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Interest Rate Risk
−Removed: During the six months ended June 30, 2024, the Company paid down $90.0 million on its revolving credit facility, resulting in no outstanding variable rate debt as of June 30, 2024 and therefore no exposure to interest rate risk on its current borrowings.
+Added: During the nine months ended September 30, 2024, the Company paid down $90.0 million on its revolving credit facility, resulting in no outstanding variable rate debt as of September 30, 2024 and therefore no exposure to interest rate risk on its current borrowings.
We may incur additional variable rate debt in the future, including additional amounts that we may borrow under our revolving credit facility.
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We do not hold or issue these derivative contracts for trading or speculative purposes.
+Added: As further described in Note 13.
+Added: Fair Value to our condensed consolidated financial statements in this report, during the three months ended September 30, 2024, in anticipation of a potential debt issuance and in order to hedge interest rate risk, the Company entered into two treasury lock agreements with an aggregate notional amount of $200.0 million based on the 10-year treasury note rates at the time.
+Added: The treasury locks were designated as cash flow hedging instruments and had an aggregate fair value of $2.6 million recognized as an unrealized gain in the condensed consolidated financial statements as of September 30, 2024.
+Added: If the 10-year treasury note rate were to decrease, there would be a corresponding decrease in the unrealized gain or increase in unrealized loss on our treasury locks.
+Added: The treasury locks will be settled upon the issuance of debt and the amounts recorded in other comprehensive income will be reclassified into earnings as a reduction of interest expense over the term of the debt.
There have been no other material changes to our market risk from those disclosed in section Part II, “Item 7A.
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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.