Quantitative and Qualitative Disclosures About Market Risk.
−Removed: The Company is subject to interest rate risk on its variable rate debt, including its revolving credit facility and term loan facility.
−Removed: Assuming no changes in the Company’s capital structure, if market interest rates average 1% more over the next 12 months than the interest rates as of December 31, 2020, interest expense for the next 12 months would increase by approximately $1.2 million.
−Removed: This amount was determined by calculating the effect of the hypothetical interest rate on the unhedged portion of the Company’s variable rate debt.
−Removed: This calculated, hypothetical increase in interest expense for the following 12 months may be different from the actual increase in interest expense from a 1% increase in interest rates due to varying interest rate reset dates on the Company’s variable rate debt.
+Added: The Company is subject to interest rate risk on its revolving credit facility and did not have any outstanding borrowings on its revolving credit facility as of December 31, 2021.
+Added: As such, assuming no changes in the Company’s capital structure, if market interest rates average 1% more over the next 12 months than the interest rates as of December 31, 2021, there would be no change to interest expense for the next 12 months.
The Company’s acquisition related contingent consideration, which is adjusted to fair value each reporting period, is also impacted by changes in interest rates.
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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.