18 unchanged sentences
Interest Rate Risk
−Removed: We are exposed to interest rate risk, primarily associated with our Credit Facility and Financing Agreement.
−Removed: As of December 31, 2020, we had $7.5 million and $17.7 million outstanding under our Credit Facility and Financing Agreement, respectively.
−Removed: For the year ended December 31, 2020, the Credit Facility and Financing Agreement had weighted average interest rates of 3.2% and 9.5%, respectively.
−Removed: A hypothetical 1.0% increase or decrease in the weighted average interest rates would cause our interest expense to fluctuate by approximately $0.3 million annually.
+Added: We are exposed to interest rate risk, primarily associated with our Revolving Credit Facility and our Term Loans.
+Added: As of December 31, 2021, we had $27.0 million outstanding under our Revolving Credit Facility, with a weighted average interest rate of 5.1%.
+Added: As of December 31, 2021, the aggregate principal balance outstanding under the M&E Term Loan was $12.5 million, with an interest rate of 8.1%.
+Added: As of December 31, 2021, the aggregate principal balance outstanding under the Term Loan B was $12.4 million, with an interest rate of 12.1%.
+Added: A hypothetical 1.0% increase or decrease in the weighted average interest rates would cause our interest expense to fluctuate by approximately $0.5 million per year.
We do not currently hedge our interest rate exposure.
+Added: We do not engage in derivative transactions for speculative or trading purposes.
During 2017, policymakers announced that LIBOR will cease subsequent to 2021 and alternative reference rates (“ARRs”) are being developed to replace current LIBOR.
4 unchanged sentences
The majority of our trade receivables have payment terms of 30 days or less.
−Removed: As of December 31, 2020, the top three trade receivable balances represented 19%, 11% and 10%, respectively, of consolidated accounts receivable.
−Removed: Within our High Specification Rig segment, the top three trade receivable balances represented 32%, 8% and 7%, respectively, of total High Specification Rig accounts receivable.
−Removed: Within our Completion and Other Services segment, the top three trade receivable balances represented 25%, 17% and 14%, respectively, of total Completion Services accounts receivable.
−Removed: Within our Processing Solutions segment, the top three trade receivable balances represented 62%, 28% and 18%, respectively, of total Processing Solutions accounts receivable.
+Added: As of December 31, 2021, the top three trade net receivable balances represented 8%, 6% and 6%, respectively, of consolidated accounts receivable.
+Added: Within our High Specification Rig segment, the top three net trade receivable balances represented 16%, 9% and 8%, respectively, of total High Specification Rig net accounts receivable.
+Added: Within our Wireline Services segment, the top three net trade receivable balances represented 14%, 14% and 10%, respectively, of total Wireline Services net accounts receivable.
+Added: Within our Processing Solutions and Ancillary Services segment, the top three trade receivable balances represented 11%, 11% and 7%, respectively, of total Proessing Solutions and Ancillary Services net accounts receivable.
We mitigate the associated credit risk by performing credit evaluations and monitoring the payment patterns of our customers.
4 unchanged sentences
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.