QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: The Company’s exposure to market risk for changes in interest rates relates primarily to our investment portfolio and long-term debt obligations.
+Added: The Company’s exposure to market risk for changes in interest rates relates primarily to our investment portfolio and floating rate long-term debt obligations.
We place our investments with high-quality credit issuers and, by policy, limit the amount of credit exposure to any one issuer.
1 unchanged sentence
Consequently, we seek to preserve our invested funds by attempting to limit default risk, market risk, and reinvestment risk.
−Removed: We attempt to mitigate default risk by investing in only high-quality credit securities that we believe to be low risk and by positioning our portfolio to respond
−Removed: appropriately to a significant reduction in a credit rating of any investment issuer or guarantor.
+Added: We attempt to mitigate
+Added: default risk by investing in only high-quality credit securities that we believe to be low risk and by positioning our portfolio to respond appropriately to a significant reduction in a credit rating of any investment issuer or guarantor.
The portfolio includes only marketable securities with active secondary or resale markets to ensure portfolio liquidity.
−Removed: We believe an immediate 100-basis-point move in interest rates affecting our floating and fixed rate financial instruments as of April 30, 2021, would have no material effect on pretax earnings.
+Added: Based upon the outstanding balance of the Company's term loan facilities as of April 30, 2022, an immediate 100-basis-point move in interest rates would have an approximate annualized impact of $2.7 million on interest expense.
We do, from time to time, participate in a forward buy of certain commodities.
−Removed: These are not accounted for as derivatives under the normal purchase and normal sale exclusions under the applicable accounting guidance.
+Added: These are not accounted for as derivatives under the normal purchase and sale exclusions under the applicable accounting guidance.
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.