3 unchanged sentences
The ability to hedge these commodity prices is limited.
+Added: We are exposed to risks of changes in shipping and freight costs, including container and other third party fees associated with the transportation of our products.
+Added: Shipping and freight costs have fluctuated significantly in recent years and in the future may contribute to changes in our results of operations.
In the normal course of business, we are exposed to foreign currency translation and transaction risks.
2 unchanged sentences
We are exposed to market risk from changes in interest rates related to our borrowing under our Credit Agreement and Receivables Securitization Program.
−Removed: However, we enter into interest rate swap agreements to manage our exposure to interest rate changes.
−Removed: We had $511 million in borrowings under our term loans, $103 million in borrowings under our revolving credit facility, $153 million in borrowings under our Receivables Securitization Program, and $13.9 million in letters of credit under the Credit Agreement at December 31, 2020.
−Removed: After considering the effects of interest rate swap agreements outstanding as of December 31, 2020, we estimate an increase in interest rates of 100 basis points would result in a potential reduction in future pre-tax earnings of approximately $4.8 million per year based on our borrowings outstanding at December 31, 2020.
+Added: We had no borrowings under our revolving credit facility, $197 million in borrowings under our Receivables Securitization Program, and $9.4 million in letters of credit under the Credit Agreement at December 31, 2021.
+Added: We estimate an increase in interest rates of 100 basis points would result in a potential reduction in future pre-tax earnings of approximately $2.1 million per year based on our borrowings outstanding at December 31, 2021.
Due to the nature and pricing of our Global Solutions segment distribution services, we are exposed to potential volatility in fuel prices.
3 unchanged sentences
Energy Information Administration.
−Removed: The benchmark averaged $2.55 per gallon for 2020, a decrease from $3.06 per gallon in 2019.
+Added: The benchmark averaged $3.29 per gallon for 2021, an increase from $2.55 per gallon in 2020.
Based on our fuel consumption in 2021, we estimate that every 10 cents per gallon increase in the benchmark would reduce our Global Solutions segment operating income by approximately $0.2 million on an annualized basis.
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.