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Interest-rate risk.
−Removed: The Federal Open Market Committee increased its target range seven times for the federal funds rate in 2022 and increased its target range four times during the year ended December 31, 2023.
+Added: The Federal Open Market Committee increased its target range four times for the federal funds rate in 2023 and decreased its target range three times during the year ended December 31, 2024.
Any future increases in the federal funds rate likely will result in an increase in financing costs.
−Removed: As of December 31, 2023, WES Operating had (i) no outstanding borrowings under the RCF that bear interest at a rate based on the Secured Overnight Financing Rate (“SOFR”) or an alternative base rate at WES Operating’s option and (ii) $613.9 million of outstanding commercial paper borrowings.
+Added: As of December 31, 2024, WES Operating had (i) no outstanding borrowings under the RCF that bear interest at a rate based on the Secured Overnight Financing Rate (“SOFR”) or an alternative base rate at WES Operating’s option and (ii) no outstanding commercial paper borrowings.
While a 10% change in the applicable benchmark interest rate would not materially impact interest expense on our outstanding borrowings at December 31, 2024, it would impact the fair value of the senior notes.
1 unchanged sentence
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.