6 unchanged sentences
Of the total $300.0 million of debt and finance lease liabilities outstanding, $275.0 million is subject to variable interest rates and the remainder is at fixed annual interest rates.
−Removed: 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: Interest rates associated with borrowings under the Credit Facilities are based on the SOFR plus a spread based on the Company’s net leverage ratio.
Increases in interest rates would currently impact our interest expense given we have outstanding borrowings subject to variable interest rates.
−Removed: 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.
+Added: An increase of 1.0% in the SOFR rate would
+Added: drive an increase of $2.8 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 2023, assuming miles driven, fuel surcharges as a percentage of revenue, percentage of unproductive miles, and miles per gallon remained consistent with 2023 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 $12.3 million.
−Removed: We use a significant amount of tires to
−Removed: maintain our revenue equipment.
+Added: We use a significant amount of tires to 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.
Historically, we have sought to minimize tire price increases through bulk tire purchases from our suppliers.
−Removed: Based on our expected tire purchases for 2023, a 10% increase in the price of tires would increase our tire purchase expense by $2.0 million, resulting in a corresponding decrease in income before income taxes.
+Added: Based on our tire purchases for 2023, a 10% increase in the price of tires would increase our tire purchase expense by $2.2 million, resulting in a corresponding decrease in income before income taxes.
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.