3 unchanged sentences
Raw Material Pricing Risk
−Removed: We are subject to market risk exposure related to volatility in the price of steel, aluminum and resins.
−Removed: A significant amount of our cost of sales relates to material costs.
−Removed: Our business is heavily dependent on the price and supply of our raw materials.
−Removed: The commodity market, which includes the steel, aluminum, and resin industries, is highly cyclical in nature, and commodity costs have been volatile in recent years, and may become more volatile in the future.
−Removed: Commodity costs are influenced by numerous factors beyond our control, including general economic conditions, the availability of raw materials, competition, labor costs, freight and transportation costs, production costs, import duties and other trade restrictions.
−Removed: The Company principally manages its exposures to the market fluctuations in the steel and resins industries through management of its core business activities.
−Removed: Although we have the ability to purchase steel from a number of suppliers, a production cutback by one or more of our current suppliers could create challenges in meeting delivery schedules to our customers.
−Removed: The prices we offer to our customers are also impacted by changes in commodity costs.
−Removed: We manage the alignment of the cost of our raw materials and prices offered to customers and attempt to pass changes to raw material costs through to our customers.
−Removed: To improve our management of commodity costs, we attempt to maintain inventory levels not in excess of our production requirements.
−Removed: We have not entered into long-term contractual commitments for the purchase of raw materials however, from time to time, we may purchase raw materials in advance of commodity cost increases.
−Removed: We rely on major suppliers for our supply of raw materials.
−Removed: During 2020, we purchased our raw materials from domestic and foreign suppliers in an effort to purchase the lowest cost, high quality material possible while maintaining acceptable service levels.
+Added: We are subject to market risk exposure related to volatility in the price of our principal raw materials of steel, aluminum and resins, which are cyclical in nature and have been historically volatile.
+Added: Exposure to commodity price fluctuations are generally managed through alignment of our materials costs with pricing to customers by passing increases in raw material costs through to our customers and maintaining inventory levels not in excess of our production requirements.
+Added: We may experience unfavorable cost-price alignment if increases in these raw material costs cannot be partially or fully passed on to customers, or if the timing of price increases lags behind the raw material cost increases.
We cannot accurately calculate the pre-tax impact a one percent change in the commodity costs would have on our 2021 operating results as the change in commodity costs would both impact the cost to purchase materials and the selling prices we offer our customers.
1 unchanged sentence
Interest Rate Risk
−Removed: To manage interest rate risk, the Company uses both variable and fixed interest rate debt.
−Removed: As of December 31, 2020, our variable rate debt consists of borrowings under our revolving credit facility of $85.0 million and was the only significant debt that remains outstanding at year end.
+Added: Given the relatively low borrowing levels, the Company currently utilizes variable interest rate debt to manage interest rate risk, and would consider utilizing fixed rate debt if borrowings were expected to be outstanding for an extended period of time.
+Added: As of December 31, 2021, our variable rate debt consists of borrowings under our revolving credit facility of $ 24.5 million and was the only debt that remained outstanding at year end.
In order to manage interest rate risk, the Company will continue to monitor changes in its debt levels and access to capital ensuring interest rate risk is appropriately managed.
−Removed: At December 31, 2020, our available variable rate debt consisted primarily of the revolving credit facility under the Company's Sixth Amended and Restated Credit Agreement, of which $85 million was outstanding on the revolving credit facility as of December 31, 2020.
+Added: At December 31, 2021, our available variable rate debt consisted primarily of the revolving credit facility under the Company's Sixth Amended and Restated Credit Agreement (the "Senior Credit Agreement"), of which $ 24.5 million was outstanding on the revolving credit facility as of December 31, 2021.
Borrowings under the revolving credit facility bore interest at a variable interest rate based upon the LIBOR plus an additional margin.
A hypothetical 1% increase or decrease in interest rates would have changed the 2021 interest expense by $0.5 million.
+Added: The interest rate on our borrowings under the Senior Credit Agreement is based on LIBOR which will be entirely discontinued after June 30, 2023.
+Added: We do not expect a material change in interest expense as a result of any future discontinuation and transition from LIBOR.
Foreign Exchange Risk
5 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.