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Quantitative and Qualitative Disclosures About Interest Rate Risk
−Removed: We utilize both fixed-rate debt ($300.0 million aggregate principal amount of the 2029 Senior Notes and certain inventory related obligations) and variable-rate debt (our $1.13 billion Credit Agreement) as part of financing our operations.
−Removed: We do not have the obligation to prepay the 2029 Senior Notes or our fixed-rate inventory related obligations prior to maturity, and, as a result, interest rate risk and changes in fair market value should not have a significant impact on our fixed-rate debt.
+Added: We utilize both fixed-rate debt ($300.0 million aggregate principal amount of the 2029 Senior Notes, $400.0 million aggregate principal amount of the 2028 Senior Notes and certain inventory related obligations) and variable-rate debt (our $1.205 billion Credit Agreement) as part of financing our operations.
+Added: We do not have the obligation to prepay the 2029 Senior Notes, the 2028 Senior Notes or our fixed-rate inventory related obligations prior to maturity, and, as a result, interest rate risk and changes in fair market value should not have a significant impact on our fixed-rate debt.
We are exposed to market risks related to fluctuations in interest rates on our outstanding variable rate indebtedness.
We currently do not hold derivatives for trading or speculative purposes, but we may do so in the future.
−Removed: Many of the statements contained in this section are forward looking and should be read in conjunction with our disclosures under the heading “ Cautionary Statement about Forward-Looking Statements ” above.
−Removed: As of September 30, 2023, we had $904.2 million of variable rate indebtedness outstanding under the Credit Agreement.
+Added: Many of the statements
+Added: contained in this section are forward looking and should be read in conjunction with our disclosures under the heading “ Cautionary Statement about Forward-Looking Statements ” above.
+Added: As of March 31, 2024, we had $703.1 million of variable rate indebtedness outstanding under the Credit Agreement.
All of the outstanding borrowings under the Credit Agreement are at variable rates based on SOFR.
−Removed: The interest rate for our variable rate indebtedness as of September 30, 2023 was SOFR plus 1.70%.
−Removed: At September 30, 2023, SOFR was 5.32%, subject to the 0.50% SOFR floor as included in the Credit Agreement.
+Added: The interest rate for our variable rate indebtedness as of March 31, 2024 was SOFR plus 1.85%.
+Added: At March 31, 2024, SOFR was 5.33%, subject to the 0.50% SOFR floor as included in the Credit Agreement.
A hypothetical 100 basis point increase in the average interest rate above the SOFR floor on our variable rate indebtedness would increase our annual interest cost by approximately $7.0 million.
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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.