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At December 31, 2021, our total debt obligations under our 2021 Credit Agreement were under LIBOR-based interest rates.
−Removed: A 100 basis point increase in the underlying LIBOR rates would result in additional annual interest cost of approximately $1.7 million, assuming average borrowings, including the Term Loan, subject to variable rates of $167.5 million, which was the amount of such borrowings outstanding at December 31, 2020 subject to variable rates after taking into consideration interest rate swaps with a combined notional principal amount of $200 million.
−Removed: The prices of key raw materials, consisting primarily of lauan, gypsum, particleboard, fiberglass, copper and aluminum, and petroleum-based products are influenced by demand and other factors specific to these commodities, such as the price of oil, rather than being directly affected by inflationary pressures.
+Added: A 100 basis point increase in the underlying LIBOR rates would result in additional annual interest cost of approximately $0.8 million, assuming average borrowings, including the Term Loan, subject to variable rates of $79.4 million, which was the amount of such borrowings outstanding at December 31, 2021, excluding deferred financing costs related to the term loan and $200.0 million of borrowings outstanding under the revolver and term loan that are hedged at a fixed interest rate through interest rate swaps.
+Added: Commodity Volatility
+Added: The prices of key raw materials, consisting primarily of lauan, gypsum, fiberglass, particleboard, aluminum, softwoods and hardwoods lumber, resin, and petroleum-based products, are influenced by demand and other factors specific to these commodities as well as general inflationary pressures, including those driven by supply chain and logistical disruptions.
Prices of certain commodities have historically been volatile and continued to fluctuate in 2021.
−Removed: During periods of rising commodity prices, we have generally been able to pass the increased costs to our customers in the form of surcharges and price increases.
−Removed: However, there can be no assurance future cost increases, if any, can be partially or fully passed on to customers, or that the timing of such sales price increases will match raw material cost increases.
−Removed: We do not believe that inflation had a material effect on results of operations for the periods presented.
+Added: During periods of volatile commodity prices, we have generally been able to pass both price increases and decreases to our customers in the form of price adjustments.
+Added: We are exposed to risks during periods of commodity volatility because there can be no assurance future cost increases or decreases, if any, can be partially or fully passed on to customers, or that the timing of such sales price increases or decreases will match raw material cost increases or decreases.
+Added: We do not believe that commodity price volatility had a material effect on results of operations for the periods presented.
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.