QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: As of September 30, 2023, 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, 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: We have operations within the United States and Canada, and we are exposed to market risks in the ordinary course of our business, including the effects of fluctuations in interest rates, foreign exchange rates, and commodity prices.
+Added: As of March 31, 2024, 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, 2024 and 2023, including instruments for trading, hedging, or speculating on changes in interest rates, changes in foreign currency rates or changes in 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 September 30, 2023, we had $39.3 million of borrowings outstanding under the Facility.
−Removed: 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.
−Removed: 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.
+Added: As of March 31, 2024, we had $17.5 million of borrowings outstanding under the Facility.
+Added: If market rates of interest on all our revolving debt as of March 31, 2024, 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.
+Added: If market rates of interest on all our revolving debt, which is subject to variable rates as of March 31, 2024, 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.
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.