8 unchanged sentences
We previously managed interest rate risk through the use of a combination of fixed-rate long-term debt and interest rate swaps that fixed a portion of our variable-rate long-term debt.
−Removed: In May 2020, our interest rate swap agreements expired, as such, we did not have any derivative instruments outstanding as of June 30, 2021.
+Added: In May 2020, our interest rate swap agreements expired.
+Added: As such, we did not have any derivative instruments outstanding as of September 30, 2021.
We presently manage interest rate risk primarily by managing the amount, sources and duration of our debt funding.
−Removed: At June 30, 2021, approximately $1.5 billion of our outstanding long-term debt represents variable-rate debt.
+Added: At September 30, 2021, approximately $1.2 billion of our outstanding long-term debt represents variable-rate debt.
Assuming an average balance on our revolving credit borrowings of approximately $385.0 million, a hypothetical 100 bps increase in LIBOR would increase our annual interest expense by approximately $10.8 million.
3 unchanged sentences
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.