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treasury rates and the applicable spreads in the high-yield investment market, short-term and long-term SOFR rates, and their potential impact on our long-term debt.
−Removed: We are exposed to a lesser extent to foreign currency exchange risk for funds held in our Canadian operating and restricted cash accounts.
+Added: We are also exposed to commodity prices and potential tariffs on goods purchased from outside the United States ("US").
+Added: Our exposure is mitigated as a significant majority of our purchases, both operating and for our construction projects, are from US based suppliers.
+Added: Finally, we are exposed to a lesser extent to foreign currency exchange risk for funds held in our Canadian operating and restricted cash accounts.
While there is risk of fluctuations in the foreign exchange rate between the Canadian dollar and US dollar, our exposure is limited given the size of our Canadian operations and the minimal amount of cash held in Canadian bank accounts.
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We do not currently utilize derivative financial instruments for trading or speculative purposes.
−Removed: As of September 30, 2024, our long-term variable-rate borrowings represented appro ximately 38.6% of tot al long-term debt.
−Removed: Based on September 30, 2024 debt levels, a 100 basis point change in the interest rate would cause our annual interest costs on variable-rate borrowings to change by approximately $11.9 million.
+Added: As of March 31, 2025, our long-term variable-rate borrowings represented appro ximately 46.3% of tot al long-term debt.
+Added: Based on March 31, 2025 debt levels, a 100 basis point change in the interest rate would cause our annual interest costs on variable-rate borrowings to change by approximately $16.4 million.
We believe there have been no other material changes in our exposure to market risks as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 21, 2025.
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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.