3 unchanged sentences
Our Credit Facility is subject to interest rate changes.
−Removed: We had $40.0 million in borrowings and repayments under the Credit Facility during the year ended December 31, 2022.
−Removed: There were no intraperiod borrowings during the year ended December 31, 2021, and we had $500.0 million of intraperiod borrowings during the year ended December 31, 2020.
+Added: We had no borrowings or repayments under the Credit Facility during the year ended December 31, 2023, and had $40.0 million in borrowings and repayments under the Credit Facility during the year ended December 31, 2022.
+Added: We had no borrowings or repayments under the Credit Facility during the year ended December 31, 2021.
We had no outstanding borrowings as of either December 31, 2023 or 2022.
−Removed: Interest charges resulting from the intraperiod borrowings during the year ended December 31, 2022 were not material.
There were no interest charges resulting from intraperiod borrowings during the year ended December 31, 2023.
−Removed: Interest charges resulting from the intraperiod borrowings totaled $0.2 million for the year ended December 31, 2020.
−Removed: The following table presents our long-term debt obligations, principal cash flows by maturity, weighted average interest rates and estimated fair market value for the year ended December 31, 2022 (in thousands):
+Added: Interest charges resulting from the intraperiod borrowings during the year ended December 31, 2022 were not material, and there were no interest charges resulting from intraperiod borrowings during the year ended December 31, 2021.
+Added: The following table presents our long-term debt obligations, principal cash flows by maturity, weighted average interest rates and estimated fair market value for the year ended December 31, 2023 (in millions):
Fair Value at December 31,
4 unchanged sentences
Fixed rate $ 10.2 $ 2.0 $ 0.7 $ 0.6 $ — $ — $ 13.5 $ 13.5
−Removed: Average interest rate 2.961 % — % — % — % — % — % — % n/a
+Added: Average interest rate 1.188 % 1.365 % 3.803 % 4.000 % n/a n/a 1.492 % n/a
(a) Fair value of our fixed rate senior notes at December 31, 2023, is derived from quoted market prices by independent dealers.
Our operations are interest rate sensitive.
−Removed: As overall housing demand is adversely affected by increases in interest rates, an increase in mortgage interest rates may negatively affect the ability of homebuyers to secure adequate financing.
−Removed: Higher interest rates could adversely affect our revenues, gross margins and net income and would also increase our variable rate borrowing costs on our Credit Facility.
−Removed: We do not enter into, or intend to enter into, derivative financial instruments for trading or speculative purposes.
+Added: As overall housing demand is adversely affected by increases in interest rates, a significant increase in mortgage interest rates may negatively affect the ability of homebuyers to secure adequate financing or cause potential homebuyers with existing mortgages to choose to stay in their lower interest rate homes.
+Added: Higher interest rates and/or rapidly increasing interest rates could adversely affect our revenue, gross margins, earnings, and cancellations rates and would also increase our variable rate borrowing costs on our Credit Facility.
+Added: We do not enter into, or intend to enter into, derivative interest rate swap financial instruments for trading or speculative purposes.
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.