4 unchanged sentences
A hypothetical increase or decrease in the interest rate by 1 percentage point would result in an increase or decrease in annual interest expense by approximately $15.5 million.
−Removed: We currently carry debt that relies on LIBOR as the benchmark rate.
−Removed: LIBOR is expected to be phased out as a benchmark rate starting at the end of 2021.
−Removed: To the extent LIBOR ceases to exist, the 2020 Term Loans and 2020 Revolving Credit Facility agreements contemplate an alternative benchmark rate without the need for any amendment thereto.
+Added: We currently carry debt that relies on one-month LIBOR as the benchmark rate.
+Added: The one-month LIBOR is expected to cease publication after June 30, 2023.
+Added: To the extent the one-month LIBOR ceases to exist, the 2020 Term Loans and 2020 Revolving Credit Facility agreements contemplate an alternative benchmark rate without the need for any amendment thereto.
We maintain an investment policy that requires minimum credit ratings, diversification of credit risk and limits the long-term interest rate risk by requiring effective maturities of generally less than five years.
4 unchanged sentences
Fixed rate securities may have their fair market value adversely impacted due to a rise in interest rates, while floating rate securities may produce less income than predicted if interest rates fall.
−Removed: There were no such investments on hand at October 30, 2021, aside from cash and cash equivalents.
+Added: There were no such investments on hand at April 30, 2022, aside from cash and cash equivalents.
Foreign Currency Exchange Risk .
15 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.