13 unchanged sentences
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, 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.
+Added: As of December 31, 2025, our interest rate swap contracts had a total notional amount of $1,030.0 million and our interest rate cap contracts had a total notional amount of $817.0 million.
Both the interest rate swap and the interest rate cap instruments are designated as cash flow hedges and are accounted for using hedge accounting.
4 unchanged sentences
The rates used in our variable interest-bearing debt are based on Term SOFR, EURIBOR, or other index rates, which in certain cases are subject to a floor.
−Removed: A hypothetical 50 basis points increase or decrease in interest rates as of December 31, 2024 related to variable rate debt agreements not hedged by derivatives would have a $6.7 million positive or negative impact on income before income taxes.
+Added: A hypothetical 50 basis points increase or decrease in interest rates as of December 31, 2025 related to variable rate debt agreements not hedged by derivatives would have an approximately $5.2 million negative or positive impact on income before income taxes.
As of December 31, 2025, our outstanding interest rate swap agreements had a fair value liability position of $16.3 million.
−Removed: If the market interest rates increased 50 basis points, the result would have a favorable effect to the interest rate swap’s fair value of $9.1 million.
−Removed: Conversely, if the market interest rates decreased 50 basis points, the result would have an unfavorable effect to the interest rate swap’s fair value of $9.2 million.
+Added: If the market interest rates increased 50 basis points, the result would have a favorable effect to the interest rate swap’s fair value of approximately $8.5 million.
+Added: Conversely, if the market interest rates decreased 50 basis points, the result would have an unfavorable effect to the interest rate swap’s fair value of approximately $8.6 million.
As of December 31, 2025, our outstanding interest rate cap contracts had a fair value asset position of $0.3 million.
−Removed: If the market interest rates increased 50 basis points, the result would have a favorable effect on the interest rate cap’s fair value of $0.3 million.
−Removed: Conversely, if the market interest rates decreased 50 basis points, the result would have an unfavorable effect on the interest rate cap’s fair value of $0.2 million.
+Added: We do not expect a 50 basis points change to have a material effect on the fair value of these interest cap contracts.
Our analysis and methods used to assess and mitigate the risks discussed above should not be considered projections of future risks.
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.