What is swapped when incomes are swapped?

Under the current CPS rank proximity swapping procedure, is it only the incomes that are swapped, or are entire records swapped? Or something intermediate between these?

When the CPS data are swapped, is the swapping determined only by income band, or are the swaps also constrained or matched by geography, demographic characteristics, or other factors?

Only the income values are swapped. The specifics of this procedure depends on the year. Until 2010 records with a value greater than the top code value are replaced with the mean earnings for top coded individuals with similar characteristics. (See this page for information on characteristics definitions.) In 2011 and onward all income values greater than or equal to the swap value were systematically swapped with other top coded cases, within a bounded interval.