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The Company manages its exposure to these market risks through the monitoring of its available financing alternatives including, in certain circumstances, the use of derivative financial instruments.
−Removed: We are also subject to risk from changes in debt and equity prices from our non-qualified retirement savings plan investments in debt securities and common stock, which have a carrying value of $22.7 million and $27.1 million at March 31, 2020 and December 31, 2019 , respectively, which we account for as trading securities.
+Added: We are also subject to risk from changes in debt and equity prices from our non-qualified retirement savings plan investments in debt securities and common stock, which have a carrying value of $26.5 million and $27.1 million at June 30, 2020 and December 31, 2019 , respectively, which we account for as trading securities.
The Company will continue to monitor the exposure in these areas and make the appropriate adjustments as market conditions dictate.
−Removed: At March 31, 2020 , the Company had $415.0 million of variable interest rate debt instruments outstanding at an effective rate of 1.91% .
−Removed: A hypothetical change of 10% in the Company’s effective interest rate from March 31, 2020 levels would increase or decrease annual interest expense by $0.8 million .
+Added: At June 30, 2020 , the Company had $188.5 million of variable interest rate debt instruments outstanding at an effective rate of 1.49% .
+Added: A hypothetical change of 10% in the Company’s effective interest rate from June 30, 2020 levels would increase or decrease annual interest expense by $0.3 million .
The Company expects to refinance its fixed and variable long-term debt obligations prior to their scheduled maturities.
1 unchanged sentence
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.