6 unchanged sentences
Interest Rate Risk
−Removed: 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.
−Removed: In March 2023, we modified our benchmark rates from LIBOR to Daily Simple SOFR for our forward-starting interest rate swaps.
We are exposed to interest rate risk through our variable rate debt due to changes in SOFR.
3 unchanged sentences
The notional amount of outstanding interest rate swap contracts with respect to our term credit agreements at December 31, 2024 was also $600 million.
−Removed: The $350 million 2015 Term Credit Facility 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 Credit Facility through the extended maturity date.
−Removed: 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.
−Removed: 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.
+Added: The $200 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.
+Added: 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.
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.
17 unchanged sentences
Average pay rate (b) — 1.50% — 1.37% 0.67% — 1.18%
−Removed: Average receive rate (b) 5.33% — 5.33% 5.33% — 5.33% 5.33%
−Removed: Forward-starting interest rate swaps
−Removed: Notional amount — — — — $200,000 — $200,000 $12,782
−Removed: Average pay rate (b) — — — — 1.37% — 1.37%
−Removed: Average receive rate (b) — — — — 5.33% — 5.33%
+Added: Average receive rate (c) — 4.55% — 4.55% 4.55% — 4.55%
(a) Excludes estimated patronage refunds.
(b) Interest rates as of December 31, 2024.
+Added: (c) Average daily Simple SOFR rate as of December 31, 2024 based on a 30-day look back period.
Foreign Currency Exchange Rate Risk
3 unchanged sentences
We manage any excess foreign exchange exposure through the use of derivative financial instruments.
−Removed: Sales and Expense Exposure
+Added: Foreign Exchange Exposure
At December 31, 2024, the New Zealand subsidiary had foreign currency exchange contracts with a notional amount of $128 million and foreign currency option contracts with a notional amount of $132 million outstanding related to foreign export sales.
12 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.