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Interest Rate Risk .
−Removed: With our outstanding debt, we are exposed to various forms of market risk, including the potential losses arising from adverse changes in interest rates on our outstanding Term Loan, including changes that may result from implementation of new benchmark rates that replace LIBOR.
−Removed: See “Note 8 - Debt” for further information.
−Removed: A hypothetical increase or decrease in the interest rate by 1% would result in an increase or decrease in annual interest expense by approximately $15.7 million.
+Added: With our outstanding debt, we are exposed to various forms of market risk, including the potential losses arising from adverse changes in interest rates on our outstanding 2024 and 2026 Term Loans.
+Added: See “Note 4 – Debt” in our Notes to the Consolidated Financial Statements for further information.
+Added: A hypothetical increase or decrease in the interest rate by 1 percentage point may result in an increase or decrease in annual interest expense by approximately $15.1 million.
We currently carry debt that relies on one-month LIBOR as the benchmark rate.
The one-month LIBOR is expected to cease publication after June 30, 2023.
−Removed: 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.
+Added: To the extent the one-month LIBOR ceases to exist, the 2024 and 2026 Term Loans and 2020 Revolving Credit Facility 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.
−Removed: We invest our excess cash primarily in highly liquid debt instruments of the U.S.
+Added: We typically invest our excess cash primarily in highly liquid debt instruments of the U.S.
government and its agencies, money market mutual funds, corporate debt securities and municipal debt securities that are classified as available-for-sale and time deposits.
20 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.