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Management is actively involved in monitoring exposure to market risk and developing and utilizing appropriate risk management techniques when appropriate and when available for a reasonable price.
−Removed: We are not exposed to any other significant market risks other than those related to COVID-19 which are described in more detail in Part 1, Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021.
−Removed: The following quantitative and qualitative information is provided about financial instruments to which we are a party at September 30, 2022 and from which we may incur future gains or losses from changes in market conditions.
+Added: We are not exposed to any other significant market risks other than those related to COVID-19 and inflation which are described in more detail in Part 1, Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022.
+Added: The following quantitative and qualitative information is provided about financial instruments to which we are a party at March 31, 2023 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 at September 30, 2022 are presented in Part 1, Item 1, Financial Statements, Note 7 to our Consolidated Financial Statements in this Quarterly Report on Form 10-Q.
+Added: Cost and market values of such investments at March 31, 2023 are presented in Part 1, Item 1, Financial Statements, Note 8 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 1.21% 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: At September 30, 2022, we had outstanding borrowings under the Credit Facility of $169.0 million.
+Added: At March 31, 2023, we had outstanding borrowings under the Credit Facility of $213.6 million.
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 a BSBY rate, plus an applicable margin based our leverage ratio.
−Removed: At September 30, 2022, the prime rate margin was equivalent to 1.125% and the BSBY rate margin was 2.125%.
−Removed: 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 $1.7 million.
+Added: We have the option to pay interest under the Credit Facility at either prime rate or the BSBY rate plus a margin.
+Added: At March 31, 2023, the prime rate margin was equivalent to 2.375% and the BSBY rate margin was 3.375%.
+Added: Assuming the outstanding balance remains unchanged, a change of 100 basis points in our borrowing rate would result
+Added: in a change in income before taxes of $2.1 million.
We have not entered into interest rate hedging arrangements in the past.
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At any time before May 15, 2024, we may also redeem all or part of the Senior Notes at the redemption prices described in the Indenture, plus accrued and unpaid interest, if any, to (but excluding) the date of redemption.
−Removed: At September 30, 2022, the carrying value of the Senior Notes on our Consolidated Balance Sheet was $395.1 million and the fair value of the Senior Notes was $317.2 million based on the last traded or broker quoted price, reported by the Financial Industry Regulatory Authority, Inc.
+Added: At March 31, 2023, the carrying value of the Senior Notes on our Consolidated Balance Sheet was $395.4 million and the fair value of the Senior Notes was $328.2 million based on the last traded or broker quoted price, reported by the Financial Industry Regulatory Authority, Inc.
Increases in market interest rates may cause the value of the Senior Notes to decrease, but such changes will not affect our interest costs.
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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.