QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
−Removed: We have not used any derivative financial instruments during the six months ended June 30, 2023, including trading or speculating on changes in interest rates or commodity prices of materials used in our business.
+Added: We have not used any derivative financial instruments during the nine months ended September 30, 2023, including trading or speculating on changes in interest rates or commodity prices of materials used in our business.
The Federal Reserve Board has been increasing interest rates, and rate increases may continue in the near term.
We are exposed to market risk for changes in interest rates for borrowings under the 2020 Credit Agreement, which provides for a revolving credit facility and a term loan.
−Removed: Borrowings under the 2020 Credit Agreement bear interest at variable rates and, as a result of the actions referenced above, such rates have increased throughout 2022 and the first half of 2023.
+Added: Borrowings under the 2020 Credit Agreement bear interest at variable rates and, as a result of the actions referenced above, such rates have increased throughout 2022 and the first nine months of 2023.
For further information on our outstanding debt and borrowing rates, refer to Note 7 - Debt of the notes to consolidated financial statements.
−Removed: As of June 30, 2023, there were no direct borrowings outstanding under the 2020 Revolving Credit Facility;
+Added: As of September 30, 2023, there were no direct borrowings outstanding under the 2020 Revolving Credit Facility;
however, the balance of the 2020 Term Loan was $100.0 million.
18 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.