14 unchanged sentences
Foreign currency translation gains and losses primarily relate to changes in the value of revenue equipment owned by a subsidiary in Mexico, whose functional currency is the Peso .
−Removed: Foreign currency translation losses were $1.4 million and $2.9 million for the years ended December 31, 2021 and 2020, respectively, and were recorded in accumulated other comprehensive loss within stockholders’ equity in the consolidated balance sheets.
+Added: Foreign currency translation gains were $2.4 million for the year ended December 31, 2022 and foreign currency translation losses were $1.4 million for the year ended December 31, 2021, and were recorded in accumulated other comprehensive loss within stockholders’ equity in the consolidated balance sheets.
The exchange rate between the Mexican Peso and the U.S.
4 unchanged sentences
In addition, we had $450.0 million of variable interest rate debt outstanding at December 31, 2022.
−Removed: Interest rates on the variable rate debt and our unused credit facilities are based on the LIBOR.
+Added: The interest rates on our unused credit facility are based on Secured Overnight Financing Rate (“SOFR”).
See Note 8 in the Notes to Consolidated Financial Statements under Item 8 of Part II of this Form 10-K for further detail of our debt.
−Removed: Assuming this level of borrowing, a hypothetical one-percentage point increase in the LIBOR interest rate would increase our annual interest expense by approximately $1.8 million.
−Removed: Due to uncertainty surrounding the suitability and sustainability of the London Interbank Offered Rate (LIBOR), central banks and global regulators have called for financial market participants to prepare for the discontinuation of LIBOR.
−Removed: On March 5, 2021, ICE Benchmark Administration ratified its proposal on ceasing publication of one-week and two-month settings of the USD LIBOR benchmark at the end of December 2021, and ceasing publication of the remaining overnight and one-, three-, six- and 12-month USD LIBOR settings at the end of the June 2023.
−Removed: LIBOR is a widely-referenced benchmark rate, and our unsecured credit facilities are referenced to LIBOR.
−Removed: We are communicating with our banks regarding the eventual transition to a new benchmark rate.
+Added: Assuming this level of borrowing, a hypothetical one-percentage point increase in the SOFR interest rate would increase our annual interest expense by approximately $4.5 million.
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.