5 unchanged sentences
We monitor our hedge positions by regularly evaluating the positions at market and by performing sensitivity analyses over the unhedged variable rate debt positions.
−Removed: At December 31, 2024, our derivative instruments included four interest rate swap agreements that effectively fix the interest rate on the applicable notional amounts of our variable rate debt as follows (dollars in thousands of U.S.
+Added: At December 31, 2025, our derivative instruments included one interest rate swap agreement that effectively fixes the interest rate on the applicable notional amounts of our variable rate debt as follows (dollars in thousands of U.S.
Interest Rate
2 unchanged sentences
Expiration Date
−Removed: 1-month Term SOFR
−Removed: November 2022
−Removed: 1-month Term SOFR
−Removed: November 2022
−Removed: 1-month Term SOFR
−Removed: November 2022
December 2018
2 unchanged sentences
(a) Plus applicable margin.
−Removed: (b) In October 2022, we amended the reference rate in all of our outstanding interest rate swap contracts to replace One-Month LIBOR with One-Month Term SOFR and certain credit spread adjustments.
−Removed: We did not record any gains or losses upon the conversion of the reference rates in these interest rate swap contracts, and we believe these amendments will not have a material impact on our consolidated financial statements.
+Added: (b) In October 2022, we amended the reference rate in our outstanding interest rate swap contract to replace One-Month LIBOR with One-Month term SOFR and certain credit spread adjustments.
+Added: We did not record any gains or losses upon the conversion of the reference rate in this interest rate swap contract, and we believe this amendment will not have a material impact on our consolidated financial statements.
Under derivatives and hedging guidance, the interest rate swap agreements are considered cash flow hedges for a portion of our variable rate debt, and we apply hedge accounting to account for these instruments.
4 unchanged sentences
Fair value sensitivity is not necessarily indicative of the ultimate cash flow or earnings effect we would recognize from the assumed market rate movements.
−Removed: We are exposed to cash flow risk due to changes in interest rates with respect to the unhedged floating rate balances owed at December 31, 2024 and 2023, of $1.364 billion and $1.099 billion, respectively, including floating rate debt under our Revolving Credit Agreement (or, as of December 31, 2023, the 2021 Revolving and Term Credit Agreement and the 2022 Term Loan Agreement).
+Added: We are exposed to cash flow risk due to changes in interest rates with respect to the unhedged floating rate balances owed at December 31, 2025 and 2024, of $2.182 billion and $1.364 billion, respectively, including floating rate debt under our Revolving Credit Agreement.
A one percentage point increase in interest rates on our variable-rate debt as of December 31, 2025 and 2024, would decrease our annual pre-tax income by approximately $21.8 million and $13.6 million, respectively.
−Removed: All of our remaining debt instruments are at fixed rates, or effectively fixed under the interest
−Removed: rate swap agreements described above;
+Added: All of our remaining debt instruments are at fixed rates, or effectively fixed under the interest rate swap agreement described above;
therefore, changes in market interest rates under these instruments would not significantly impact our cash flows or results of operations, subject to counterparty default risk.
19 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.