24 unchanged sentences
At December 31, 2021, we had $500.0 million of fixed rate debt and $283.5 million of variable rate debt.
−Removed: Our ratio of fixed rate debt to variable rate debt at December 31, 2020 was approximately 181 percent.
For fixed rate debt, interest rate changes affect the fair market value but do not impact earnings or cash flows.
For variable rate debt, interest rate changes generally do not affect the fair market value but do impact future earnings and cash flows, assuming other factors are held constant.
−Removed: Holding other variables constant (such as debt levels and foreign exchange rates), a one percentage point decrease in interest rates at December 31, 2020 would have increased the fair market value of the fixed rate debt by approximately $4.5 million.
The earnings and cash flows for the year ending December 31, 2021, assuming a one percentage point increase in interest rates, would have decreased approximately $2.8 million, holding other variables constant for variable rate debt.
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.