2 unchanged sentences
We are exposed to risk from changes in interest rates on a significant portion of our outstanding indebtedness.
−Removed: Based on $678.1 million of total variable interest rate debt, which includes our floor plan notes payable and certain mortgage liabilities, outstanding as of December 31, 2020, a 100 basis point change in interest rates would result in a change of $6.8 million in annual interest expense.
+Added: Based on $1.40 billion of non-hedged total variable interest rate debt, which includes our floor plan notes payable, amounts drawn on our used vehicle floor plan, revolver and certain mortgage liabilities, outstanding as of December 31, 2021, a 100 basis point change in interest rates would result in a change of $14.0 million in annual interest expense.
We periodically receive floor plan assistance from certain automobile manufacturers, which is accounted for as a reduction in our new vehicle inventory cost.
−Removed: Floor plan assistance reduced our cost of sales for the year ended December 31, 2020, 2019, and 2018, by $44.0 million, $42.2 million, and $39.2 million, respectively.
+Added: Floor plan assistance reduced our cost of sales for the years ended December 31, 2021, 2020, and 2019, by $57.5 million, $44.0 million, and $42.2 million, respectively.
We cannot provide assurance as to the future amount of floor plan assistance and these amounts may be negatively impacted due to future changes in interest rates.
1 unchanged sentence
All of our interest rate swaps qualify for cash flow hedge accounting treatment and do not contain any ineffectiveness.
−Removed: We currently have four interest rate swap agreements.
−Removed: Two swap agreements were entered into in July 2020.
−Removed: These swaps were designed to provide a hedge against changes in variable rate cash flows regarding fluctuations in the one month LIBOR.
+Added: As of December 31, 2021 we had five interest rate swap agreements.
+Added: In May 2021, we entered into a new interest rate swap agreement with a notional principal amount of $184.4 million which will reduce to $110.6 million at maturity.
+Added: This swap, along with our existing swaps, was designed to provide a hedge against changes in variable rate cash flows regarding fluctuations in the one month LIBOR rate, through each swap's maturity date as noted in the table below.
The following table provides information on the attributes of each swap as of December 31, 2021:
−Removed: Inception Date Notional Principal Amount Notional Value Maturity Value Maturity Date
+Added: Inception Date Notional Value at Inception Notional Value as of December 31, 2021
+Added: Notional Value at Maturity Maturity Date
(In millions) (In millions) (In millions)
+Added: May 2021 $ 184.4 $ 180.7 $ 110.6 May 2031
July 2020 $ 93.5 $ 86.6 $ 50.6 December 2028
4 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.