5 unchanged sentences
These on-balance sheet financial instruments expose us to interest rate risk.
−Removed: During 2020 and 2022, we entered into a series of interest rate swaps which fixed the LIBOR of our External Debt Facilities.
−Removed: In February 2023, we amended our interest rate swaps to replace the interest rate benchmark from the LIBOR to SOFR.
−Removed: Other than the foregoing, the material terms of the interest rate swap agreements remained unchanged, and our election to use practical expedients under ASUs 2020-04 and 2021-01 resulted in no material impacts on the consolidated financial statements.
−Removed: The aggregate notional amount of our interest rate swaps still in effect as of December 31, 2024 was $1,150 million, and the SOFR is fixed at an annual rate of 0.40% to 3.40% (for an annual effective interest rate of 2.15% to 5.15%, including margin).
−Removed: These interest rate swaps hedge a portion of the interest rate exposure resulting from our Term Loan Facility for periods ranging from one to two years.
−Removed: We classify these instruments as cash flow hedges.
−Removed: Our average variable rate for the remaining notional amount of $1,150 million is a one-month SOFR plus an applicable margin of 1.75%.
+Added: We have entered into a series of interest rate swaps to fix the SOFR of our External Debt Facilities.
+Added: The aggregate notional amount of the interest rate swaps in effect as of December 31, 2025 and 2024 was $1,000 million and $1,150 million, respectively.
+Added: The SOFR of the swaps in effect is fixed at an annual rate of 2.66% to 3.40% (for an annual effective interest rate of 4.41% to 5.15%, including margin).
+Added: These interest rate swaps that are in effect have maturity dates of less than one year, and a weighted average effective rate of 4.71%.
+Added: Furthermore, during the year ended December 31, 2025, we entered into additional interest rate swaps with forward start dates beginning in February 2026, that had an aggregate notional value of $900 million, which fixes the SOFR to an annual rate of 3.33% to 3.41% (for an annual effective interest rate of 5.08% to 5.16%, including margin).
+Added: These interest rate swaps with forward start dates have maturity dates between March 2028 and March 2031, and a weighted average effective rate of 5.12%.
The fair value of our interest rate swaps included on our consolidated balance sheets as of December 31, 2025 was $1 million.
2 unchanged sentences
2026 1,000 4.7 %
+Added: Total interest rate swaps in effect as of December 31, 2025 1,000
2028 500 5.1 %
−Removed: Total $ 1,150
+Added: 2031 400 5.2 %
+Added: Total interest rate swaps with forward start dates $ 900
(1) Includes 1.75% applicable margin on the one-month SOFR.
4 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.