3 unchanged sentences
We do not enter into derivative financial instruments for trading or speculative purposes.
−Removed: As discussed in the Liquidity and Financial Resources section of Part I, Item 2, we actively manage our capital structure and resources to balance the cost of capital an d r isk of financial stress .
+Added: As discussed in the Liquidity and Financial Resources section of Part I, Item 2, we actively manage our capital structure and resources to balance the cost of capital and risk of financial stress.
Such activity includes balancing the cost and risk of interest expense.
In addition to floating-rate borrowings, we at times use interest rate swaps to manage the mix of fixed-rate and floating-rate debt.
−Removed: In March 2023, we issued $550.0 million of 5.80% fixed-rate debt maturing in March 2026.
−Removed: Concurrently, we entered into fixed-to-floating interest rate swap agreements designated as fair value hedges in the amount of $550.0 million.
−Removed: Under these swap agreements, we receive a fixed interest rate of 5.80% (matches the fixed rate we pay on the $550.0 million of debt) and pay daily compound SOFR plus 0.241%.
−Removed: The changes in the fair value of these swaps designated as fair value hedges are recorded in interest expense consistent with the change in fair value of the hedged fixed-rate debt.
−Removed: At September 30, 2023, we recognized a net liability of $2.1 million equal to the fair value of this swap and a corresponding decrease in the fair value of the hedged fixed-rate debt.
−Removed: At September 30, 2023, the estimated fair value of our long-term debt including current maturities was $3,598.1 million compared to a face value of $3,941.6 million.
+Added: At March 31, 2024, the estimated fair value of our long-term debt including current maturities was $3,205.6 million compared to a face value of $3,391.1 million.
The estimated fair value was determined by averaging several asking price quotes for the publicly traded notes and assuming par value for the remainder of the debt.
5 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.