Quantitative and Qualitative Disclosures About Market Risk
−Removed: With the exception noted below, see Part II, Item 7A – Quantitative and Qualitative Disclosures About Market Risk in the Form 10-K for a discussion of the Company’s market risk.
+Added: Other than described below, management believes that there have been no significant changes to the quantitative and qualitative disclosures about market risk as compared to those disclosed in Part II, Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2019.
Interest Rate Risk from Variable Rate Indebtedness
−Removed: As of June 30, 2020, we had $1,050 million of outstanding indebtedness that was subject to floating interest rates.
+Added: As of September 30, 2020, we had $1,037 million of outstanding indebtedness that was subject to floating interest rates.
Changes in economic conditions outside of our control could result in higher interest rates, thereby increasing our interest expense and reducing the funds available for capital investment, operations or other purposes.
−Removed: At June 30, 2020, a 1% increase in the effective interest rate on our outstanding debt throughout a one-year period would result in an annual increase in our interest expense of approximately $10.5 million.
+Added: At September 30, 2020, a 1% increase in the effective interest rate on our outstanding debt throughout a one-year period would result in an annual increase in our interest expense of approximately $10.4 million.
Any significant increase in our interest expense could negatively impact our results of operations and cash flows and also our ability to pay dividends in the future.
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