2 unchanged sentences
Our investment portfolio primarily includes cash equivalents for which the market values are not significantly affected by changes in interest rates.
−Removed: Our interest rate risk results primarily from our variable rate indebtedness under our credit facility, which is influenced by movements in short-term rates.
−Removed: Borrowings under our $150 million revolving credit facility as well as our $100.0 million senior secured term loan A facility are based on LIBOR, plus an additional margin based on our Funded D ebt Leverage Ratio.
−Removed: Based on the amount of our variable rate debt of $196.1 million at December 31, 2021, an increase in interest rates by one hundred basis points from our current rate would increase annual interest expense by approximately $2.0 million.
+Added: Our interest rate risk results primarily from our variable rate indebtedness under our new credit facility, which is influenced by movements in short-term rates.
+Added: Borrowings under our $190 million revolving credit facility as well as our $125 million term loan bear interest at SOFR, plus a credit spread adjustment and applicable SOFR margin, ranging from 1.25% to 2.75%, based upon our Total Consolidated D ebt Leverage Ratio.
+Added: Based on the amount of our variable rate debt of $186.6 million at December 31, 2022, an increase in interest rat es by one hundred basis points from our current rate would increase annual interest expense by approximately $1.9 million.
Foreign Currency Risk
1 unchanged sentence
This foreign currency exposure, particularly the Euro, British Pound Sterling, Brazilian Real, Canadian Dollar and the Indian Rupee, arises primarily from the translation of our foreign subsidiaries’ financial statements into U.S.
−Removed: Gains and losses relating to nonfunctional currency transactions, are reported in the Consolidated statements of income.
+Added: Gains and losses relating to nonfunctional currency transactions, are reported in the Consolidated Statements of Income (Loss).
For example, a portion of our annual sales and operating costs are denominated in British Pound Sterling and we have exposure related to sales and operating costs increasing or decreasing based on changes in currency exchange rates.
7 unchanged sentences
Dollars of our foreign currency denominated assets and liabilities, even if the value of these items has not changed in their original currency.
−Removed: Translation adjustments for these movements are recorded as a separate component of Accumulated Other Comprehensive Income in Stockholder Equity.
−Removed: For the year ended December 31, 2021, a 10% movement in the average U.S.
−Removed: Dollar exchange rates would cause a decrease in adjusted operating income of approximately $0.3 million.
+Added: Translation adjustments for these movements are recorded as a separate component of Accumulated Other Comprehensive Income (Loss) in Stockholder Equity.
+Added: For the year ended December 31, 2022, a 10% movement, favorable or unfavorable, in the average U.S.
+Added: Dollar exchange rates would cause a change in adjusted operating income of approximately $0.1 million.
We do not currently enter into forward exchange contracts to hedge exposures denominated in foreign currencies.
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.