20 unchanged sentences
The credit ratings and concentration of risk of these financial institutions are monitored on a continuing basis.
−Removed: Because these contracts are net-settled the Company’s credit risk with the counterparties is limited to the foreign currency rate differential at the end of the contract.
+Added: Because these contracts are net-settled the Company’s credit risk with the counterparties is limited to the foreign currency rate differential at the end of the contract.
Interest Rate Risk
1 unchanged sentence
There were no outstanding letters of credit issued under the credit facility resulting in $2.0 billion of funds available under this credit facility.
−Removed: Additionally, the Company’s joint venture has a $120 million bank line of credit for the construction of a facility in Saudi Arabia.
−Removed: Interest under the bank line of credit is based upon LIBOR plus 1.40%.
+Added: Additionally, the Company’s joint venture has a $120 million bank line of credit for the construction of a facility in Saudi Arabia.
+Added: Interest under the bank line of credit is based upon SOFR plus 1.40%.
Occasionally a portion of borrowings under our credit facility could be denominated in multiple currencies which could expose us to market risk with exchange rate movements.
−Removed: These instruments carry interest at a pre-agreed upon percentage point spread from either LIBOR, NIBOR or CDOR, or at the U.S.
−Removed: Under our credit facility, we may, at our option, fix the interest rate for certain borrowings based on a spread over LIBOR, NIBOR or CDOR for 30 days to six months.
+Added: These instruments carry interest at a pre-agreed upon percentage point spread from either SOFR, NIBOR or CDOR, or at the U.S.
+Added: Under our credit facility, we may, at our option, fix the interest rate for certain borrowings based on a spread over SOFR, NIBOR or CDOR for 30 days to six months.
Our objective is to maintain a portion of our debt in variable rate borrowings for the flexibility obtained regarding early repayment without penalties and lower overall cost as compared with fixed-rate borrowings.
1 unchanged sentence
Attached hereto and a part of this report are financial statements and supplementary data listed in Item 15.
−Removed: “Exhibits and Financial Statement Schedules.”
+Added: “Exhibits and Financial Statement Schedules.”
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.