8 unchanged sentences
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 June 30, 2024, we had $850 million of U.S.
+Added: As of September 30, 2024, we had $790 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 June 30, 2024 was also $850 million.
−Removed: The $350 million 2015 Term Loan 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 $200 million of the 2015 Term Loan Agreement through the extended maturity date.
+Added: The notional amount of outstanding interest rate swap contracts with respect to our term credit agreements at September 30, 2024 was $700 million.
+Added: The $290 million 2015 Term Loan Agreement matures in April 2028 and on August 1, 2024, three forward-starting interest rate swaps with a total notional amount of $200 million matured into active interest rate swaps and fixed $200 million of the outstanding principal over its remaining four-year term.
The 2016 Incremental Term Loan Agreement and associated interest rate swaps mature in May 2026, and the 2021 Incremental Term Loan Agreement 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 Agreement 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 no corresponding increase/decrease in interest payments and expense 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 a corresponding increase/decrease in interest payments and expense of approximately $0.9 million over a 12-month period.
The fair market value of our fixed interest rate debt is also subject to interest rate risk.
−Removed: The estimated fair value of our fixed rate debt at June 30, 2024 was $457.6 million compared to the $520.1 million principal amount.
+Added: The estimated fair value of our fixed rate debt at September 30, 2024 was $468.5 million compared to the $523.4 million principal amount.
We use interest rates of debt with similar terms and maturities to estimate the fair value of our debt.
Generally, the fair market value of fixed-rate debt will increase as interest rates fall and decrease as interest rates rise.
−Removed: A hypothetical one-percentage point increase/decrease in prevailing interest rates at June 30, 2024 would result in a corresponding decrease/increase in the fair value of our fixed rate debt of approximately $24 million and $25 million, respectively.
+Added: A hypothetical one-percentage point increase/decrease in prevailing interest rates at September 30, 2024 would result in a corresponding decrease/increase in the fair value of our fixed rate debt of approximately $24 million and $25 million, respectively.
We estimate the periodic effective interest rate on our U.S.
long-term fixed and variable rate debt to be approximately 2.8% after consideration of interest rate swaps and estimated patronage and excluding unused commitment fees on the revolving credit facility.
−Removed: The following table summarizes our outstanding debt, interest rate swaps and average interest rates, by year of expected maturity and their fair values at June 30, 2024:
+Added: The following table summarizes our outstanding debt, interest rate swaps and average interest rates, by year of expected maturity and their fair values at September 30, 2024:
(Dollars in thousands) 2024 2025 2026 2027 2028 Thereafter Total Fair Value
9 unchanged sentences
Average receive rate (c) — — 5.25 % 5.25 % 5.25 % 5.25 % 5.25 %
−Removed: Forward-starting interest rate swaps
−Removed: Notional amount — — — — $200,000 — $200,000 $18,472
−Removed: Average pay rate (b) — — — — 1.37 % — 1.37 %
−Removed: Average receive rate (c) — — — — 5.32 % — 5.32 %
(a) Excludes estimated patronage refunds.
−Removed: (b) Interest rates as of June 30, 2024.
−Removed: (c) Average daily SOFR rate as of June 30, 2024 based on a 30-day look back period.
+Added: (b) Interest rates as of September 30, 2024.
+Added: (c) Average daily SOFR rate as of September 30, 2024 based on a 30-day look back period.
Foreign Currency Exchange Rate Risk
4 unchanged sentences
Foreign Exchange Exposure
−Removed: At June 30, 2024, the New Zealand subsidiary had foreign currency exchange contracts with a notional amount of $130 million and foreign currency option contracts with a notional amount of $122 million outstanding related to foreign export sales.
+Added: At September 30, 2024, the New Zealand subsidiary had foreign currency exchange contracts with a notional amount of $123 million and foreign currency option contracts with a notional amount of $126 million outstanding related to foreign export sales.
The amount hedged represents a portion of forecasted U.S.
dollar denominated export timber and log trading sales proceeds over the next 36 months and next 2 months, respectively.
−Removed: The following table summarizes our outstanding foreign currency exchange rate risk contracts at June 30, 2024:
+Added: The following table summarizes our outstanding foreign currency exchange rate risk contracts at September 30, 2024:
(Dollars in thousands) 0-1 months 1-2 months 2-3 months 3-6 months 6-12 months 12-18 months 18-24 months 24-36 months Total Fair Value
8 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.