QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: As of June 30, 2023, we were not party to any derivative instruments.
−Removed: We did not use any material derivative financial instruments during the six months ended June 30, 2023 and 2022, including instruments for trading, hedging or speculating on changes in interest rates or commodity prices of materials used in our business.
+Added: As of September 30, 2023, we were not party to any derivative instruments.
+Added: We did not use any material derivative financial instruments during the nine months ended September 30, 2023 and 2022, including instruments for trading, hedging or speculating on changes in interest rates or commodity prices of materials used in our business.
Any borrowings under our Facility are based upon interest rates that will vary depending upon the prime rate, Canadian prime rate, the NYFRB overnight bank funding rate, CDOR, and Term SOFR Reference Rate.
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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 June 30, 2023, we had $20.0 million of borrowings outstanding under the Facility.
−Removed: If market rates of interest on all our revolving debt as of June 30, 2023, 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 $0.2 million annually.
−Removed: If market rates of interest on all our revolving debt, which is subject to variable rates as of June 30, 2023, 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 approximately $0.2 million annually.
+Added: As of September 30, 2023, we had $39.3 million of borrowings outstanding under the Facility.
+Added: If market rates of interest on all our revolving debt as of September 30, 2023, 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 $0.4 million annually.
+Added: If market rates of interest on all our revolving debt, which is subject to variable rates as of September 30, 2023, 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 approximately $0.4 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.