1 unchanged sentence
Our exposure to market risk has not changed materially from that disclosed in Part I, Item 7A of the 2023 Annual Report, other than as set forth below.
−Removed: We manage the interest rate risk on our corporate debt through the use of a combination of fixed-rate debt and may use interest rate hedges to fix a portion of our variable-rate debt.
−Removed: At March 31, 2024, after considering the impact of interest rate hedge agreements and excluding finance leases, the interest rate applicable to approximately 78% of our corporate debt was effectively fixed and the interest rate applicable to the remaining 22% (approximately $644 million) was variable.
−Removed: Excluding the impact of the interest rate hedges, 68% of our corporate debt was fixed as of March 31, 2024.
−Removed: Assuming we had no outstanding hedging arrangements and no outstanding balance on our Revolving Corporate Credit Facility, a 100 basis point increase in the underlying benchmark rate on our variable-rate debt at March 31, 2024 would result in an annual increase in cash interest of approximately $8 million.
−Removed: The following table presents the scheduled maturities and the total fair value as of March 31, 2024 for our financial instruments that are impacted by market risks:
+Added: We manage the interest rate risk on our corporate debt through the use of fixed-rate debt and may also use interest rate hedges to fix a portion of our variable-rate debt.
+Added: At June 30, 2024, the interest rate applicable to 67% (approximately $2.0 billion) of our corporate debt, excluding finance leases, was fixed and the interest rate applicable to the remaining 33% (approximately $975 million) was variable.
+Added: Assuming we had no outstanding balance under our Revolving Corporate Credit Facility, a 100 basis point increase in the underlying benchmark rate on our variable-rate debt at June 30, 2024 would result in an annual increase in cash interest of approximately $8 million.
+Added: The following table presents the scheduled maturities and the total fair value as of June 30, 2024 for our financial instruments that are impacted by market risks:
($ in millions) Average
17 unchanged sentences
2027 Convertible Notes 3.3% $ — $ — $ — $ (575) $ — $ — $ (575) $ (536)
−Removed: (1) In April 2024, we amended the Corporate Credit Facility to provide for a new $800 million term loan facility that is scheduled to mature on April 1, 2031.
−Removed: The proceeds were used to refinance in full the Term Loan, which was scheduled to mature on August 31, 2025.
+Added: (1) During the second quarter of 2024, we amended the Corporate Credit Facility to provide for the New Term Loan, which is scheduled to mature on April 1, 2031.
+Added: The proceeds from the New Term Loan were used to refinance in full the Term Loan, which had a balance of $784 million as of March 31, 2024, and was scheduled to mature on August 31, 2025.
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.