3 unchanged sentences
Borrowings under the 2020 Credit Agreement bear interest at variable rates.
−Removed: For further information on our outstanding debt and borrowing rates, refer to the Liquidity and Capital Resources discussion in Item 7.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations.
+Added: For further information on our outstanding debt and borrowing rates, refer to Note 9 - Debt of the notes to consolidated financial statements included in Item 8.
+Added: Financial Statements and Supplementary Data.
As of December 31, 2021, there were no direct borrowings outstanding under the 2020 Revolving Credit Facility;
3 unchanged sentences
The 2020 Credit Agreement expires on March 2, 2025.
−Removed: 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 2020 Credit Agreement contains provisions which allow for the use of alternate benchmark rates.
−Removed: We are not exposed to any other material contracts that reference LIBOR.
+Added: At the end of 2021, one-week and two-month LIBOR were discontinued.
+Added: It is expected that the remaining maturities of LIBOR will continue to be published through June 2023.
+Added: We believe our exposure to market risk associated with the discontinuation of LIBOR is limited as:
+Added: (a) our 2020 Credit Agreement contains provisions which allow for the use of alternate benchmark rates, (b) we have not historically utilized the maturities that were discontinued in 2021 for any transaction, including borrowings under our 2020 Credit Agreement, and (c) 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.
2 unchanged sentences
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.
−Removed: 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.
+Added: See also the previous discussion of Accounts Receivable and Allowance for Credit Losses under the heading “Critical Accounting Policies and Estimates” in Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
7 unchanged sentences
While we believe we can increase our contract prices to adjust for some price increases in commodities, there can be no assurance that such price increases, if they were to occur, would be recoverable.
−Removed: Additionally, our fixed price contracts do not allow us to adjust our prices and, as a result, increases in material costs could reduce our profitability with respect to projects in progress.
+Added: Additionally, our fixed price contracts generally do not allow us to adjust our prices and, as a result, increases in material costs could reduce our profitability with respect to projects in progress.
+Added: Refer to Item 7.
+Added: Management’s Discussion and Analysis of Financial Condition and Results of Operations for further discussion regarding the impact of fluctuations in commodity and material prices on our results of operations for the year ended December 31, 2021.
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.