8 unchanged sentences
Each of these swap agreements is with a different financial institution as the counterparty to reduce our counterparty risk.
−Removed: Each swap requires the Company to pay a fixed interest rate of 0.9275% in exchange for receiving one-month LIBOR.
+Added: Each swap requires the Company to pay a fixed interest rate of 0.9275% in exchange for receiving the underlying floating rate.
+Added: Upon the update of the index to SOFR, we expect that the fixed rate will change from this current rate.
The interest rate swap agreements settle monthly commencing in April 2021 through their termination dates on April 30, 2026.
+Added: In January 2023, the Company entered into two interest rate swap agreements, each with a notional value of $250 million.
+Added: Each of these swap agreements is with a different financial institution, and each swap requires the Company to pay a fixed interest rate of 3.435% in exchange for receiving one-month LIBOR for six months and one-month Term SOFR afterwards.
We had borrowings outstanding under our Term Loan with book values of $1,831.2 million and $1,843.8 million at December 31, 2022 and December 31, 2021, respectively, which were subject to a weighted average interest rate of 4.440% and 2.850% for the years ended December 31, 2022 and 2021, respectively.
−Removed: There were no borrowings against our Revolving Credit Facility at December 31, 2021 or December 31, 2020.
+Added: There were no borrowings against our Revolving
+Added: Credit Facility at December 31, 2022 or December 31, 2021.
The Notes bear interest at a fixed rate of 4.250% per annum and accordingly do not vary with prevailing interest rates.
−Removed: A hypothetical 100 basis point increase or decrease in weighted average interest rates under our Term Loan and Revolving Credit Facility would have increased or decreased our interest expense by $24.9 million and $23.8 million for the years ended December 31, 2021 and 2020, respectively.
+Added: A hypothetical 100 basis point increase or decrease in weighted average interest rates under our Term Loan and Revolving Credit Facility would have increased or decreased our interest expense by $13.7 million and $24.9 million for the years ended December 31, 2022 and 2021, respectively, prior to consideration of the impact the hypothetical basis point change would have had on our interest rate swap agreements.
The fair value of our Credit Facilities will generally fluctuate with movements of interest rates, increasing in periods of declining rates of interest and declining in periods of increasing rates of interest.
−Removed: A hypothetical 100 basis point increase or decrease in weighted average interest rates under our Term Loan and Revolving Credit Facility would not have had a material impact on the fair value of our Credit Facilities as of December 31, 2021.
+Added: The Company is unable to estimate the impact on the fair value of the Company’s debt of a hypothetical 100 basis point increase or decrease in weighted average interest rates
Investment risk
2 unchanged sentences
Our investment policy and strategy primarily attempts to preserve capital and meet liquidity requirements without significantly increasing risk.
−Removed: Our cash and cash equivalents and short-term deposits primarily consist of cash deposits and money market funds.
+Added: Our cash and cash equivalents and short-term bank deposits primarily consist of commercial papers, bank deposits and money market funds.
We do not enter into investments for trading or speculative purposes.
−Removed: Changes in rates would primarily impact interest income due to the relatively short-term nature of our investments.
−Removed: A hypothetical 100 basis point change in interest rates would have increased or decreased our interest income for a twelve-month period by an immaterial amount.
+Added: Due to the short-term nature of these instruments, a hypothetical 100 bps increase in interest rates would not have a material impact on their fair value as of December 31, 2022.
Foreign currency risk
11 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.