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 March 31, 2025, we had $600 million of U.S.
−Removed: 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 March 31, 2025 was also $600 million.
+Added: As of June 30, 2025, we had $600 million of U.S.
+Added: variable rate debt outstanding on our term credit agreements.
+Added: The notional amount of outstanding interest rate swap contracts with respect to our term credit agreements at June 30, 2025 was also $600 million.
Refer to Note 8 — Derivative Financial Instruments and Hedging Activities for additional information regarding these interest rate swaps.
1 unchanged sentence
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 March 31, 2025 was $392.9 million compared to the $450.0 million principal amount.
+Added: The estimated fair value of our fixed rate debt at June 30, 2025 was $398.3 million compared to the $450.0 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 March 31, 2025 would result in a corresponding decrease/increase in the fair value of our fixed rate debt of approximately $21 million and $22 million, respectively.
−Removed: We estimate the periodic effective interest rate on our long-term fixed and variable rate debt to be approximately 2.3% 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 March 31, 2025:
+Added: A hypothetical one-percentage point increase/decrease in prevailing interest rates at June 30, 2025 would result in a corresponding decrease/increase in the fair value of our fixed rate debt of approximately $20 million and $22 million, respectively.
+Added: We estimate the periodic effective interest rate on our fixed and variable rate debt to be approximately 2.4% after consideration of interest rate swaps and estimated patronage and excluding unused commitment fees on the revolving credit facility.
+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 June 30, 2025:
(Dollars in thousands) 2025 2026 2027 2028 2029 Thereafter Total Fair Value
10 unchanged sentences
(a) Excludes estimated patronage refunds.
−Removed: (b) Interest rates as of March 31, 2025.
−Removed: (c) Average daily Simple SOFR rate as of March 31, 2025 based on a 30-day look back period.
+Added: (b) Interest rates as of June 30, 2025.
+Added: (c) Average Daily Simple SOFR rate as of June 30, 2025 based on a 30-day look back period.
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.