Quantitative and Qualitative Disclosures about Market Risk
−Removed: We are exposed to worldwide market risks that may impact our Consolidated Balance Sheets , Consolidated Statements of Comprehensive Income , Consolidated Statements of Stockholders' Equity , and Consolidated Statements of Cash Flows due primarily to changing interest and foreign exchange rates as well as volatility in commodity prices.
−Removed: The following discussion provides additional information regarding the market risks.
+Added: We are exposed to worldwide market risks that may impact our Consolidated Balance Sheets , Consolidated Statements of Comprehensive Income , Consolidated Statements of Cash Flows, and Consolidated Statements of Stockholders' Equity due primarily to changing interest and foreign exchange rates.
+Added: We do not currently engage in significant commodity hedging transactions for raw materials.
+Added: The following discussion provides additional information regarding our market risks.
Interest Rates
−Removed: Interest rate fluctuations expose the variable-rate debt of the organization to changes in interest expense and cash flows.
−Removed: Our long-term debt as of August 31, 2019 consisted primarily of fixed rate obligations, whereas we had $399.0 million of variable-rate obligations outstanding as of August 31, 2020 , consisting primarily of borrowings under our unsecured delayed draw term loan facility.
−Removed: A 10% increase in market rates at August 31, 2020 would have resulted in $0.5 million of additional after-tax interest expense for the year ended August 31, 2020 .
+Added: Interest rate fluctuations expose variable-rate debt of the organization to changes in interest expense and cash flows.
+Added: Our long-term debt as of August 31, 2020 consisted primarily of variable-rate obligations, whereas as of August 31, 2021, our long-term debt consisted of fixed-rate senior unsecured notes.
+Added: A fluctuation in interest rates would not affect interest expense or cash flows related to the Company’s fixed-rate debt.
+Added: However, a 10% increase in market interest rates at August 31, 2021 would have decreased the estimated fair value of our senior unsecured notes by approximately $9.2 million.
See the Debt and Lines of Credit footnote of the Notes to Consolidated Financial Statements contained in this Form 10-K for additional information.
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Our exposure to foreign currency risk related to our operations in Europe is immaterial and has been excluded from this analysis.
−Removed: Commodity Prices
−Removed: We utilize a variety of raw materials and components in our production processes including petroleum-based products, steel, and aluminum.
−Removed: In fiscal 2020 , we purchased approximately 70,000 tons of steel and aluminum.
−Removed: We estimate that approximately 7% of raw materials purchased are petroleum-based and that approximately five million gallons of diesel fuel were consumed in fiscal 2020 .
−Removed: Failure to effectively manage future increases in the costs of these items could have an adverse impact on our results of operations and cash flow.
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.