5 unchanged sentences
Interest Rate Risk
−Removed: We have bank lines of credit at variable interest rates.
+Added: Our Revolver Facility and Term Loan Facility have variable interest rates.
If market interest rates increase, the interest rate on our variable rate debt will increase and will create higher debt service requirements, which would adversely affect our cash flow and could adversely impact our results of operations.
The general levels of U.S., European Union interest rates and LIBOR affect interest expense.
−Removed: As of September 30, 2020, there was no outstanding debt associated with our bank lines of credit and therefore no debt subject to variable interest rates.
+Added: As of September 30, 2021, we had $398.0 million subject to variable interest rates, or 15.7% of total debt.
+Added: Assuming an increase to market rates of 1% as of September 30, 2021, we would incur an increase to interest expense of $4.0 million.
+Added: Our Term Loan Facility and Revolver Facility allows for the LIBOR rate to be phased out and replaced with the Secured Overnight Financing Rate and therefore we do not anticipate a material impact by the expected upcoming LIBOR transition.
Foreign Exchange Risk
8 unchanged sentences
The net impact on reported earnings, after also including the effect of the change in the underlying foreign currency-denominated exposures, would be a net gain of $21.2 million.
−Removed: Commodity Price Risk
−Removed: We are exposed to fluctuations in market prices for purchases of zinc and brass used in our manufacturing processes.
−Removed: We use commodity swaps and calls to manage such risk.
−Removed: The maturity of, and the quantities covered by, the contracts are closely correlated to our anticipated purchases of the commodity.
−Removed: The cost of calls is amortized over the life of the contracts and recorded in cost of goods sold, along with the effects of the swap and call contracts.
−Removed: The related amounts payable to, or receivable from, the counter-parties are included in accounts payable or accounts receivable.
−Removed: At September 30, 2020, the potential change in fair value of outstanding commodity price derivative instruments, assuming a 10% decline in the underlying commodity prices, would be a loss of $0.9 million.
−Removed: The net impact on reported earnings, after also including the reduction in cost of one year’s purchases of the related commodities due to the same change in commodity prices, would be a gain of $1.1 million.
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.