7 unchanged sentences
We have interest rate swap contracts to hedge our interest rate exposure on our variable-rate debt.
−Removed: However, certain of our variable-rate debt instruments are subject to a one-percent floor on interest payments while our interest rate swap contracts do not include a floor.
−Removed: If current LIBOR increases above one percent, the increase in our debt service obligations on most of our variable-rate indebtedness will be neutralized as we have entered into interest rate swaps that hedge any increase in current LIBOR above one percent.
−Removed: If current LIBOR is below one percent, even though the amount borrowed remains the same, our net income and cash flows, including cash available for servicing our indebtedness, will decrease by the impact of the difference between one percent and current LIBOR because certain of our variable-rate debt has an interest floor of one percent while the corresponding interest rate swap contracts do not have a LIBOR floor.
−Removed: As a result of changes in the interest rate environment in response to macroeconomic decline, our interest rate swap contracts designated as cash flow hedges with an aggregate notional amount of $3 billion were no longer highly effective beginning in March 2020.
−Removed: Accordingly, we de-designated the cash flow hedges and the changes in fair value for the period in which these cash flow hedges were no longer highly effective were recognized in interest expense.
−Removed: Amounts recognized as a component of AOCI prior to de-designation will be reclassified into interest expense in the same period in which the related interest on variable-rate debt affects earnings through the maturity dates of the interest rate swap contracts as the forecasted cash flows are probable of occurring.
−Removed: The changes in fair value of interest rate swap contracts recognized in interest expense, net, in the Condensed Consolidated Statements of Operations were a gain of $8 million and a loss of $1 million during the three months ended September 30, 2020 and 2019, respectively, and losses of $90 million and $9 million during the nine months ended September 30, 2020 and 2019, respectively.
−Removed: As of September 30, 2020, the carrying amount of our debt, excluding finance leases, was $9.7 billion with a fair value of $10.1 billion.
+Added: However, certain of our variable-rate debt instruments are subject to a 0.75% floor on interest payments while our interest rate swap contracts do not include a floor.
+Added: If current LIBOR increases above 0.75%, the increase in our debt service obligations on most of our variable-rate indebtedness will be neutralized as we have entered into interest rate swaps that hedge any increase in current LIBOR above 0.75%.
+Added: If current LIBOR is below 0.75%, even though the amount borrowed remains the same, our net income and cash flows, including cash available for servicing our indebtedness, will decrease by the impact of the difference between 0.75% and current LIBOR because certain of our variable-rate debt has an interest floor of 0.75% while the corresponding interest rate swap contracts do not have a LIBOR floor.
+Added: The unrealized gains and losses of interest rate swap contracts recognized in interest expense, net, in the Condensed Consolidated Statements of Operations were a gain of $107 million and a loss of $70 million during the three months ended March 31, 2021 and 2020, respectively.
+Added: As of March 31, 2021, the carrying amount of our debt, excluding finance leases, was $9.5 billion with a fair value of $10 billion.
In addition, we had interest rate swap contracts with aggregate notional amounts of $3.2 billion with a fair value of $169 million as a net liability.
−Removed: As of September 30, 2020, a hypothetical 10% change in interest rates would change the fair value of our debt by approximately $224 million based on the implied yield from broker-quoted market prices on our debt, while a similar change in interest rates would change the fair value of our interest rate swap contracts by approximately $3 million based on a discounted cash flow analysis.
+Added: As of March 31, 2021, a hypothetical 10% change in interest rates would change the fair value of our debt by approximately $184 million based on the implied yield from broker-quoted market prices on our debt, while a similar change in interest rates would change the fair value of our interest rate swap contracts by approximately $2 million based on a discounted cash flow analysis.
Additionally, any 0.125% decrease in LIBOR below 0.75% would result in an increase of approximately $4 million in annualized interest expense on our variable-rate debt, including the impact of our interest rate swaps.
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.