2 unchanged sentences
Our primary exposure to interest rate risk is due to our variable-rate debt agreements, including our 2023 Credit Agreement.
−Removed: These variable-rate debt agreements use LIBOR, which is subject to fluctuation and uncertainty.
+Added: These variable-rate debt agreements use Secured Overnight Financing Rate ("SOFR"), which is subject to fluctuation and uncertainty.
As of December 31, 2023, the value of our variable-rate debt was $901.5 million.
Based on our balance sheet position as of December 31, 2023, 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 $9.0 million.
−Removed: 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.
−Removed: dollars would cease in December 2021 and the remainder of the LIBOR settings for U.S.
−Removed: dollars would cease in June 2023.
−Removed: 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.
−Removed: 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.
Foreign Currency Exchange Risk
4 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.