4 unchanged sentences
At December 31, 2021, we had borrowings outstanding under the credit facility totaling $230.0 million that carried a weighted average interest rate of 2.7% including the impact of the interest rate swaps described below.
−Removed: As of December 31, 2020, these variable rate borrowings were fully hedged against changes in interest rates by the interest rate swaps, which have a notional amount of $200.0 million as of December 31, 2020.
−Removed: A hypothetical 100 basis point change in the interest rate as of December 31, 2020 would have no impact on our pretax income, on an annualized basis, including the effect of the interest rate swaps.
−Removed: At December 31, 2019, our borrowings outstanding under the credit facility totaled $205.0 million which carried a weighted average interest rate of 3.0%, including the effect of the interest rate swap in effect and described below.
−Removed: A hypothetical 100 basis point change in the interest rate as of December 31, 2019, would have had a $1.6 million effect on our pretax income, on an annualized basis, including the effect of the interest rate swap.
+Added: A hypothetical 100 basis point change in the interest rate as of December 31, 2021 would have a $0.3 million effect on our pretax income on an annualized basis, including the effect of the interest rate swaps.
+Added: At December 31, 2020, we had borrowings outstanding under the credit facility totaling $200.0 million that carried a weighted average interest rate of 2.5%, including the impact of the interest rate swaps.
+Added: As of December 31, 2020, these variable rate borrowings were fully hedged against changes in interest rates by the interest rate swaps, which have a notional amount of $200.0 million.
+Added: A hypothetical 100 basis point change in the interest rate would have no impact on our pretax income, on an annualized basis, including the effect of the interest rate swaps.
On June 22, 2017, we entered into a forward interest rate swap agreement effective August 31, 2017 and ending August 31, 2022, with a notional amount of $50.0 million.
2 unchanged sentences
On January 30, 2020, we entered into a forward interest rate swap agreement effective December 31, 2019 and ending December 31, 2024, with a notional amount of $50.0 million.
−Removed: We entered into this derivative instrument to further hedge against the interest rate risks of our variable-rate borrowings.
+Added: We entered into this derivative instrument to further hedge against the interest rate risks of our
+Added: variable-rate borrowings.
Under the terms of the interest rate swap agreement, we receive from the counterparty interest on the notional amount based on one month LIBOR and we pay to the counterparty a fixed rate of 1.500%.
5 unchanged sentences
A hypothetical 100 basis point change in this interest rate would not have a material effect on our pretax income.
−Removed: At December 31, 2019 the outstanding principal amount of the promissory note was $3.9 million
−Removed: and carried an interest rate of 3.7%.
+Added: At December 31, 2020 the outstanding principal amount of the promissory note was $3.3 million and carried an interest rate of 2.1%.
A hypothetical 100 basis point change in the interest rate as of December 31, 2020 would not have had a material effect on our pretax income.
+Added: In the first quarter of 2022, we completed the sale of the aircraft to a third-party and used a portion of the sale proceeds to pay the remaining principal and unpaid interest on the promissory note.
+Added: As a result of the sale, we no longer own any aircraft.
+Added: In 2017, the Financial Conduct Authority (FCA) in the U.K.
+Added: announced that it would phase out LIBOR as a benchmark rate by the end of 2021.
+Added: In March 2021, the ICE Benchmark Administration Limited, the administrator of LIBOR, extended the transition dates of certain LIBOR tenors (including all U.S.
+Added: Dollar LIBOR tenors other than one-week and two-month U.S.
+Added: Dollar LIBOR tenors) to June 30, 2023, after which LIBOR reference rates will cease to be provided.
+Added: Our Amended Credit Agreement and interest rate swap agreements provide for any transitions away from LIBOR to a successor rate to be based on prevailing or equivalent standards.
We do not use derivative instruments for trading or other speculative purposes.
10 unchanged sentences
Any unrealized holding gains and losses resulting from observable price changes are recorded in our consolidated statement of operations.
−Removed: As of December 31, 2020, the carrying value of the investment was $6.7 million, with a total cost basis of $5.0 million.
−Removed: At December 31, 2019 the carrying value and total cost basis of the investment was $5.0 million.
+Added: As of December 31, 2021 and 2020, the carrying value of the investment was $6.7 million, with a total cost basis of $5.0 million.
Following our purchase, we have not identified any impairment of our investment.
−Removed: In October 2020, we recognized an unrealized gain of $1.7 million on our preferred stock investment resulting from an observable price change of preferred stock with similar rights and preferences to our preferred stock investment issued by Medically Home.
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.