5 unchanged sentences
All other interest bearing debt, including securitized debt, incurs interest at fixed rates.
−Removed: Changes in interest rates also impact the fair value of our fixed-rate notes receivable and our fixed-rate debt.
+Added: Changes in interest rates also impact the fair value of our fixed-rate vacation ownership notes receivable and our fixed-rate debt.
+Added: As of December 31, 2022, approximately $784 million of our gross aggregate consolidated indebtedness (our Term Loan) was indexed to the USD London Interbank Offered Rate (“LIBOR”) and we were party to $550 million of derivative instruments indexed to LIBOR.
+Added: authority that regulates LIBOR announced that it will no longer permit new LIBOR contracts after December 31, 2021, and will not compel banks to submit rates for the calculation of LIBOR after June 2023.
+Added: We intend to amend our Term Loan and derivative instruments to reference an alternative benchmark rate prior to the cessation of LIBOR.
+Added: The use of an alternative benchmark rate could cause our interest expense to increase, which could adversely affect our financial condition, operating results and cash flows.
The following table sets forth the scheduled maturities and the total fair value as of year-end 2022 for our financial instruments that are impacted by market risks:
15 unchanged sentences
2027 Convertible Notes 3.3% $ — $ — $ — $ — $ (575) $ — $ (575) $ (568)
+Added: Non-interest bearing note payable —% $ (6) $ (4) $ — $ — $ — $ — $ (10) $ (10)
We are exposed to currency exchange rate risk through investments in foreign subsidiaries that transact business in a currency other than the U.S.
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.