27 unchanged sentences
Accordingly, we may experience a negative impact on our comprehensive earnings or loss and equity with respect to our holdings solely as a result of FX.
−Removed: Our primary exposure to FX risk during 2021 was to the Chilean peso as 16% of our reported revenue during the period was derived from VTR, whose functional currency is the Chilean peso.
+Added: Our primary exposure to FX risk during 2022 was to the CLP as 12% of our reported revenue for the period prior to the formation of the Chile JV in October 2022 was derived from VTR, whose functional currency was the CLP.
In addition, our reported operating results are impacted by changes in the exchange rates for other local currencies in Latin America and the Caribbean.
3 unchanged sentences
As of December 31,
−Removed: CLP 852.00 711.78
−Removed: JMD 153.96 142.41
+Added: CLP N/A 852.00
CRC 591.80 642.21
+Added: JMD 151.92 153.96
Year ended December 31,
1 unchanged sentence
Average rates:
−Removed: CLP 759.90 791.70 703.92
−Removed: JMD 150.60 142.08 133.48
+Added: CLP (a) 859.78 759.90 791.70
CRC 647.44 622.03 585.79
+Added: JMD 153.42 150.60 142.08
+Added: (a) The CLP rate of 859.78 for 2022 represents the average rate for the period prior to the formation of the Chile JV.
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, Liberty Puerto Rico and Costa Rica.
+Added: Our primary exposure to variable-rate debt is through the LIBOR-indexed debt of C&W, Liberty Puerto Rico and Liberty Costa Rica.
In July 2017, the U.K.
−Removed: 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: Financial Conduct Authority (the authority that regulates LIBOR) announced that its intent to stop compelling banks to submit rates for the calculation of LIBOR after 2021.
On November 30, 2020, the administrator of U.S.
dollar LIBOR announced a delay in the phase out of a majority of the U.S.
−Removed: dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications still being phased out at the end of 2021.
−Removed: 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.S., or elsewhere given that a number of outcomes are possible, including the cessation of the publication of one or more reference rate s.
+Added: dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications 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.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.
7 unchanged sentences
At December 31, 2022, we paid a fixed or capped rate of interest on 95% of our total debt, which includes the impact of our interest rate derivative contracts.
−Removed: The final maturity dates of our various portfolios of interest rate derivative instruments generally match 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
−Removed: expected future market conditions, liquidity issues and other factors.
+Added: The final maturity dates of our various portfolios of interest rate derivative instruments generally match the respective maturities of the underlying
+Added: variable-rate debt.
+Added: 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.
For additional information concerning the impacts of these interest rate derivative instruments, see note 5 to our consolidated financial statements.
22 unchanged sentences
For additional information, see notes 5 and 6 to our consolidated financial statements.
−Removed: C&W Cross-currency and Interest Rate Derivative Contracts
−Removed: Holding all other factors constant, at December 31, 2021, an instantaneous increase (decrease) in the relevant base rate of 100 basis points (1.0%) would have increased (decreased) the aggregate fair value of the C&W cross-currency and interest rate derivative contracts by approximately $165 million ($160 million).
+Added: C&W Interest Rate Derivative Contracts
+Added: Holding all other factors constant, at December 31, 2022, an instantaneous increase (decrease) in the relevant base rate of 100 basis points (1.0%) would have increased (decreased) the aggregate fair value of the C&W interest rate derivative contracts by approximately $94 million ($95 million).
Liberty Puerto Rico Interest Rate Derivative Contracts
7 unchanged sentences
2023 2024 2025 2026 2027 Thereafter
−Removed: Projected derivative cash payments (receipts), net (a):
−Removed: Interest-related (b) $ 29.9 $ 58.5 $ 44.5 $ 44.1 $ 43.7 $ 180.1 $ 400.8
−Removed: Principal-related (c) — — — — (8.5) — (8.5)
−Removed: Other (d) (2.5) — — — — — (2.5)
+Added: Projected derivative cash payments (receipts), net:
+Added: Interest-related (a) $ (36.8) $ (64.3) $ (62.6) $ (62.6) $ (62.6) $ (53.4) $ (342.3)
+Added: Other (b) 12.2 — — — — — 12.2
$ (24.6) $ (64.3) $ (62.6) $ (62.6) $ (62.6) $ (53.4) $ (330.1)
−Removed: (a) Amounts do not include projected cash flows related to derivatives of the Chile JV Entities, which comprise (i) total interest-related payments of $91 million, (ii) total principal-related receipts of $96 million and (iii) total foreign currency-related receipts of $23 million.
−Removed: For information regarding the pending formation of the Chile JV, see note 9 to our consolidated financial statements.
−Removed: (b) Includes the interest-related cash flows of our cross-currency and interest rate derivative contracts.
−Removed: (c) Includes the principal-related cash flows of our cross-currency derivative contract.
−Removed: (d) Includes amounts related to our foreign currency forward contracts.
+Added: (a) Includes the interest-related cash flows of our interest rate derivative contracts.
+Added: (b) 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.