7 unchanged sentences
Our long-term debt, which consists of secured and unsecured long-term financings, typically bears interest at fixed rates.
−Removed: Our interest rate risk management objectives are to limit generally the impact of interest rate changes on earnings and cash flows and lower our overall borrowing costs.
+Added: Our interest rate risk management objectives are to generally limit the impact of interest rate changes on earnings and cash flows and lower our overall borrowing costs.
To achieve these objectives, from time to time we enter into interest rate hedge contracts such as collars, swaps, caps and treasury lock agreements in order to mitigate our interest rate risk with respect to existing and prospective debt instruments.
We generally do not hold or issue these derivative contracts for trading or speculative purposes.
−Removed: 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).
+Added: As of December 31, 2023, we had $2,860.9 million principal amount of fixed rate debt outstanding, a $583.3 million increase as compared to December 31, 2022.
The estimated aggregate fair market value of this debt was $2,575.7 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 $141.2 million higher.
−Removed: 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: As of December 31, 2023, we had $370.0 million of variable rate debt outstanding not protected by interest rate hedge contracts, a $566.0 million decrease as compared to December 31, 2022.
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, 2023 would increase or decrease by $3.7 million.
−Removed: 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.
−Removed: These swaps effectively fixed the underlying one-month LIBOR rate at a weighted average rate of 1.693%.
−Removed: 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.