14 unchanged sentences
However, interest rate fluctuations may affect the fair value of our fixed rate debt instruments.
−Removed: At September 30, 2024, we had $1.8 billion of fixed rate debt outstanding with an estimated fair value of $1.7 billion.
−Removed: If interest rates at September 30, 2024 had been 1.0% higher, the fair value of those debt instruments on that date would have decreased by approximately $68.6 million.
−Removed: If interest rates at September 30, 2024 had been 1.0% lower, the fair value of those debt instruments on that date would have increased by approximately $93.4 million.
+Added: At March 31, 2025, we had $1.6 billion of fixed rate debt outstanding with an estimated fair value of $1.5 billion.
+Added: If interest rates at March 31, 2025 had been 1.0% higher, the fair value of those debt instruments on that date would have decreased by approximately $61.9 million.
+Added: If interest rates at March 31, 2025 had been 1.0% lower, the fair value of those debt instruments on that date would have increased by approximately $85.9 million.
The carrying values of our revolving line of credit and term loans are deemed to be at fair value since the outstanding debt is directly tied to monthly SOFR contracts.
−Removed: Additionally, we consider $325.0 million related to Term Loan A, Term Loan B and Term Loan C outstanding as of September 30, 2024 to be fixed rate debt as the rate is effectively fixed by interest rate swap agreements.
+Added: Additionally, we consider $100.0 million related to Term Loan A outstanding as of March 31, 2025 to be fixed rate debt as the rate is effectively fixed by interest rate swap agreements.
Variable Interest Rate Debt
−Removed: At September 30, 2024, we had $325.0 million of variable rate debt outstanding, all of which is subject to interest rate swaps as described above.
+Added: At March 31, 2025, we had $100.0 million of variable rate debt outstanding, all of which is subject to interest rate swaps as described above.
We have historically entered into forward starting interest rate swaps in order to economically hedge against the risk of rising interest rates that would affect our interest expense related to our future anticipated debt issuances as part of its overall borrowing program.
−Removed: See the discussion under Note 4 to the accompanying consolidated financial statements for certain quantitative details related to the interest rate swaps and for a discussion on how we value derivative financial instruments.
+Added: See the discussion under Note 5 of the Notes to Consolidated Financial Statements included elsewhere herein for certain quantitative details related to the interest rate swaps and for a discussion on how we value derivative financial instruments.
Based upon this amount of variable rate debt and the specific terms, if market interest rates increased or decreased by 1.0%, our annual interest expense would not change and have no corresponding change in our net income and cash flows for the year, since this variable rate debt is effectively fixed by interest rate swap agreements.
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.