Quantitative and Qualitative Disclosures About Market Risk
−Removed: As of December 31, 2019, we were not parties to any derivative instruments and had no derivative financial instruments during the years ended December 31, 2019, 2018 or 2017.
−Removed: Borrowings under our Facility are based upon interest rates that will vary depending upon the prime rate, Canadian prime rate, federal funds rate and LIBOR.
−Removed: If the prime rate, Canadian prime rate, federal funds rate or LIBOR rises, our interest payment obligations will increase and have a negative effect on our cash flow and financial condition.
+Added: We were not parties to any derivative instruments and had no derivative financial instruments during the years ended December 31, 2020, 2019 or 2018.
+Added: Any borrowings under our Facility are based upon interest rates that will vary depending upon the prime rate, Canadian prime rate, federal funds effective rate, the NYFRB overnight bank funding rate, CDOR, and LIBOR.
+Added: If the prime rate, Canadian prime rate, federal funds effective rate, the NYFRB overnight bank funding rate, CDOR, or LIBOR rises, any interest payment obligations would increase and have a negative effect on our cash flow and financial condition.
We currently do not maintain any hedging contracts that would limit our exposure to variable rates of interest when we have outstanding borrowings.
−Removed: If market rates of interest on all our revolving debt as of December 31, 2019, which is subject to variable rates, permanently increased by 1%, the increase in interest expense on all revolving debt would decrease future income before income tax expense and cash flows by approximately $1.0 million annually.
−Removed: If market rates of interest on all our revolving debt, which is subject to variable rates as of December 31, 2019, permanently decreased by 1%, the decrease in interest expense on all debt would increase future income before income tax expense and cash flows by the same amount.
+Added: As of December 31, 2020, we did not have any borrowings under our Facility.
Borrowings under our Equipment Notes are at fixed rates established on the date the note was executed.
−Removed: TABLE OF 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.