2 unchanged sentences
We are exposed to risk from changes in interest rates on a significant portion of our outstanding indebtedness.
−Removed: 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: Based on $1.81 billion 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, 2023, a 100 basis point change in interest rates would result in a change of $18.1 million in annual interest expense.
We periodically receive floor plan assistance from certain automobile manufacturers, which is primarily accounted for as a reduction in our new vehicle inventory cost.
3 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, 2022 we had seven interest rate swap agreements.
+Added: As of December 31, 2023 we had six interest rate swap agreements.
In January 2022, we entered into two new interest rate swap agreements with a combined notional principal amount of $550.0 million.
11 unchanged sentences
June 2015 $ 100.0 $ 58.8 $ 53.1 February 2025
−Removed: November 2013 $ 75.0 $ 41.5 $ 38.7 September 2023
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.
1 unchanged sentence
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.