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These interest rate swaps had a fair value of zero at inception and were effective November 30, 2018 and July 31, 2019 with respective maturity dates of November 30, 2021 and February 21, 2023.
−Removed: These interest rate swaps have been designated as cash flow hedges and convert the Company’s interest rate payments on the first $100 million of variable-rate, 1-month LIBOR-based
−Removed: debt to a fixed interest rate.
−Removed: As a result of these interest rate swaps, interest payments on approximately 30% of our total borrowings, as of March 31, 2020, have been swapped from floating rate to fixed rate for the life of the swaps, without an exchange of the underlying principal amount.
+Added: These interest rate swaps have been designated as cash flow hedges and convert the Company’s interest rate payments on the first $100 million of variable-rate, 1-month LIBOR-based debt to a fixed interest rate.
+Added: As a result of these interest rate swaps, interest payments on approximately 26% of our total borrowings, as of June 30, 2020, have been swapped from floating rate to fixed rate for the life of the swaps, without an exchange of the underlying principal amount.
A hedge effectiveness assessment was completed by comparing the critical terms of the hedged items with the hedging instruments, and also by reviewing the credit standing of the counterparties.
−Removed: As of March 31, 2020, it was determined that the critical terms continued to exactly match, and that the counterparties still had the ability to honor their obligations.
+Added: As of June 30, 2020, it was determined that the critical terms continued to exactly match, and that the counterparties still had the ability to honor their obligations.
As a result, the hedges continue to be deemed effective.
−Removed: Based on current borrowing levels at March 31, 2020, net of the interest rate swap, a 25-basis point fluctuation in interest rates for the three months ended March 31, 2020 would have resulted in an increase or decrease to our interest expense of approximately $0.6 million.
+Added: Based on current borrowing levels at June 30, 2020, net of the interest rate swap, a 25-basis point fluctuation in interest rates for the six months ended June 30, 2020 would have resulted in an increase or decrease to our interest expense of approximately $0.7 million.
See “Note 13.
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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.