2 unchanged sentences
Interest Rate Risk
−Removed: We are exposed to changes in interest rates, primarily from our domestic Credit Facilities and our international credit facilities and term loan.
−Removed: 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: We are exposed to changes in interest rates, primarily from our Credit Facilities and our international credit facilities and term loan.
+Added: Our 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.
Based on the outstanding balance on our domestic Credit Facilities of $72.0 million as of December 31, 2023, a hypothetical 100 basis point increase in the interest rates would have a $0.7 million impact on our annualized interest expense.
−Removed: We had no borrowings outstanding on our prior credit facility as of December 31, 2021.
−Removed: We do not hedge variable interest.
+Added: We had outstanding Credit Facilities of $78.0 million as of December 31, 2022, a hypothetical 100 basis point increase in the interest rates would have had a $0.8 million impact on our annualized interest expense in 2022.
+Added: We currently do not hedge variable interest.
Foreign Exchange Risk
−Removed: We are subject to foreign exchange risk at our foreign operations.
−Removed: 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.
+Added: We are subject to foreign exchange risk at our foreign subsidiaries that have operations denominated in currencies other than the U.S.
+Added: These foreign operations represent 28.8% and 26.9% of total assets at December 31, 2023 and 2022, respectively, and 13.4% and 17.1% of total net sales for the years ended December 31, 2023 and 2022, respectively.
Each period, the balance sheets and related results of operations of our subsidiaries that are denominated in non-U.S.
10 unchanged sentences
We do not apply hedge accounting to these contracts and, therefore, recognize the fair value of these contracts in the Consolidated Balance Sheets and the change in the fair value of the contracts in current earnings.
−Removed: Due to the limited exposure to foreign exchange rate risk, a 10% fluctuation in the foreign exchange rates at December 31, 2022 or 2021 would not have a material impact on our consolidated financial statements.
+Added: A 10% fluctuation in foreign exchange rates throughout 2023 would have resulted in an impact of $17.9 million and $0.7 million to "Net sales" and "Net income (loss) attributable to controlling interest", respectively, in our Consolidated Statements of Operations for the year ended December 31, 2023.
Commodity Risk
5 unchanged sentences
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
−Removed: Table of Conten t s
−Removed: of steel could result in a decline in the market value of our equipment or parts.
+Added: A significant decline in the market price 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.
−Removed: 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.