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We are not exposed to any other significant market risks other than those related to COVID-19 which are described in more detail in Item 1A - Risk Factors below.
−Removed: The following quantitative and qualitative information is provided about financial instruments to which we are a party at March 31, 2021 and from which we may incur future gains or losses from changes in market conditions.
+Added: The following quantitative and qualitative information is provided about financial instruments to which we are a party at June 30, 2021 and from which we may incur future gains or losses from changes in market conditions.
We do not enter into derivative or other financial instruments for speculative or trading purposes.
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In connection with our preneed funeral operations and preneed cemetery merchandise and service sales, the related funeral and cemetery trust funds own investments in equity and debt securities and mutual funds, which are sensitive to current market prices.
−Removed: Cost and market values of such investments as of March 31, 2021 are presented in Item 1, “Condensed Notes to Consolidated Financial Statements,” Note 6 to our Consolidated Financial Statements in this Quarterly Report on Form 10-Q.
+Added: Cost and market values of such investments at June 30, 2021 are presented in Item 1, “Condensed Notes to Consolidated Financial Statements,” Note 6 to our Consolidated Financial Statements in this Quarterly Report on Form 10-Q.
The sensitivity of the fixed income securities is such that a 0.25% change in interest rates causes an approximate 0.84% change in the value of the fixed income securities.
We monitor current and forecasted interest rate risk in the ordinary course of business and seek to maintain optimal financial flexibility, quality and solvency.
−Removed: As of March 31, 2021, we had outstanding borrowings under the Credit Facility of $28.3 million.
−Removed: Any further borrowings or voluntary prepayments against the Credit Facility or any change in the floating rate would cause a change in interest expense.
−Removed: We have the option to pay interest under the Credit Facility at either prime rate or the LIBOR rate plus a margin.
−Removed: At March 31, 2021, the prime rate margin was equivalent to 1.5% and the LIBOR rate margin was 2.5%.
+Added: At June 30, 2021, we had outstanding borrowings under the New Credit Facility of $60.5 million.
+Added: Any further borrowings or voluntary prepayments against the New Credit Facility or any change in the floating rate would cause a change in interest expense.
+Added: We have the option to pay interest under the New Credit Facility at either prime rate or the LIBOR rate plus a margin.
+Added: At June 30, 2021, the prime rate margin was equivalent to 0.75% and the LIBOR rate margin was 1.75%.
Assuming the outstanding balance remains unchanged, a change of 100 basis points in our borrowing rate would result in a change in income before taxes of $0.6 million.
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Management continually evaluates the cost and potential benefits of interest rate hedging arrangements.
−Removed: Our Senior Notes bear interest at the fixed annual rate of 6.625%.
−Removed: We may redeem all or part of the Senior Notes at any time prior to June 1, 2021 at a redemption price equal to 100% of the principal amount of Senior Notes redeemed, plus a “make whole” premium, and accrued and unpaid interest, if any, to the date of redemption.
−Removed: We have the right to redeem the Senior Notes at any time on or after June 1, 2021 at the redemption prices described in the indenture governing the Senior Notes, plus accrued and unpaid interest, if any, to the date of redemption.
−Removed: At March 31, 2021, the carrying value of the Senior Notes on our Consolidated Balance Sheet was $396.1 million and the fair value of the Senior Notes was $417.6 million based on the last
−Removed: traded or broker quoted price, reported by the Financial Industry Regulatory Authority, Inc.
−Removed: Increases in market interest rates may cause the value of the Senior Notes to decrease, but such changes will not affect our interest costs.
+Added: Our New Senior Notes bear interest at the fixed annual rate of 4.25%.
+Added: We may redeem the New Senior Notes, in whole or in part, at the redemption price of 102.13% on or after May 15, 2024, 101.06% on or after May 15, 2025 and 100% on or after May 15, 2026, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
+Added: At any time before May 15, 2024, we may also redeem all or part of the New Senior Notes at the redemption prices described in the Indenture, plus accrued and unpaid interest, if any, to (but excluding) the date of redemption.
+Added: At June 30, 2021, the carrying value of the New Senior Notes on our Consolidated Balance Sheet was $394.3 million and the fair value of the New Senior Notes was $399.5 million based on the last traded or broker quoted price, reported by the Financial Industry Regulatory Authority, Inc.
+Added: Increases in market interest rates may cause the value of the New Senior Notes to decrease, but such changes will not affect our interest costs.
The remainder of our long-term debt and leases consist of non-interest bearing notes and fixed rate instruments that do not trade in a market and do not have a quoted market value.
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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.