7 unchanged sentences
Foreign Exchange Risk Management
−Removed: Assuming a 10% appreciation or depreciation in foreign currency exchange rates from the quoted foreign currency exchange rates at December 31, 2021, it would not significantly change the fair value of foreign currency-denominated assets and liabilities as all material currency asset and liability exposures were economically hedged as of December 31, 2021.
+Added: Assuming a 10% appreciation or depreciation in foreign currency exchange rates from the quoted foreign currency exchange rates at December 31, 2022, it would not significantly change the value of foreign currency-denominated assets and liabilities as all material currency asset and liability exposures were economically hedged as of December 31, 2022.
A 10% appreciation or depreciation of the U.S.
6 unchanged sentences
Interest expense includes the impact of our interest rate derivatives.
−Removed: Virtually all customer-financing assets earn fixed rates of interest.
+Added: Nearly all of our customer-financing assets earn fixed rates of interest.
The interest rates on a significant portion of the Company's term debt are fixed.
−Removed: As of December 31, 2021, of our total debt of $4.2 billion, a total of $560 million of secured borrowings carried variable interest rates, of which $293 million has a variable interest rate based on LIBOR plus a spread and the remaining $267 million has a variable interest rate based on the financial institution's cost of funds plus a spread.
+Added: As of December 31, 2022, of our total principal debt of $3,742 million, a total of $1,042 million of secured borrowings carried variable interest rates, of which $847 million has a variable interest rate based on SOFR/CDOR plus a spread and the remaining $195 million has a variable interest rate based on the financial institution's cost of funds plus a spread.
The fair market values of our fixed-rate financial instruments are sensitive to changes in interest rates.
−Removed: At December 31, 2021, a 10% change in market interest rates would change the fair values of such financial instruments by approximately $68 million.
+Added: At December 31, 2022, a 10% increase in market interest rates would reduce the fair values of such financial instruments by approximately $85 million.
+Added: As of December 31, 2022, of $1,042 million of secured borrowings, $623 million are hedged to a fixed rate through the use of Interest rate caps and swaps.
+Added: A 10% change in the yield curve, representing 20 - 30 basis points, will increase the derivative mark-to-market from $7 million to $9 million.
Refer to Note 15 - Debt in the Consolidated Financial Statements for additional information regarding our interest expense and our secured borrowings.
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.