7 unchanged sentences
We do not acquire market risk sensitive instruments for trading purposes.
−Removed: We manage interest rate risk through the use of a combination of fixed-rate long-term debt and interest rate swaps that fix a portion of our variable-rate long-term debt.
−Removed: The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.
−Removed: Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt.
−Removed: Through the interest rates swaps expiration date of May 14, 2020, we estimate that an additional $1.2 million will be reclassified as an increase to interest expense.
−Removed: After considering the impact of interest rate swap agreements, at March 31, 2020, approximately $1.0 billion of our outstanding long-term debt represents fixed-rate debt and approximately $504.0 million represents variable-rate debt.
−Removed: Assuming an average balance on our revolving credit borrowings of approximately $312.5 million, a hypothetical 100 bps increase in one month LIBOR on our variable-rate debt would lead to an increase of approximately $8.2 million in annual cash interest costs due to the impact of our fixed-rate swap agreements.
−Removed: Assuming we had no interest rate swap agreements in place, a hypothetical 100 bps increase in LIBOR would increase our annual interest expense by approximately $18.2 million.
+Added: We previously managed interest rate risk through the use of a combination of fixed-rate long-term debt and interest rate swaps that fixed a portion of our variable-rate long-term debt.
+Added: During the three months ended June 30, 2020, our interest rate swap agreements expired, as such, we did not have any derivative instruments outstanding as of June 30, 2020.
+Added: We presently manage interest rate risk primarily by managing the amount, sources and duration of our debt funding .
+Added: At June 30, 2020, approximately $1.
+Added: 8 billion of our outstanding long-term debt represents variable-rate debt.
+Added: Assuming an average balance on our revolving credit borrowings of approximately $311.0 million, a hypothetical 100 bps increase in LIBOR would increase our annual interest e xpense by approximately $9.3 million.
+Added: Assuming no revolving credit borrowings, a hypothetical 100 bps increase in LIBOR would increase our annual interest expense by approximately $6.2 million.
COVID-19 Risks and Uncertainties
1 unchanged sentence
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.