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Borrowings under the 2020 Credit Agreement bear interest at variable rates.
−Removed: For further information on borrowing rates and interest rate sensitivity, refer to the Liquidity and Capital Resources discussion in Item 7.
+Added: For further information on our outstanding debt and borrowing rates, refer to the Liquidity and Capital Resources discussion in Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
−Removed: As of December 31, 2019, there were borrowings of $50.0 million outstanding under the 2016 Revolving Credit Facility and the balance of the 2016 Term Loan was $254.4 million.
+Added: As of December 31, 2020, there were no direct borrowings outstanding under the 2020 Revolving Credit Facility;
+Added: however, the balance of the 2020 Term Loan was $270.6 million.
Based on the $270.6 million borrowings outstanding under the 2020 Credit Agreement, if overall interest rates were to increase by 100 basis points, interest expense, net of income taxes, would increase by approximately $2.0 million in the next twelve months.
Conversely, if overall interest rates were to decrease by 100 basis points, interest expense, net of income taxes, would decrease by approximately $2.0 million in the next twelve months.
+Added: The 2020 Credit Agreement expires on March 2, 2025.
It is expected that a number of banks currently reporting information used to set LIBOR will stop doing so after 2021, which could either cause LIBOR to stop publication or cause LIBOR to no longer be representative of the underlying market.
−Removed: We believe our exposure to market risk associated with the discontinuation of LIBOR is limited as our 2016 Credit Agreement expires prior to the end of 2021 and given that we are not exposed to any other material contracts that reference LIBOR.
+Added: We believe our exposure to market risk associated with the discontinuation of LIBOR is limited as our 2020 Credit Agreement contains provisions which allow for the use of alternate benchmark rates.
+Added: We are not exposed to any other material contracts that reference LIBOR.
We are exposed to construction market risk and its potential related impact on accounts receivable or contract assets on uncompleted contracts.
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We continually monitor the creditworthiness of our customers and maintain on-going discussions with customers regarding contract status with respect to change orders and billing terms.
−Removed: Therefore, we believe we take appropriate action to manage market and other risks, but there is no assurance that we will be able to reasonably identify all risks with respect to the collectibility of these assets.
−Removed: See also the previous discussions of Revenue Recognition from Contracts with Customers and Accounts Receivable under the heading “Application of Critical Accounting Policies” in Item 7.
+Added: Therefore, we believe we take appropriate action to manage market and other risks, but there is no assurance that we will be able to reasonably identify all risks with respect to the collectability of these assets.
+Added: See also the previous discussions of Revenue Recognition from Contracts with Customers and Accounts Receivable and Allowance for Credit Losses under the heading “Application of Critical Accounting Policies” in Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
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The resulting translation adjustments are recorded as accumulated other comprehensive (loss) income, a component of equity, in the Consolidated Balance Sheets.
−Removed: We believe the exposure to the effects that fluctuating foreign currencies may have on our consolidated results of operations is limited because our foreign operations primarily invoice customers and collect obligations in their respective local currencies.
+Added: We believe our exposure to the effects that fluctuating foreign currencies may have on our consolidated results of operations is limited because our foreign operations primarily invoice customers and collect obligations in their respective local currencies.
Additionally, expenses associated with these transactions are generally contracted and paid for in their same local currencies.
4 unchanged sentences
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.