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Historically, our primary exchange rate exposure has been with the Canadian dollar against the United States dollar.
+Added: Our estimated net earnings exposure for foreign currency exchange rates was not material in the first quarter of 2023.
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 2022, changes in foreign currency exchange rates decreased our reported net sales by $22.9 with the estimated effect on our net earnings being immaterial.
+Added: In the first quarter of 2023, changes in foreign currency exchange rates decreased our reported net sales by $12.5 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 customers.
−Removed: Although the price level of steel can vary by geography, for most of the first nine months of 2022, the market price of steel remained broadly elevated.
−Removed: In the third quarter, the market price of steel began to decline from previous peaks in most areas.
−Removed: This trend, should it be sustained, could lead to lower product costs.
−Removed: Traditionally, changes in the cost of input prices are at least partly passed on to customers, although given the length of the supply chain for most products this can take several quarters to occur.
−Removed: As a result, the estimated effect on our net earnings in the first nine mo nths of 2022 was immaterial.
+Added: We are exposed to the impacts of commodity steel pricing and our related ability to pass th rough the impacts to our end customers.
+Added: During the first quarter of 2023, the price of steel as reflected in many market indexes was below the prior year, although in many cases they were above the levels experienced in the fourth quarter of 2022.
+Added: Due to our long supply chain, changes that we experienced in the first quarter of 2023 do not immediately impact our earnings results.
+Added: In fact, we were not able to fully compensate for higher costs through higher prices in the first quarter of 2023, resulting in a modestly negative impact to our gross margin percentage in the period.
+Added: We estimate the effect on our net earnings was immaterial in the first quarter of 2023.
Commodity energy prices – We have market risk for changes in prices of oil, gasoline, diesel fuel, natural gas, and electricity.
−Removed: During the first nine months 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
−Removed: utilities at our facilities.
−Removed: While energy costs have eased from their peaks during 2022, they remain elevated relative to average costs experienced in the first nine months of 2021.
−Removed: However, 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 in the first nine months of 2022.
+Added: As reflected in many market indexes, energy prices during the first quarter of 2023 were generally at or below prior year levels, which contributed to relatively stable costs for fuel consumed in our vehicles and lower utility costs at our facilities.
+Added: Total direct fuel consumption is a relatively minor cost to the company and, as a result, estimated net earnings exposure related to changes in commodity energy prices was immaterial in the first quarter of 2023.
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: As a result, the increase in the cost of oil has resulted in slightly higher costs for certain plastics and resins used in our products.
−Removed: 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 recent changes in the cost of fossil fuel prices might affect future net earnings.
−Removed: Based on our ability to pass higher input costs on, the estimated effect on our net earnings in the first nine months of 2022 was immaterial.
+Added: During the first quarter of 2023, prices for fossil fuels were generally at or below prior year levels.
+Added: Due to long supply chains, changes that we experienced in the first quarter of 2023 do not immediately impact our earnings results.
+Added: As a result, in the first quarter of 2023 our estimated net earnings exposure for materials for which fossil fuels are feedstock was immaterial.
Interest rates - Loans under our Credit Facility bear interest at floating rates.
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 to our floating rate debt in the first nine months of 2022 would have resulted in approximately $0.9 of additional interest expense.
+Added: A one percentage point increase to our floating rate debt in the first quarter of 2023 would have resulted in approximately $0.3 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.