14 unchanged sentences
Fixed Interest Rate Debt
−Removed: The majority of our outstanding debt obligations (maturing at various times through 2046 or, with respect to finance lease obligations through 2106) have fixed interest rates which limit the risk of fluctuating interest rates.
+Added: The majority of our outstanding debt obligations (maturing at various times through 2046) have fixed interest rates which limit the risk of fluctuating interest rates.
However, interest rate fluctuations may affect the fair value of our fixed rate debt instruments.
3 unchanged sentences
Variable Interest Rate Debt
−Removed: Generally, we believe that our primary interest rate risk is due to fluctuations in interest rates on our variable rate debt.
−Removed: At December 31, 2019, we had no variable rate debt outstanding.
+Added: Generally, we believe that our primary interest rate risk is due to fluctuations in interest rates on our outstanding variable rate debt.
+Added: At December 31, 2020, we had $400.0 million of variable rate debt outstanding (the principal balance on our unsecured term loan).
+Added: Based upon this amount of variable rate debt and the specific terms, if market interest rates increased 1.0%, our annual interest expense would increase approximately $4.0 million with a corresponding decrease in our net income and cash flows for the year.
+Added: Conversely, if market interest rates decreased 1.0%, our annual interest expense would decrease by approximately $4.0 million with a corresponding increase in our net income and cash flows for the year.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
2 unchanged sentences
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.