QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: As of September 30, 2021, we were not party to any derivative instruments.
−Removed: We did not use any material derivative financial instruments during the nine months ended September 30, 2021 and 2020, including instruments for trading, hedging or speculating on changes in interest rates or commodity prices of materials used in our business.
−Removed: Any borrowings under our Facility are based upon interest rates that will vary depending upon the prime rate, Canadian prime rate, federal funds effective rate, the NYFRB overnight bank funding rate, CDOR, and LIBOR.
−Removed: If the prime rate, Canadian prime rate, federal funds effective rate, the NYFRB overnight bank funding rate, CDOR, or LIBOR rises, any interest payment obligations would increase and have a negative effect on our cash flow and financial condition.
+Added: As of March 31, 2022, we were not party to any derivative instruments.
+Added: We did not use any material derivative financial instruments during the three months ended March 31, 2022 and 2021, including instruments for trading, hedging or speculating on changes in interest rates or commodity prices of materials used in our business.
+Added: As of March 31, 2022, we had $45.2 million of borrowings under our Facility.
+Added: Any borrowings under our Facility are based upon interest rates that will vary depending upon the prime rate, Canadian prime rate, federal funds effective rate, the
+Added: NYFRB overnight bank funding rate, CDOR, and LIBOR (or any interest rate replacing LIBOR).
+Added: If the prime rate, Canadian prime rate, federal funds effective rate, the NYFRB overnight bank funding rate, CDOR, or LIBOR (or any interest rate replacing LIBOR) rises, any interest payment obligations would increase and have a negative effect on our cash flow and financial condition.
We currently do not maintain any hedging contracts that would limit our exposure to variable rates of interest when we have outstanding borrowings.
−Removed: As of September 30, 2021, we did not have any borrowings under our Facility.
+Added: If market rates of interest on all our revolving debt as of March 31, 2022, which is subject to variable rates, permanently increased by 1%, the increase in interest expense on all revolving debt would decrease future income before provision for income taxes and cash flows by approximately $0.5 million annually.
+Added: If market rates of interest on all our revolving debt, which is subject to variable rates as of March 31, 2022, permanently decreased by 1%, the decrease in interest expense on all debt would increase future income before provision for income taxes and cash flows by by approximately $0.5 million annually.
Borrowings under our Equipment Notes are at fixed rates established on the date the respective Equipment Note was executed.
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.