5 unchanged sentences
We have exposure to changes in interest rates on our debt, as follows:
−Removed: Term Loan Facilities .
−Removed: As of December 31, 2022, we had an aggregate principal amount outstanding of $2.0 billion on our Term Loan Facilities.
−Removed: The interest rate fluctuates based on LIBOR or a Base Rate, as defined in the agreement, plus an applicable margin.
+Added: Term Loan Facility .
+Added: As of December 31, 2023, we had an aggregate principal amount outstanding of $1.1 billion on our Term Loan Facility.
+Added: The interest rate fluctuates based on SOFR or a Base Rate, as defined in the agreement, plus an applicable margin.
Assuming an average annual aggregate principal amount outstanding of $1.1 billion, a hypothetical 1% increase in the interest rate would have increased our annual interest expense by $11 million.
−Removed: Additionally, we utilize short-term interest rate swaps to mitigate variability in forecasted interest payments on our Term Loan Facilities.
+Added: Additionally, we utilize short-term interest rate swaps to mitigate variability in forecasted interest payments on our Term Loan Facility.
The interest rate swaps convert floating-rate interest payments into fixed rate interest payments.
ABL Facility .
−Removed: The interest rates on our ABL Facility fluctuate based on LIBOR or a Base Rate, as defined in the agreement, plus an applicable margin.
+Added: The interest rates on our ABL Facility fluctuate based on SOFR or a Base Rate, as defined in the agreement, plus an applicable margin.
Assuming our ABL Facility was fully drawn throughout 2023, a hypothetical 1% increase in the interest rate would have increased our annual interest expense by $6 million.
Fixed Rate Debt.
−Removed: As of December 31, 2022, we had $385 million of fair value of indebtedness (excluding finance leases and asset financings) that bears interest at fixed rates.
+Added: As of December 31, 2023, we had $2.2 billion of fair value of indebtedness (excluding finance leases and asset financings) that bears interest at fixed rates.
A 1% decrease in market interest rates as of December 31, 2023 would increase the fair value of our fixed-rate indebtedness by approximately 4%.
7 unchanged sentences
Consequently, a depreciation of the EUR or the GBP relative to the USD could have an adverse impact on our financial results.
−Removed: As of December 31, 2022, a uniform 10% strengthening in the value of the USD relative to the EUR would have resulted in a decrease in net assets of $37 million.
+Added: As of December 31, 2023, a uniform 10% strengthening in the value of the USD relative to the EUR would have resulted in an increase in net assets of $7 million.
As of December 31, 2023, a uniform 10% strengthening in the value of the USD relative to the GBP would have resulted in a decrease in net assets of $34 million.
1 unchanged sentence
Fluctuations in exchange rates also affect the volume of sales or the foreign currency sales price as competitors’ services become more or less attractive.
−Removed: The sensitivity
−Removed: analysis of the impact of changes in foreign currency exchange rates does not factor in a potential change in sales levels or local currency prices.
+Added: The sensitivity analysis of the impact of changes in foreign currency exchange rates does not factor in a potential change in sales levels or local currency prices.
Commodity Price Risk
7 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.