4 unchanged sentences
Interest Rate Risk
−Removed: We had no debt outstanding at December 31, 2021.
−Removed: Interest rates associated with borrowings under the Credit Agreement is based on the Secured Overnight Financing Rate (“SOFR”) plus a spread based on the Company’s consolidated funded debt to
−Removed: adjusted EBITDA ratio.
−Removed: Increases in interest rates would not currently impact our annual interest expense as we do not have any outstanding borrowings but could impact our annual interest expense on future borrowings.
+Added: We had $382.4 million debt outstanding and $30.6 million in finance lease liabilities at December 31, 2022.
+Added: Of the total $413.0 million of debt and finance lease liabilities outstanding, $375.0 million is subject to variable interest rates and the remainder is at fixed annual interest rates.
+Added: Interest rates associated with borrowings under the Credit Facilities are based on the Secured Overnight Financing Rate (“SOFR”) plus a spread based on the Company’s net leverage ratio.
+Added: Increases in interest rates would currently impact our interest expense given we have outstanding borrowings subject to variable interest rates.
+Added: An increase of 1.0% in the SOFR rate would drive an increase of $3.8 million in interest expense annually based on our current amount of debt outstanding that is subject to variable interest rates.
Commodity Price Risk
3 unchanged sentences
Based on our actual fuel purchases for 2022, assuming miles driven, fuel surcharges as a percentage of revenue, percentage of unproductive miles, and miles per gallon remained consistent with 2022 amounts, a $1.00 increase in the average price of fuel per gallon, year over year, would decrease our income before income taxes by approximately $9.3 million.
−Removed: We use a significant amount of tires to maintain our revenue equipment.
+Added: We use a significant amount of tires to
+Added: maintain our revenue equipment.
We are not able to pass through 100% of price increases from tire suppliers due to the severity and timing of increases and current rate environment.
2 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.