Item 3. Quantitative and Qualitative Disclosures About Market Risk

As of December 31, 2021, our long-term debt totaled $8.04 billion. We have no interest rate exposure to rate changes on our fixed rate debt, which totaled $6.50 billion as of December 31, 2021. We do have interest rate exposure with respect to the $1.54 billion of our variable interest rate debt outstanding as of December 31, 2021. A 50 basis point increase in interest rates would impact our expected annual interest expense for the next 12 months by approximately $7.7 million.

Table of Contents