9 unchanged sentences
Our primary exposure to interest rate risk results from outstanding borrowings under the Amended and Restated Credit Agreement, which bears interest at variable rates.
−Removed: As of March 31, 2022, the outstanding debt under the Amended and Restated Credit Agreement subject to interest rate fluctuations was $700.0 million.
+Added: As of June 30, 2022, the outstanding debt under the Amended and Restated Credit Agreement subject to interest rate fluctuations was $694.4 million.
The variable interest rates on the Credit Agreement fluctuate and expose us to short-term changes in market interest rates as our interest obligation on this instrument is based on prevailing market interest rates.
Interest rates fluctuate as a result of many factors, including governmental monetary and tax policies, domestic and international economic and political considerations and other factors that are beyond our control.
−Removed: We have entered into certain interest rate swap agreements to convert the variable interest rate on our revolver and term loan to fixed interest rates.
−Removed: The objective of the interest rate swap agreements is to eliminate the variability of the interest payment cash flows associated with the variable interest rate entered under the borrowings.
+Added: We have entered into an interest rate swap agreement to convert the variable interest rate on our revolver and term loan to fixed interest rates.
+Added: The objective of the interest rate swap agreement is to eliminate the variability of the interest payment cash flows associated with the variable interest rate outstanding under the borrowings.
We designated the interest rate swaps as cash flow hedges.
−Removed: Refer to Note 8, "Derivatives and Hedging Instruments", for further information on our interest rate swap contracts in effect as of March 31, 2022.
+Added: Refer to Note 9, "Derivatives and Hedging Instruments", for further information on our interest rate swap contracts in effect as of June 30, 2022.
Commodity Price Risk
5 unchanged sentences
While historically we have successfully mitigated these increased costs through the implementation of price increases, in the future we may not be able to successfully mitigate these costs, which could cause our operating margins to decline.
−Removed: As noted above, higher steel prices not mitigated by price increases will likely result in a 200 to 300 basis point decline in operating margins for the full year of 2022 compared to operating margins for the full year of 2021.
+Added: As noted above, higher steel prices not mitigated by price increases will result in a decline in operating margins for the full year of 2022 compared to operating margins for the full year of 2021.
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.