Quantitative and Qualitative Disclosures about Market Risk
−Removed: Market risk refers to the potential losses arising from changes in interest rates, foreign currency fluctuations and exchange rates, equity prices, and commodity prices, including the correlation among these factors and their volatility.
+Added: Market risk refers to the potential losses arising from changes in interest rates, foreign currency exchange rates, equity prices, and commodity prices, including the correlation among these factors and their volatility.
Our principal market risks are our exposure to changes in interest rates and foreign currency exchange rates.
2 unchanged sentences
We have a revolving credit facility that is subject to the risk of higher interest charges associated with increases in interest rates.
−Removed: As of September 30, 2022, we had no floating-rate obligations outstanding under our ABL Facility.
−Removed: Use of floating-rate obligations would expose us to the risk of increased interest expense in the event of increases in short-term interest rates.
+Added: As of March 31, 2023, we had $5.0 million in floating-rate obligations outstanding under our ABL Facility.
+Added: The use of floating-rate obligations exposes us to the risk of increased interest expense in the event of increases in short-term interest rates.
+Added: If the floating interest rates increased by 1% from March 31, 2023 levels, our consolidated interest expense would increase by a total of approximately $0.1 million annually.
Foreign Currency Exchange Rate Risk.
3 unchanged sentences
In order to mitigate the effects of foreign currency exchange rate risks in areas outside of the United States (primarily in our Offshore/Manufactured Products segment), we generally pay a portion of our expenses in local currencies and a substantial portion of our contracts provide for collections from customers in U.S.
−Removed: During the nine months ended September 30, 2022, our reported foreign currency exchange gains were $0.3 million and are included in "Other operating expense, net" in the consolidated statements of operations.
+Added: During the first three months of 2023, our reported foreign currency exchange losses were $0.5 million and are included in "Other operating expense, net" in the consolidated statements of operations.
Accumulated other comprehensive loss, reported as a component of stockholders' equity, primarily relates to fluctuations in currency exchange rates against the U.S.
dollar as used to translate certain of the international operations of our operating segments.
−Removed: Our accumulated other comprehensive loss increased $23.8 million from $66.0 million as of December 31, 2021 to $89.8 million as of September 30, 2022, due to changes in currency exchange rates.
−Removed: During the nine months ended September 30, 2022, the exchange rate for the British pound weakened by 18% compared to the U.S.
−Removed: dollar while the Brazilian real strengthened by 3% compared to the U.S.
+Added: Our accumulated other comprehensive loss decreased $4.1 million from $78.9 million as of December 31, 2022 to $74.8 million as of March 31, 2023, due to changes in currency exchange rates.
+Added: During the three months ended March 31, 2023, the exchange rates for the British pound and the Brazilian real strengthened by 3% and 2%, respectively, compared to the U.S.
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.