1 unchanged sentence
Interest Rate Risk
−Removed: Interest on borrowings under the MidCap credit facility accrues interest at an annual rate equal to the lesser of (i) 8.25% and (ii) the one-month LIBOR (subject to a one-month LIBOR floor of 1.00%) plus 6.25%.
−Removed: Accordingly, our interest expense under the MidCap credit facility is subject to changes in the one-month LIBOR rate.
−Removed: See “Risk Factors-- We have a substantial amount of debt, and we may be unable to make required payments of interest and principal as they become due” under Item 1A of this report for additional information regarding the risks we face related to the planned phase-out of LIBOR.
+Added: Interest on borrowings under the MidCap credit facility accrues interest at an annual rate equal to the lesser of (i) 8.25% and (ii) the one-month SOFR (subject to a one-month SOFR floor of 1.00%) plus 6.25%.
+Added: Accordingly, our interest expense under the MidCap credit facility is subject to changes in the one-month SOFR rate.
All other debt has fixed interest rates, so the interest expense associated with such debt is not exposed to changes in market interest rates.
1 unchanged sentence
See Note 10 – Borrowings for information about the principal amount of outstanding debt.
−Removed: If a change in one-month LIBOR interest rates equal to 10% of the one-month LIBOR interest rates on December 31, 2021 were to have occurred, this change would not have had a material effect on our interest payment obligation.
+Added: If a hypothetical 10% change in the one-month SOFR interest rates on December 31, 2022 were to have occurred, this change would not have had a material effect on our annual interest payment obligation.
Foreign Currency Exchange Risk
+Added: In July 2022 and October 2022, we entered into two separate 90-day foreign currency hedging transactions to mitigate our exposure to foreign currency exchange risks associated with our insulin purchase obligation under the Insulin Supply Agreement.
+Added: The hedging transaction hedges against short-term currency fluctuations for the remaining current year purchase obligation under the Insulin Supply Agreement for a total of €4.0 million.
+Added: We realized a $0.1 million loss during the year ended December 31, 2022.
+Added: This amount is recorded in other income and expense.
We incur and will continue to incur significant expenditures for insulin supply obligations under our Insulin Supply Agreement with Amphastar.
9 unchanged sentences
dollar to Euro exchange rate on December 31, 2022 were to have occurred, this change would have resulted in a foreign currency impact to our pre-tax loss of approximately $7.2 million.
+Added: Financial Statements and Supplementary Data
+Added: The information required by this Item is included in Items 15(a) (1) and (2) of Part IV of this Annual Report on Form 10-K.
+Added: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
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.