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Interest Rate Risk
−Removed: During the nine months ended September 30, 2021, the Company borrowed an additional $1.1 billion and paid down $1.1 billion on its revolving credit facility, resulting in no outstanding variable rate debt as of September 30, 2021 and therefore no exposure to interest rate risk on its current borrowings.
+Added: During the three months ended March 31, 2022, the Company borrowed an additional $420.0 million and paid down $360.0 million on its revolving credit facility, resulting in $410.0 million of outstanding variable rate debt as of March 31, 2022.
We may incur additional variable rate debt in the future, including additional amounts that we may borrow under our revolving credit facility.
+Added: As of March 31, 2022, assuming no change in the outstanding balance of our existing variable rate debt, which bears interest at the London Inter-Bank Offered Rate (“LIBOR”) plus 1.10% and is subject to a zero percent LIBOR floor, a hypothetical 100 basis point increase or decrease in LIBOR would increase or decrease our projected annual interest expense by approximately $4.1 million or $1.9 million, respectively.
+Added: This analysis does not consider the effects of the reduced level of overall economic activity that could exist in such an environment.
+Added: Further, in the event of a change of such magnitude, we would consider taking actions to further mitigate our exposure to the change.
+Added: However, because of the uncertainty of the specific actions that would be taken and their possible effects, the sensitivity analysis assumes no changes in our capital structure.
Treasury lock agreements are used from time to time to manage the potential change in interest rates in anticipation of the possible issuance of fixed rate debt.
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There have been no other material changes to our market risk from those disclosed in section Part II, “Item 7A.
−Removed: Quantitative and Qualitative Disclosures About Market Risk” of our 2020 Annual Report.
+Added: Quantitative and Qualitative Disclosures About Market Risk” of the 2021 Annual Report.
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.