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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, 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.
−Removed: After taking into consideration our interest rate swaps, we did not have any debt subject to variable interest rates as of December 31, 2021.
−Removed: 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.
−Removed: See Note 22 (“Derivatives”) to our Financial Statements for further information regarding our interest rate swaps.
+Added: We had previously used derivative instruments to manage our exposure to fluctuations in this variable interest rate;
+Added: however, our interest rate swaps matured in March 2022, and all borrowings under the Credit Facility are now subject to variable interest rates.
+Added: A 1% increase in the effective interest rate on the outstanding balance under our Credit Facility at December 31, 2022 would have resulted in an annual increase in our interest expense of $2.5 million.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
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CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
+Added: Table Archrock, Contents
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.