3 unchanged sentences
Quantitative and Qualitative Disclosures About Market Risk of our Annual Report on Form 10-K, for the year ended December 31, 2022.
−Removed: To manage the volatility related to the exposure to changes in interest rates, we have entered into a derivative financial instrument.
−Removed: Our objective is to reduce, where it is deemed appropriate to do so, fluctuations in earnings and cash flows associated with changes in interest rates.
+Added: To manage the volatility related to the exposure to changes in interest rates, we have historically entered into a derivative financial instrument, specifically an interest rate swap.
+Added: Our objective has been to reduce, where it is deemed appropriate to do so, fluctuations in earnings and cash flows associated with changes in interest rates.
Our policies and practices are to use derivative financial instruments only to the extent necessary to manage exposures.
We do not hold or issue derivative financial instruments for trading or speculative purposes.
−Removed: Amounts reported in accumulated other comprehensive income (loss) related to our derivative will be reclassified to interest expense as interest is accrued on our variable-rate debt.
−Removed: The fair value of our derivative was an asset of $26.3 million at September 30, 2022.
−Removed: Based upon projected forward rates, we estimate as of September 30, 2022 that $11.0 million may be reclassified as an decrease to interest expense over the next twelve months.
+Added: In March 2023, we disposed of our interest rate swap by selling the remaining notional value totaling $340 million back to our counterparty.
+Added: We received $19.2 million from our counterparty, consisting of $0.8 million of interest and $18.4 million for the sale.
+Added: We recognized a gain from accumulated other comprehensive income (loss) of $7.3 million to Other income (expense), net in our condensed consolidated statement of operations for the three months ended March 31, 2023.
+Added: Amounts remaining in accumulated other comprehensive income (loss) related to our derivative of $12.0 million will be amortized to interest expense over the remaining term of our variable-rate debt on a straight-line basis.
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.