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We are exposed to market risk associated with changes in the variable interest rate of our Credit Facility.
−Removed: We use derivative instruments to manage our exposure to fluctuations in this variable interest rate and thereby minimize the risks and costs associated with financial activities.
−Removed: We do not use derivative instruments for trading or other speculative purposes.
−Removed: As of December 31, 2020 and 2019, after taking into consideration interest rate swaps, we had $93.0 million and $113.0 million, respectively, of outstanding indebtedness that was effectively subject to variable interest rates.
−Removed: A 1% increase in the effective interest rate on our outstanding debt subject to variable interest rates at December 31, 2020 and 2019 would have resulted in an annual increase in our interest expense of $0.9 million and $1.1 million, respectively.
−Removed: See Note 22 (“Derivatives”) to our Financial Statements for further information regarding our use of interest rate swaps in managing our exposure to interest rate fluctuations.
+Added: We use derivative instruments to manage our exposure to fluctuations in this variable interest rate, however, our interest rate swaps mature in the first quarter of 2022, at which time all borrowings under the Credit Facility will be subject to variable interest rates.
+Added: After taking into consideration our interest rate swaps, we did not have any debt subject to variable interest rates as of December 31, 2021.
+Added: Not considering our interest rate swaps, a 1% increase in the effective interest rate on the outstanding balance under our Credit Facility at December 31, 2021 would have resulted in an annual increase in our interest expense of $2.3 million.
+Added: See Note 22 (“Derivatives”) to our Financial Statements for further information regarding our interest rate swaps.
Financial Statements and Supplementary Data
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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.