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Fixed Rate Debt.
−Removed: As of December 31, 2020, we had an aggregate principal amount outstanding of $4.2 billion of indebtedness (excluding finance leases) that bears interest at fixed rates.
+Added: As of December 31, 2021, we had $1.6 billion of fair value of indebtedness (excluding finance leases) that bears interest at fixed rates.
A 1% decrease in market interest rates as of December 31, 2021 would increase the fair value of our fixed-rate indebtedness by approximately 4%.
For additional information concerning our debt, see Note 12—Debt to our Consolidated Financial Statements.
−Removed: We also have exposure to changes in interest rates as a result of our cash balances, which totaled $2.1 billion as of December 31, 2020 and generally earn interest income that approximates LIBOR.
−Removed: Assuming an annual average cash balance as of $2.1 billion, a hypothetical 1% increase in the interest rate would reduce our net interest expense by $21 million.
+Added: We also have exposure to changes in interest rates as a result of our cash balances, which totaled $260 million as of December 31, 2021 and generally earn interest income that approximates LIBOR.
+Added: Assuming an annual average cash balance of $260 million, a hypothetical 1% increase in the interest rate would reduce our net interest expense by $3 million.
Foreign Currency Exchange Risk
−Removed: A significant proportion of our net assets and income are in non-U.S.
+Added: A proportion of our net assets and income are in non-U.S.
dollar (“USD”) currencies, primarily the euro (“EUR”) and British pound sterling (“GBP”).
1 unchanged sentence
Consequently, a depreciation of the EUR or the GBP relative to the USD could have an adverse impact on our financial results.
−Removed: In connection with the issuances of our Senior Notes due 2023 and Senior Notes due 2022, we entered into cross-currency swap agreements to manage our foreign currency exchange risk by effectively converting a portion of the fixed-rate USD-denominated notes, including the interest payments, to fixed-rate, EUR-denominated debt.
−Removed: The risk management objective is to manage foreign currency risk relating to net investments in subsidiaries denominated in foreign currencies.
−Removed: We use foreign currency option contracts to mitigate the risk of a reduction in the value of earnings from our operations that use the EUR or GBP as their functional currency.
+Added: We periodically use foreign currency option contracts to mitigate the risk of a reduction in the value of earnings from our operations that use the EUR or GBP as their functional currency.
As of December 31, 2021, a uniform 10% strengthening in the value of the USD relative to the EUR would have resulted in a decrease in net assets of $32 million.
10 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.