2 unchanged sentences
Interest Rate Risk
−Removed: We are exposed to changes in interest rates, primarily from our domestic Credit Facility and our international term loan and credit facilities.
−Removed: A hypothetical 100 basis point increase in the interest rates would not have materially affected interest expense for the years ended December 31, 2021 and 2020 due to low outstanding balances and borrowings during the respective periods.
+Added: We are exposed to changes in interest rates, primarily from our domestic Credit Facilities and our international credit facilities and term loan.
+Added: Our domestic Credit Facilities include a $250.0 million revolving credit facility, which bears interest based on market rates plus an applicable margin as defined in the Credit Agreement.
+Added: Based on the outstanding balance on our domestic Credit Facilities of $78.0 million as of December 31, 2022, a hypothetical 100 basis point increase in the interest rates would have a $0.8 million impact on our annualized interest expense.
+Added: We had no borrowings outstanding on our prior credit facility as of December 31, 2021.
We do not hedge variable interest.
2 unchanged sentences
Foreign operations represent 26.9% and 23.7% of total assets at December 31, 2022 and 2021, respectively, and 17.1% and 17.2% of total net sales for the years ended December 31, 2022 and 2021, respectively.
−Removed: Each period, the balance sheets and related results of operations of our foreign subsidiaries are translated from their functional foreign currency into U.S.
+Added: Each period, the balance sheets and related results of operations of our subsidiaries that are denominated in non-U.S.
+Added: dollar currencies are translated from their functional foreign currency into U.S.
dollars for reporting purposes.
2 unchanged sentences
dollar weakens against those currencies, the foreign denominated net assets and operating results become more valuable in our reporting currency.
−Removed: At each reporting date, the fluctuation in the value of the net assets and operating results due to foreign exchange rate changes is recorded as an adjustment to other comprehensive income in equity.
+Added: At each reporting date, the fluctuation in the value of the net assets and operating results due to foreign exchange rate changes is recorded as an adjustment to "Accumulated other comprehensive loss" in the Consolidated Balance Sheets.
We view our investments in foreign subsidiaries as long-term and do not hedge the net investments in foreign subsidiaries.
7 unchanged sentences
Raw materials used in the manufacture of our products include carbon steel, pipe and various types of alloy steel, which are normally purchased from distributors and other sources.
−Removed: Most steel is delivered on a "just-in-time" arrangement from the supplier to reduce inventory requirements at the manufacturing facilities but is occasionally inventoried after purchase.
+Added: The majority of steel is scheduled on a just in time arrangement from suppliers to better manage inventory requirements at our manufacturing facilities.
+Added: Based on market dynamics, we strategically and selectively order and inventory certain items beyond a just in time basis.
The most significant component of our inventory is steel.
Significant increases in the market price of steel can negatively impact our gross profit as we are often unable to pass along all of these price increases to our customers.
−Removed: A significant decline in the market price of steel could result in a decline in the market value of our equipment or parts.
+Added: A significant decline in the market price
+Added: Table of Conten t s
+Added: of steel could result in a decline in the market value of our equipment or parts.
We utilize strategies that include forward-looking contracts and advanced steel purchases to ensure supply and minimize the impact of price volatility.
+Added: Table of Conten t s
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.