S.
dollar, which is our reporting currency, is shown below, per one U.S.
As of December 31,
+Added: Chilean peso 711.78 751.85
Jamaican dollar 142.41 132.28
+Added: Costa Rican colón 613.19 571.33
Year ended December 31,
+Added: 2020 2019 2018
Average rates:
+Added: Chilean peso 791.70 703.92 642.17
Jamaican dollar 142.08 133.48 129.26
+Added: Costa Rican colón (a) 585.79 587.78 603.26
+Added: (a) The rate for 2018 is the average rate during the fourth quarter of 2018, as we acquired Cabletica on October 1, 2018.
Inflation and Foreign Investment Risk
6 unchanged sentences
We are exposed to changes in interest rates primarily as a result of our borrowing activities, which include fixed-rate and variable-rate borrowings by our borrowing groups.
−Removed: Our primary exposure to variable-rate debt is through the LIBOR -indexed debt of C&W and Liberty Puerto Rico .
−Removed: In 2017, regulators in the U.K.
−Removed: announced that the LIBOR rate will be phased out by the end of 2021.
−Removed: We are currently unable to predict the exact transitional arrangements for calculating applicable reference rates that may be made in the U.K.
−Removed: given there is currently no replacement reference rate.
+Added: Our primary exposure to variable-rate debt is through the LIBOR-indexed debt of C&W and Liberty Puerto Rico and, to a lesser extent, Cabletica.
+Added: In July 2017, the U.K.
+Added: Financial Conduct Authority (the authority that regulates LIBOR) announced that it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021.
+Added: On November 30, 2020, the administrator of U.S.
+Added: dollar LIBOR announced a delay in the phase out of a majority of the U.S.
+Added: dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications still being phased out at the end of 2021.
+Added: Currently, it is not possible to predict the exact transitional arrangements, or associated timelines, for calculating applicable reference rates that may be made in the U.K., the U.S., or elsewhere given that a number of outcomes are possible, including the cessation of the publication of one or more reference rates.
Our loan documents contain customary provisions that contemplate alternative calculations of the applicable base rate once LIBOR is no longer available.
8 unchanged sentences
The final maturity dates of our various portfolios of interest rate derivative instruments generally fall short of the respective maturities of the underlying variable-rate debt.
−Removed: In this regard, we use judgment to determine the appropriate maturity dates of our portfolios of interest rate derivative instruments, taking into account the relative costs and benefits of different maturity profiles in light of current and expected future market conditions, liquidity issues and other factors.
+Added: In this regard, we use judgment to determine the appropriate maturity dates of our portfolios of interest rate derivative
+Added: instruments, taking into account the relative costs and benefits of different maturity profiles in light of current and expected future market conditions, liquidity issues and other factors.
For additional information concerning the impacts of these interest rate derivative instruments, see note 5 to our consolidated financial statements.
1 unchanged sentence
At December 31, 2020, the outstanding principal amount of our variable-rate indebtedness aggregated $2,998 million, and the weighted average interest rate (including margin) on such variable-rate indebtedness was approximately 3.8%, excluding the effects of interest rate derivative contracts, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing.
−Removed: Assuming no change in the amount outstanding, and without giving effect to any interest rate derivative contracts, deferred financing costs, original issue
−Removed: premiums or discounts and commitment fees, a hypothetical 50 basis point (0.50%) increase (decrease) in our weighted average variable interest rate would increase (decrease) our annual interest expense and cash outflows by $16 million .
+Added: Assuming no change in the amount outstanding, and without giving effect to any interest rate derivative contracts, deferred financing costs, original issue premiums or discounts and commitment fees, a hypothetical 50 basis point (0.50%) increase (decrease) in our weighted average variable interest rate would increase (decrease) our annual interest expense and cash outflows by $15 million.
As discussed above and in note 5 to our consolidated financial statements, we use interest rate derivative contracts to manage our exposure to increases in variable interest rates.
8 unchanged sentences
To date, neither the access to nor the value of our cash and cash equivalent balances have been significantly adversely impacted by liquidity problems of financial institutions.
−Removed: At December 31, 2019 , our exposure to counterparty credit risk included (i) derivative assets with an aggregate fair value of $145 million , (ii) cash and cash equivalent and restricted cash balances of $2,457 million and (iii) aggregate undrawn debt facilities of $1,113 million .
+Added: At December 31, 2020, our exposure to counterparty credit risk included (i) cash and cash equivalent balances of $894 million and (ii) aggregate undrawn credit facilities of $1,173 million.
Each of our borrowing groups has entered into derivative instruments under agreements with each counterparty that contain master netting arrangements that are applicable in the event of early termination by either party to such derivative instrument.
7 unchanged sentences
For additional information, see notes 5 and 6 to our consolidated financial statements.
−Removed: VTR Finance Cross-currency Derivative Contracts
−Removed: Holding all other factors constant, at December 31, 2019 , an instantaneous increase (decrease) of 10% in the value of the Chilean peso relative to the U.S.
−Removed: dollar would have decreased (increased) the aggregate fair value of the VTR Finance cross-currency derivative contracts by approximately CLP 99 billion or $132 million .
+Added: VTR Cross-currency and Interest Rate Derivative Contracts
+Added: Holding all other factors constant, at December 31, 2020:
+Added: An instantaneous increase (decrease) of 10% in the value of the Chilean peso relative to the U.S.
+Added: dollar would have decreased (increased) the aggregate fair value of the VTR cross-currency derivative contracts by approximately CLP 127 billion or $178 million.
+Added: An instantaneous increase (decrease) in the relevant based rate of 100 basis points (1.0%) would have increased (decreased) the aggregate fair value of the VTR cross-currency and interest rate derivative contracts by approximately CLP 12 billion or $17 million.
C&W Cross-currency and Interest Rate Derivative Contracts
8 unchanged sentences
Payments (receipts) due during:
+Added: 2021 2022 2023 2024 2025 Thereafter
Projected derivative cash payments (receipts), net:
1 unchanged sentence
Principal-related (b) — (1.5) — — — 163.1 161.6
−Removed: Includes the interest-related cash flows of our cross-currency and interest rate derivative contracts.
−Removed: Includes the principal-related cash flows of our cross-currency derivative contracts.
−Removed: Includes amounts related to our foreign currency forward contracts.
+Added: Other (c) 3.2 — — — — — 3.2
+Added: $ 73.0 $ 69.6 $ 63.2 $ 65.3 $ 65.3 $ 286.5 $ 622.9
+Added: (a) Includes the interest-related cash flows of our cross-currency and interest rate derivative contracts.
+Added: (b) Includes the principal-related cash flows of our cross-currency derivative contracts.
+Added: (c) Includes amounts related to our foreign currency forward contracts.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
3 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.