4 unchanged sentences
Interest Rate Risk
−Removed: The table below summarizes the expected interest and principal payments associated with our variable rate debt outstanding at December 31, 2021 (mainly the $3.1 billion variable rate senior secured term loan due 2026 (the 2026 Term Loan) and our asset-based revolving credit facility).
+Added: The table below summarizes the expected interest and principal payments associated with our variable rate debt outstanding at December 31, 2022 (mainly the $3.1 billion variable rate senior secured term loan due 2026 (2026 Term Loan) and our asset-based revolving credit facility).
The principal payments presented below are based on scheduled maturities and assume no borrowings under our asset-based revolving credit facility.
10 unchanged sentences
Average cash interest rate
−Removed: As part of our hedging strategy to mitigate a portion of the exposure to changes in cash flows resulting from the variable interest rate on the 2026 Term Loan, in March 2019, we entered into and designated pay-fixed, receive-variable interest rate swap derivatives as cash flow hedges of interest rate risk.
−Removed: The total notional amount of the interest rate swap derivatives as of December 31, 2021 was $600 million with outstanding maturities of up to twenty-seven months.
−Removed: As of December 31, 2021, the combined fair value of the interest rate swaps was an $11.8 million loss.
+Added: As part of our hedging strategy to mitigate a portion of the exposure to changes in cash flows resulting from the variable interest rate on our 2026 Term Loan, in March 2019, we entered into and designated pay-fixed, receive-variable interest rate swap derivatives as cash flow hedges of interest rate risk.
+Added: The total notional amount of the interest rate swap derivatives as of December 31, 2022 was $300 million with outstanding maturities of up to fifteen months.
+Added: As of December 31, 2022, the combined fair value of the interest rate swaps was an $8.6 million gain.
The table above excludes the impact of these interest rate swap derivatives.
13 unchanged sentences
These contracts are not designated as hedges for accounting purposes and are marked to market each period through earnings and, as such, there were no unrecognized gains or losses as of December 31, 2022 or 2021.
−Removed: In addition, we held certain foreign exchange forward contracts and cross currency swaps designated as net investment hedges to mitigate a portion of the foreign currency risk on the euro net investment in a foreign subsidiary which matured in the second quarter of 2021.
−Removed: As of December 31, 2021, we did not have derivative instruments designated as net investment hedges.
Our derivative instruments are not leveraged and are not held for trading or speculation.
9 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.