QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: The Company’s market risks relate primarily to changes in interest rates.
−Removed: The Company’s interest rate risk generally involves two components.
−Removed: The first component is outstanding debt with variable rates.
−Removed: As of December 31, 2019 , the Company had $732.0 million of gross variable rate debt outstanding, bearing interest at a weighted average rate of 3.3% .
+Added: As of December 31, 2020, the Company had $697.9 million of gross variable rate debt outstanding, (i.e.
+Added: outstanding principal on term loans A-1 and A-2), bearing interest at a weighted average rate of 2.3%.
An increase in market interest rates of 1.00% would add approximately $6.9 million to annual interest expense, excluding the effect of our interest rate swaps.
2 unchanged sentences
Changes in the net interest paid or received under the swaps would offset a corresponding portion of the change in interest expense on the variable rate debt outstanding.
−Removed: The swap agreements currently reduce annual interest expense by approximately $1.4 million , based on the spread between the fixed rate and the variable rate currently in effect on our debt.
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.