QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
−Removed: We have not used any derivative financial instruments during the nine months ended September 30, 2024, including trading or speculating on changes in interest rates or commodity prices of materials used in our business.
−Removed: 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: We have not used any derivative financial instruments during the three months ended March 31, 2025, 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 borrowings under our revolving credit facility, which bear interest at variable rates.
+Added: Although the Federal Reserve Board began to decrease the federal funds rate in 2024 after increases in 2022 and much of 2023, the pace and extent of additional decreases are uncertain.
For further information regarding our credit facility and associated borrowing rates, refer to Note 7 - Debt of the notes to consolidated financial statements.
+Added: As of March 31, 2025, we had $250.0 million in direct borrowings outstanding under the 2023 Revolving Credit Facility.
+Added: Based on such amount, if overall interest rates were to increase by 50 basis points, interest expense, net of income taxes, would increase by approximately $0.9 million in the next twelve months.
+Added: Conversely, if overall interest rates were to decrease by 50 basis points, interest expense, net of income taxes, would decrease by approximately $0.9 million in the next twelve months.
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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In addition, we are exposed to market risk of fluctuations in certain commodity prices of materials, such as copper and steel, which are used as components of supplies or materials utilized in our construction, building services, and industrial services operations.
+Added: Trade and sanction policies (including tariffs) may also affect the pricing of such supplies and materials.
We are also exposed to increases in energy prices, particularly as they relate to gasoline prices for our fleet of approximately 14,500 vehicles.
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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.