6 unchanged sentences
Interest Rate Risk
−Removed: Due to the upcoming discontinuation of LIBOR on June 30, 2023, we amended our outstanding variable rate debt agreements and active interest rate swaps to change the interest rate benchmark from LIBOR to Daily Simple SOFR in December 2022.
−Removed: Our forward-starting interest rate swap agreements continue to use LIBOR as the interest rate benchmark.
−Removed: We are exposed to interest rate risk through our variable rate debt, primarily due to changes in SOFR.
+Added: Due to the discontinuation of LIBOR on June 30, 2023, we amended our outstanding variable rate debt agreements and active interest rate swaps to change the interest rate benchmark from LIBOR to Daily Simple SOFR in December 2022.
+Added: In March 2023, we modified our benchmark rates from LIBOR to Daily Simple SOFR for our forward-starting interest rate swaps.
+Added: We are exposed to interest rate risk through our variable rate debt due to changes in SOFR.
However, we use interest rate swaps to manage our exposure to interest rate movements on our term credit agreements by swapping existing and anticipated future borrowings from floating rates to fixed rates.
−Removed: As of December 31, 2022, we had $1 billion of U.S.
+Added: As of December 31, 2023, we had $850 million of U.S.
long-term variable rate debt outstanding on our term credit agreements.
−Removed: The notional amount of outstanding interest rate swap contracts with respect to our term credit agreements at December 31, 2022 was $850 million.
−Removed: The Term Credit Agreement matures in April 2028, with the associated interest rate swaps maturing in August 2024.
−Removed: We have entered into forward starting interest rate swaps to cover $150 million of the Term Credit Agreement through the extended 2028 maturity date.
−Removed: The Incremental Term Loan Agreement and associated interest rate swaps mature in May 2026, and the 2021 Incremental Term Loan Facility and associated interest rate swaps mature in June 2029.
+Added: The notional amount of outstanding interest rate swap contracts with respect to our term credit agreements at December 31, 2023 was also $850 million.
+Added: The $350 million 2015 Term Credit Facility matures in April 2028, with the associated interest rate swaps maturing in August 2024.
+Added: We have entered into forward starting interest rate swaps to cover $200 million of the 2015 Term Credit Facility through the extended maturity date.
+Added: The 2016 Incremental Term Loan Facility and associated interest rate swaps mature in May 2026, and the 2021 Incremental Term Loan Facility and associated interest rate swaps mature in June 2029.
We have entered into an interest rate swap agreement to cover $100 million of borrowings under the 2022 Incremental Term Loan Facility through the maturity date in December 2027.
−Removed: At this current borrowing and derivatives level, a hypothetical one-percentage point increase/decrease in interest rates would result in a corresponding increase/decrease in interest payments and expense of approximately $1.5 million over a 12-month period.
+Added: At this current borrowing and derivatives level, a hypothetical one-percentage point increase/decrease in interest rates would result in no corresponding increase/decrease in interest payments and expense over a 12-month period.
The fair market value of our fixed interest rate debt is also subject to interest rate risk.
43 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.