3 unchanged sentences
Changes in the interest rate environment upon maturity of this fixed rate debt could have an effect on our future cash flows and earnings, depending on whether the debt is replaced with other fixed rate debt, variable rate debt or equity or repaid by the sale of assets.
−Removed: To illustrate the impact of changes in the interest rate markets, we performed a sensitivity analysis on our fixed rate debt instruments whereby we modeled the change in net present values arising from a hypothetical 1% increase in interest rates to determine the instruments’ change in fair value.
+Added: To illustrate the impact of changes in the interest rate markets, we performed a sensitivity analysis on our fixed rate debt instruments after considering the effects of interest rate swaps, whereby we modeled the change in net present values arising from a hypothetical 1% increase in interest rates to determine the instruments’ change in fair value.
The following table summarizes the analysis performed as of the dates indicated (in thousands):
−Removed: September 30, 2021 December 31, 2020
+Added: March 31, 2022 December 31, 2021
Principal Change in Principal Change in
4 unchanged sentences
Our variable rate debt, including our unsecured revolving credit facility and commercial paper program, is reflected at fair value.
−Removed: At September 30, 2021, we had $1,747,413,000 outstanding related to our variable rate debt.
+Added: At March 31, 2022, we had $2,261,318,000 outstanding related to our variable rate debt after considering the effects of interest rate swaps.
Assuming no changes in outstanding balances, a 1% increase in interest rates would result in increased annual interest expense of $22,613,000.
4 unchanged sentences
Dollar impact the amount of net income we earn from our investments in Canada and the United Kingdom.
−Removed: Based solely on our results for the three months ended September 30, 2021, including the impact of existing hedging arrangements, if these exchange rates were to increase or decrease by 10%, our net income from these investments would increase or decrease, as applicable, by less than $15,000,000.
+Added: Based solely on our results for the three months ended March 31, 2022, including the impact of existing hedging arrangements, if these exchange rates were to increase or decrease by 10%, our net income from these investments would increase or decrease, as applicable, by less than $7,000,000.
We will continue to mitigate these underlying foreign currency exposures with non-U.S.
4 unchanged sentences
The following table summarizes the results of the analysis performed (dollars in thousands):
−Removed: September 30, 2021 December 31, 2020
+Added: March 31, 2022 December 31, 2021
Carrying Change in Carrying Change in
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.