2 unchanged sentences
We are exposed to risk from changes in interest rates on a significant portion of our outstanding indebtedness.
−Removed: Based on $1.40 billion of non-hedged total variable interest rate debt, which includes our floor plan notes payable, amounts drawn on our used vehicle floor plan, revolver and certain mortgage liabilities, outstanding as of December 31, 2021, a 100 basis point change in interest rates would result in a change of $14.0 million in annual interest expense.
−Removed: We periodically receive floor plan assistance from certain automobile manufacturers, which is accounted for as a reduction in our new vehicle inventory cost.
+Added: Based on $102.8 million of total variable interest rate debt, which includes our floor plan notes payable, amounts drawn on our used vehicle floor plan, revolver and certain mortgage liabilities, outstanding as of December 31, 2022, a 100 basis point change in interest rates would result in a change of $1.0 million in annual interest expense.
+Added: We periodically receive floor plan assistance from certain automobile manufacturers, which is primarily accounted for as a reduction in our new vehicle inventory cost.
Floor plan assistance reduced our cost of sales for the years ended December 31, 2022, 2021, and 2020, by $85.8 million, $57.5 million, and $44.0 million, respectively.
2 unchanged sentences
All of our interest rate swaps qualify for cash flow hedge accounting treatment and do not contain any ineffectiveness.
−Removed: As of December 31, 2021 we had five interest rate swap agreements.
−Removed: In May 2021, we entered into a new interest rate swap agreement with a notional principal amount of $184.4 million which will reduce to $110.6 million at maturity.
−Removed: This swap, along with our existing swaps, was designed to provide a hedge against changes in variable rate cash flows regarding fluctuations in the one month LIBOR rate, through each swap's maturity date as noted in the table below.
+Added: As of December 31, 2022 we had seven interest rate swap agreements.
+Added: In January 2022, we entered into two new interest rate swap agreements with a combined notional principal amount of $550.0 million.
+Added: These swaps are designed to provide a hedge against changes in variable rate cash flows regarding fluctuations in SOFR.
+Added: All interest rate swap agreements with an inception date of 2021 and prior were amended on June 1, 2022 to provide a hedge against changes in variable rate cash flows regarding fluctuations in SOFR as compared to the previous benchmark rate of one-month LIBOR.
+Added: The revisions to the interest rate swap agreements did not impact our hedge accounting.
The following table provides information on the attributes of each swap as of December 31, 2022:
−Removed: Inception Date Notional Value at Inception Notional Value as of December 31, 2021
−Removed: Notional Value at Maturity Maturity Date
+Added: Inception Date Notional Value at Inception Notional Value Notional Value at Maturity Maturity Date
(In millions) (In millions) (In millions)
+Added: January 2022 $ 300.0 $ 288.8 $ 228.8 December 2026
+Added: January 2022 $ 250.0 $ 250.0 $ 250.0 December 2031
May 2021 $ 184.4 $ 173.3 $ 110.6 May 2031
3 unchanged sentences
November 2013 $ 75.0 $ 41.5 $ 38.7 September 2023
+Added: These interest rate swaps are marked to market at each reporting date and any unrealized gains or losses are included in accumulated other comprehensive income and reclassified to other interest expense in the same period or periods during which the hedged transactions affect earnings.
For additional information about the effect of our derivative instruments, please refer to Note 15 "Financial Instruments and Fair Value" within the accompanying consolidated financial statements.
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.