2 unchanged sentences
We utilize a balanced mix of maturities along with both fixed rate and variable rate debt to manage our exposures to changes in interest rates.
−Removed: Additionally, we periodically enter into interest rate swap agreements to manage our exposure to interest rate fluctuations.
−Removed: Our interest rate swap agreements involve the exchange of fixed and variable rate interest payments between two parties, based on common notional principal amounts and maturity dates.
+Added: Additionally, we periodically enter into interest rate swap and cap agreements to manage our exposure to interest rate fluctuations.
+Added: Our interest rate swap and cap agreements involve the exchange of fixed and variable rate interest payments between two parties, based on common notional principal amounts and maturity dates.
The notional amounts of the swap agreements represent balances used to calculate the exchange of cash flows and are not our assets or liabilities.
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Changes in the fair value of these derivatives, which are designated as cash flow hedges, are included in other comprehensive income.
−Removed: Our variable rate debt instruments are primarily indexed to the prime rate or LIBOR.
+Added: Our variable rate debt instruments are primarily indexed to the prime rate or SOFR.
Without derivatives, interest rate changes would result in gains or losses in the market value of our fixed rate debt portfolio due to differences in market interest rates and the rates at the inception of the debt agreements.
Based on our indebtedness and the effectiveness of our interest rate swap and cap agreements at December 31, 2023, we do not expect changes in interest rates to have a material effect on our net earnings or cash flows in 2024.
+Added: For more information regarding our interest rate swap and cap agreements, please refer to Note 7.
+Added: "Derivatives and Hedging Activities" to our consolidated financial statements for the year ended December 31, 2023 included elsewhere herein.
Financial Statements and Supplementary Data
2 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.