5 unchanged sentences
At December 31, 2025, we held no investments in marketable securities.
−Removed: We incur interest at variable rates under both our Term Loan Facility and Revolving Credit Facility.
−Removed: At December 31, 2024, there were $10.0 million of outstanding borrowings under the Revolving Credit Facility and $31.2 million of outstanding letters of credit, resulting in total revolver availability of $608.8 million, which was available following the amendment to our senior
−Removed: secured credit agreement in September 2024 at intervals ranging from 30 to 180 days at interest rates of SOFR plus 2.50% or base rate plus 1.50% (subject to certain first lien leverage and ratings-based step-downs).
−Removed: Following the amendment to our senior secured credit agreement in November 2024, our Term Loan Facility bears interest at a rate per annum of SOFR plus an applicable margin of 2.50% (subject to a certain ratings-based step-down) and had an outstanding balance of $1,000.0 million at December 31, 2024.
−Removed: During the year ended December 31, 2024, we also amended the credit agreement governing the Revolving Credit Facility to replace the Canadian Dollar Offered Rate (CDOR), which ceased at the end of June 2024, with the Canadian Overnight Repo Rate Average (CORRA).
−Removed: We do not have any outstanding borrowings in Canadian dollars under the Revolving Credit Facility.
−Removed: Assuming no prepayments of the Term Loan Facility and that the Revolving Credit Facility is fully drawn, each one percentage point change in interest rates would result in an approximately $16.5 million change in annual interest expense on the indebtedness under the Credit Facilities.
+Added: We incur interest at variable rates under our Revolving Credit Facility.
+Added: At December 31, 2025, there were no outstanding borrowings under the Revolving Credit Facility and $31.8 million of outstanding letters of credit, resulting in total revolver availability of $618.2 million, which was available at intervals ranging from 30 to 180 days at interest rates of Term Secured Overnight Financing Rate (“SOFR”) plus 2.00% or base rate plus 1.00%.
+Added: Until April 8, 2025, our Term Loan Facility bore interest at a rate per annum of SOFR plus an applicable margin of 2.50%.
+Added: Effective April 8, 2025, we entered into interest rate swap agreements for our entire Term Loan Facility notional amount of $997.5 million, which converted the variable interest rate of our Term Loan Facility to a fixed interest rate of 3.409%, plus the applicable margin that is now 2.00% (after the ratings-based step down of 0.25% effective June 19, 2025 and the reduction in the interest rate margin by an additional 0.25% with the amendment to our Term Loan Facility effective August 18, 2025).
+Added: Our Term Loan Facility had an outstanding balance of $992.5 million at December 31, 2025.
+Added: See Note 8, Derivative Instruments and Hedging Activities, to our consolidated financial statements included in Part II, Item 8 of this Annual Report for more information on our interest rate swaps.
+Added: Assuming the Revolving Credit Facility is fully drawn, each one percentage point change in interest rates would result in an approximately $6.5 million change in annual interest expense on the indebtedness under the Credit Facilities as of December 31, 2025.
Foreign currency exchange risk
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.