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As of December 31, 2022, the value of our variable-rate debt was $1,152.0 million.
−Removed: Based on our balance sheet position as of December 31, 2021, the annualized effect of a 10% percentage point increase in floating interest rates on our variable-rate debt obligations would not have a significant impact on income before income taxes.
−Removed: Further, in 2017, the FCA announced that it intends to phase out the LIBOR by the end of 2021 and we currently expect certain LIBOR maturities to continue to be available through mid-2023.
+Added: Based on our balance sheet position as of December 31, 2022, the annualized effect of a 10% percentage point increase in floating interest rates on our variable-rate debt obligations would cause an estimated reduction on income before income taxes of $11.5 million.
In March 2021, the FCA confirmed that all of the LIBOR settings for Euro and Swiss Franc and some of the LIBOR settings for Japanese Yen, Sterling and U.S.
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dollars would cease in June 2023.
−Removed: As a result, we may amend our debt agreements that use LIBOR as a benchmark, but do not expect these changes will have a material impact on our financial statements, liquidity and access to capital markets.
+Added: As a result, we expect to amend our debt agreements that use LIBOR as a benchmark by adopting the Secured Overnight Financing Rate ("SOFR") as the new reference rate, but do not expect these changes will have a material impact on our financial statements, liquidity and access to capital markets.
For further information regarding the potential impacts of the LIBOR phase-out on the Company, please refer to "Risk Factors" in ITEM 1A of Part I of this Report.
5 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.