QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
−Removed: 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.
−Removed: The Federal Reserve Board has been increasing interest rates, and rate increases may continue in the near term.
−Removed: 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 nine months of 2023.
−Removed: 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 September 30, 2023, there were no direct borrowings outstanding under the 2020 Revolving Credit Facility;
−Removed: however, the balance of the 2020 Term Loan was $100.0 million.
−Removed: Based on the $100.0 million of 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 $0.7 million in the next twelve months.
−Removed: Conversely, if overall interest rates were to decrease by 100 basis points, interest expense, net of income taxes, would decrease by approximately $0.7 million in the next twelve months.
−Removed: The 2020 Credit Agreement expires on March 2, 2025.
+Added: We have not used any derivative financial instruments during the three months ended March 31, 2024, including trading or speculating on changes in interest rates or commodity prices of materials used in our business.
+Added: We are exposed to market risk for changes in interest rates for any borrowings under our revolving credit facility, which bear interest at variable rates.
+Added: For further information regarding our credit facility and associated borrowing rates, refer to Note 7 - Debt of the notes to consolidated financial statements.
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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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.
−Removed: Refer to Item 2.
−Removed: 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.
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.