6 unchanged sentences
We have not historically hedged our foreign currency risk given that exposure to date has not been material.
−Removed: In the first nine months of 2021, changes in foreign currency exchange rates increased our reported net sales by $34.5 with the estimated effect on our net earn ings being immaterial.
+Added: In the first quarter of 2022, changes in foreign currency exchange rates decreased our reported net sales by $2.0 with the estimated effect on our net earnings being immaterial.
Commodity steel pricing – We buy and sell various types of steel products;
these products consist primarily of different types of threaded fasteners and related hardware.
−Removed: We are exposed to the impacts of commodity steel pricing and our related ability to pass through the impacts to our end custo mers, though the timing of such exposure can be delayed due to our long supply chain.
−Removed: Through the first nine months of 2021, we have seen the price of commodity steel as reflected in many market indexes increase, which has produced inflation in our steel-based products.
−Removed: Based on our ability to pass these higher costs on, our estimated net earnings exposure for these changes was not material in the first nine months of 2021.
−Removed: Commodity energy prices – We have market risk fo r changes in prices of oil, gasoline, diesel fuel, natural gas, and electricity.
−Removed: Rising costs for these commodities can produce higher fuel costs for our hub and field-based vehicles and utility costs for our in-market locations, distribution centers, and manufacturing facilities.
+Added: We are exposed to the impacts of commodity steel pricing and our related ability to pass through the impacts to our end customers.
+Added: The price level of steel as reflected in many market indexes has stabilized and even slightly fallen from recent price peaks.
+Added: However, it remains slightly higher versus the first quarter of 2021, which has contributed to cost inflation in our steel-based products.
+Added: Based on our ability to pass higher input costs on, the estimated effect on our net earnings in the first quarter of 2022 was immaterial.
+Added: An exception to the stability we are seeing in the broader steel market is stainless steel, a key input for which is nickel.
+Added: Due to concerns for disruption in production due to the Ukrainian conflict, nickel prices soared late in the first quarter of 2022.
+Added: Given the volatility of the situation, the fact that stainless steel fasteners constitute less than 5% of our total net sales, and our traditional ability to pass higher input costs on, the impact on future net earnings is unclear.
+Added: The estimated effect on our net earnings in the first quarter of 2022 was immaterial.
+Added: Commodity energy prices – We have market risk for changes in prices of oil, gasoline, diesel fuel, natural gas, and electricity.
+Added: During the first quarter of 2022, the price of energy as reflected in many market indexes increased due to both strong economic activity and the effects of the Ukrainian conflict, which contributed to higher costs for fuel in our vehicles and utilities at our facilities.
+Added: In the first quarter of 2022, based on the fact that total energy exposure is less than 5% of our total net sales, our estimated net earnings exposure for commodity energy prices was immaterial.
Fossil fuels are also often a key feedstock for chemicals and plastics that comprise a key raw material for many products that we sell.
−Removed: We believe that over time these risks are mitigated in part by our ability to pass freight and product costs to o ur customers, the efficiency of our trucking distribution network, and the ability, over time, to manage our occupancy costs related to the heating and cooling of our facilities through better efficiency.
−Removed: Through the first nine months of 2021, we have seen the price of commodity energy as reflected in many market indexes increase, which has produced an increase in our fuel expenses and inflation in products for which fossil fuels are an input.
−Removed: Based on our ability to pass these higher costs on, our estimated net earnings exposure for these changes was not material in the first nine months of 2021.
+Added: Given the volatility of the current marketplace and the time it takes for higher fossil fuel costs to flow through the supply chain, it is unclear to what degree the current rise in fossil fuel prices might affect future net earnings.
+Added: Based on our ability to pass higher input costs on, the estimated effect on our net earnings in the first quarter of 2022 was immaterial.
Interest rates - Loans under our Credit Facility bear interest at float ing rates tied to LIBOR (or, if LIBOR is no longer available, at a replacement rate to be determined by the administrative agent for the Credit Facility and consented to by us).
1 unchanged sentence
We have not historically used interest rate swap arrangements to hedge the variable interest rates under our Credit Facility.
−Removed: A one percentage point increase in LIBOR in the first nine months of 2021 would have resulted in approximately $0.1 of additional interest expense.
+Added: A one percentage point increase in LIBOR in the first quarter of 2022 would have resulted in approximately $0.1 of additional interest expense.
A description of our Credit Facility is contained in Note 6 of the Notes to Condensed Consolidated Financial Statements.
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.