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, 2022, our derivative instruments included five 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, 2023, 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.
Interest Rate
−Removed: Date Entered (b)
Rate Paid (a)
−Removed: Effective Date
+Added: Effective Date (b)
Expiration Date
3 unchanged sentences
November 2022
−Removed: February 2023
1-month Term SOFR
November 2022
−Removed: 1-month Term SOFR
−Removed: November 2022
December 2018
4 unchanged sentences
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.
−Removed: On September 28, 2020, we terminated four of our interest rate swaps with notional amounts totaling $400.0 million, which would have expired in January 2021.
−Removed: As a result of terminating these interest rate swaps, we made total cash payments of $0.9 million to the counterparties of the swap agreements.
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, 2022 and 2021, of $1.115 billion and $603.9 million, respectively, including floating rate
−Removed: debt under our Credit Agreement and 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, 2023 and 2022, of $1.099 billion and $1.115 billion, respectively, including floating rate debt under our Credit Agreement and Term Loan Agreement.
A one percentage point increase in interest rates on our variable-rate debt as of December 31, 2023 and 2022, would decrease our annual pre-tax income by approximately $11.0 million and $11.1 million, respectively.
21 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.