QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: Our outstanding debt at September 30, 2023 consists of both fixed and variable interest rate facilities.
−Removed: Our senior notes have fixed interest rates ranging from 3.85% to 3.875%.
+Added: Interest rate risk can be quantified by measuring the financial impact of a near-term adverse increase in short-term interest rates on variable-rate debt outstanding.
+Added: Our total long-term debt consists of both fixed and variable interest rate facilities.
+Added: Our senior notes have a fixed interest rate of 3.875%.
These fixed-rate facilities reduce the impact of changes to market interest rates on future interest expense.
Our senior credit facility has variable interest rates, which are based on either SOFR or a Base Rate, depending upon the specific type of borrowing, plus an applicable margin and other fees.
−Removed: At September 30, 2023, the average interest rate under our senior credit facility was 6.43%.
−Removed: Risk can be quantified by measuring the financial impact of a near-term adverse increase in short-term interest rates.
−Removed: Our earnings would be affected by changes in these short-term variable interest rates on variable-rate debt outstanding.
+Added: At March 31, 2024, the average interest rate under our senior credit facility was 6.40%.
+Added: Our earnings would be affected by changes in these short-term variable interest rates.
At our current level of borrowing, a one-percentage-point increase in our applicable rate would reduce annual pretax earnings by $6.7 million.
−Removed: Although we conduct business in foreign countries, international operations are not material to our consolidated financial position, results of operations, or cash flows.
−Removed: Additionally, foreign currency transaction gains and losses were not material to our results of operations for the three or nine months ended September 30, 2023.
+Added: Although we conduct business in foreign countries, foreign currency transaction gains and losses were not material to our results of operations for the three months ended March 31, 2024.
Accordingly, we are not currently subject to material foreign currency exchange rate risks from the effects that exchange rate movements of foreign currencies would have on our future costs or on future cash flows we would receive from our foreign investment.
−Removed: As of September 30, 2023, we had no foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of adverse fluctuations in foreign currency exchange rates.
+Added: As of March 31, 2024, we had no foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of adverse fluctuations in foreign currency exchange rates.
The price and availability of diesel fuel are subject to fluctuations due to changes in the level of global oil production, seasonality, weather, and other market factors.
1 unchanged sentence
We cannot predict the extent to which high fuel price levels may occur in the future or the extent to which fuel surcharges could be collected to offset such increases.
−Removed: As of September 30, 2023, we had no derivative financial instruments to reduce our exposure to fuel price fluctuations.
+Added: As of March 31, 2024, we had no derivative financial instruments to reduce our exposure to fuel price fluctuations.
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.