8 unchanged sentences
We manage our debt portfolio to achieve an overall desired position of fixed and floating rates and may employ interest rate swaps as a tool to achieve that position.
−Removed: We have entered into interest rate swap agreements to limit our exposure to variable interest rate terms on certain borrowings under our Initial Term Loan Facility.
−Removed: The risks from interest rate swaps include changes in the interest rates affecting the fair value of such instruments, potential increases in interest expense due to market increases in floating interest rates and the creditworthiness of the counterparties.
−Removed: After considering interest rate swaps that fixed the interest rate on $550 million of the principal amounts of our Initial Term Loan Facility , approximately 57% of the principal amount of our debt bore interest at floating rates based on LIBOR or an alternative base rate, as defined in our credit agreements, as of January 2, 2021 .
−Removed: A hypothetical 1% change in the applicable rate would cause the
−Removed: interest expense on our floating rate debt to change by approximately $33 million per year (see Note 13, Debt, in our consolidated financial statements).
−Removed: In July 2017, the United Kingdom’s Financial Conduct Authority, which regulates LIBOR announced that it intends to phase out the use of LIBOR by the end of 2021.
+Added: We have in the past entered into interest rate swap agreements to limit our exposure to variable interest rate terms on certain borrowings under our Initial Term Loan Facility, however, our remaining interest rate swap agreements expired on July 31, 2021.
+Added: Approximately 47% of the principal amount of our debt bore interest at floating rates based on LIBOR or an alternative base rate, as defined in our credit agreements, as of January 1, 2022 .
+Added: A hypothetical 1% change in the applicable rate would cause the interest expense on our floating rate debt to change by approximately $24 million per year (see Note 11, Debt, in our consolidated financial statements).
+Added: On March 5, 2021, the IBA, the administrator of LIBOR, announced that it will cease publication of U.S.
+Added: dollar LIBOR tenors as of June 30, 2023 (instead of December 31, 2021), for the most common tenors (overnight and one, three, six and twelve months) and it will cease publication of U.S.
+Added: dollar LIBOR tenors for less common tenors (one week and two months) as well as all tenors of non-U.S.
+Added: dollar LIBOR as of December 31, 2021.
We are unable to predict the impact of using alternative reference rates and corresponding rate risk as of this time.
5 unchanged sentences
We also enter into forward purchase commitments for a portion of our projected diesel fuel requirements.
−Removed: As of January 2, 2021, we had diesel fuel forward purchase commitments totaling $53 million, which fix approximately 41% of our projected diesel fuel purchase needs through December 2021.
+Added: As of January 1, 2022, we had diesel fuel forward purchase commitments totaling $33 million, which fix approximately 19% of our projected diesel fuel purchase needs through March 2023.
Our remaining fuel purchase needs will occur at market rates unless contracted for a fixed price or hedged at a later date.
−Removed: Using current published market price projections for diesel and estimated fuel consumption needs, a hypothetical 10% unfavorable change in diesel prices from the market price could result in approximately $9 million in additional fuel cost on uncommitted volumes through December 2021.
+Added: Using current published market price projections for diesel and estimated fuel consumption needs, a hypothetical 10% unfavorable change in diesel prices from the market price could result in approximately $17 million in additional fuel cost on uncommitted volumes through March 2023.
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.