10 unchanged sentences
We generally do not hold or issue these derivative contracts for trading or speculative purposes.
−Removed: At December 31, 2021, we had $2,534.1 million principal amount of fixed rate debt outstanding, a $250.1 million increase as compared to December 31, 2020, excluding debt with a variable rate that is effectively fixed by related interest rate hedge contracts.
+Added: As of December 31, 2022, we had $2,277.6 million principal amount of fixed rate debt outstanding, a $256.5 million decrease as compared to December 31, 2021 (excluding $50.0 million of variable rate debt outstanding as of December 31, 2021 that had been effectively fixed by related interest rate hedge contracts).
The estimated aggregate fair market value of this debt was $1,913.4 million.
1 unchanged sentence
If interest rates had been 100 basis points lower, the aggregate fair market value of our fixed rate debt would have been $114.7 million higher.
−Removed: At December 31, 2021, we had $220.0 million of variable rate debt outstanding not protected by interest rate hedge contracts, a $70.0 million increase as compared to December 31, 2020.
−Removed: If the weighted average interest rate on this variable rate debt had been 100 basis points higher or lower, the annual interest expense at December 31, 2021 would increase or decrease by $2.2 million.
−Removed: See “Item 1A.
−Removed: Risk Factors – Risks Related to our Financing Activities – Increases in interest rates would increase our interest expense.”
−Removed: At December 31, 2021, we had $50.0 million of variable rate debt outstanding with $50.0 million of related floating-to-fixed interest rate swaps.
−Removed: These swaps effectively fix the underlying one-month LIBOR rate at a weighted average rate of 1.693%.
−Removed: If the underlying LIBOR interest rates increase or decrease by 100 basis points, the aggregate fair market value of the swaps at December 31, 2021 would increase or decrease by less than $0.1 million.
−Removed: As of January 28, 2022, these interest rate swaps have expired.
−Removed: We are exposed to certain losses in the event of nonperformance by the counterparties, which are major financial institutions, under the swaps.
−Removed: We regularly evaluate the financial condition of our counterparties using publicly available information.
−Removed: Based on this review, we currently expect the counterparties to perform fully under the swaps.
−Removed: However, if a counterparty defaults on its obligations under a swap, we could be required to pay the full rates on the applicable debt, even if such rates were in excess of the rate in the contract.
+Added: As of December 31, 2022, we had $936.0 million of variable rate debt outstanding not protected by interest rate hedge contracts, a $716.0 million increase as compared to December 31, 2021.
+Added: If the weighted average interest rate on this variable rate debt had been 100 basis points higher or lower, the annual interest expense as of December 31, 2022 would increase or decrease by $9.4 million.
+Added: As of December 31, 2021, we had $50.0 million of variable rate debt outstanding with $50.0 million of related floating-to-fixed interest rate swaps.
+Added: These swaps effectively fixed the underlying one-month LIBOR rate at a weighted average rate of 1.693%.
+Added: We had no outstanding interest rate hedge contracts as of December 31, 2022.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
3 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.