4 unchanged sentences
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.
−Removed: The notional amounts of the interest rate swap and cap agreements represent balances used to calculate the exchange of cash flows and are not our assets or liabilities.
−Removed: Our credit risk related to
−Removed: these agreements is considered low because the interest rate swap and cap agreements are with creditworthy financial institutions.
+Added: The notional amounts of the swap agreements represent balances used to calculate the exchange of cash flows and are not our assets or liabilities.
+Added: Our credit risk related to these agreements is considered low because the swap agreements are with creditworthy financial institutions.
The interest payments under these agreements are settled on a net basis.
3 unchanged sentences
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.
−Removed: Based on our indebtedness and the effectiveness of our interest rate swap and cap agreements at September 30, 2023, we do not expect changes in interest rates to have a material effect on our net earnings or cash flows in 2023.
+Added: Based on our indebtedness and the effectiveness of our interest rate swap and cap agreements at March 31, 2024, 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 5.
+Added: "Derivatives and Hedging Activities" of the accompanying notes to the condensed consolidated financial statements for additional information.
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.