7 unchanged sentences
Such derivative instruments are viewed as risk management tools and are not used for speculative or trading purposes.
−Removed: Cross-currency swap agreements are used to effectively convert fixed-rate Euro-denominated borrowings and fixed-rate GBP-denominated borrowings, including the principal amount of the underlying debt and periodic interest payments, to fixed-rate U.S.
+Added: From time to time, cross-currency swap agreements are used to effectively convert fixed-rate Euro-denominated borrowings and fixed-rate GBP-denominated borrowings, including the principal amount of the underlying debt and periodic interest payments, to fixed-rate U.S.
dollar denominated debt and are accounted for as fair value hedges.
−Removed: In association with fixed-rate Euro-denominated borrowings, we have three cross-currency swap agreements with a total notional amount of €350.0 million (approximately $386.3 million based on an exchange rate of $1.00 to €0.91, the exchange rate as of December 31, 2023) that effectively convert interest and principal payments on €350.0 million of our Euro-denominated debt from Euro to U.S.
−Removed: The cross-currency derivative instruments have maturities of October 2025.
−Removed: As of December 31, 2023, the cross-currency swap agreements had a fair value liability position of $28.0 million.
−Removed: These swaps eliminate the foreign currency risk associated with the hedged portion of our Euro-denominated borrowings.
−Removed: dollar were to weaken or strengthen against the Euro by 5%, the result would have a favorable or unfavorable effect on the cross-currency swap agreements’ fair value of $20.9 million and $19.7 million, respectively.
−Removed: In association with fixed-rate GBP-denominated borrowings, we have three cross-currency swap agreements with a total notional amount of £300.0 million (approximately $381.9 million based on an exchange rate of $1.00 to £0.79, the exchange rate as of December 31, 2023) that effectively convert interest and principal payments on £300.0 million of our GBP-denominated debt from GBP to U.S.
−Removed: The cross-currency derivative instruments have maturities of February 2026.
−Removed: As of December 31, 2023, the cross-currency swap agreements had a fair value asset position of $0.4 million.
−Removed: These swaps eliminate the foreign currency risk associated with the hedged portion of our GBP-denominated borrowings.
−Removed: dollar were to weaken or strengthen against the GBP by 5%, the result would have a favorable or unfavorable effect on the cross-currency swap agreements’ fair value of $20.2 million and $19.9 million, respectively.
+Added: As of December 31, 2024, we had no outstanding cross-currency swap agreements with financial counterparties.
Interest Rates
1 unchanged sentence
We have, from time to time, utilized derivative financial instruments, including interest rate swap contracts and interest rate cap contracts with financial counterparties to manage our interest rate risk.
−Removed: As of December 31, 2023, we held five interest rate swap contracts with a total current notional amount of $260.4 million and a total notional amount of $718.5 million.
−Removed: As of December 31, 2023, we held four interest rate cap contracts with a total current notional amount $759.8 million and a total notional amount of approximately $1,084.4 million used to manage risk related to interest rate fluctuations.
+Added: As of December 31, 2024, we held five interest rate swap contracts with a total notional amount of $683.1 million and one interest rate cap contract with a notional amount of approximately $319.1 million used to manage risk related to interest rate fluctuations.
Both the interest rate swap and the interest rate cap instruments are designated as cash flow hedges and are accounted for using hedge accounting.
12 unchanged sentences
Our analysis and methods used to assess and mitigate the risks discussed above should not be considered projections of future risks.
−Removed: Item 8—Financial Statements and Supplementary Data
−Removed: Our consolidated financial statements, the notes thereto and the Report of BDO USA, P.C., our Independent Registered Public Accounting Firm, are included in this Annual Report on Form 10-K on pages F-1 through F-36.
−Removed: Item 9—Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
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.