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, 2023, the outstanding debt under the Amended and Restated Credit Agreement subject to interest rate fluctuations was $577.5 million.
+Added: As of June 30, 2023, the outstanding debt under the Amended and Restated Credit Agreement subject to interest rate fluctuations was $571.9 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.
3 unchanged sentences
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, 2023.
+Added: Refer to Note 8, "Derivatives and Hedging Instruments", for further information on our interest rate swap contracts in effect as of June 30, 2023.
Commodity Price Risk
In the normal course of business, we are exposed to market risk related to our purchase of steel, a significant raw material upon which our manufacturing depends.
−Removed: Steel cost increased in 2021 when compared to 2020 and historical levels due to the worldwide raw material shortage stemming from the COVID-19 pandemic.
+Added: The cost of steel increased in 2021 when compared to historical levels due to the worldwide raw material shortage stemming from the COVID-19 pandemic.
While steel is typically available from numerous suppliers, the price of steel is a commodity subject to fluctuations that apply across broad spectrums of the steel market.
2 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 result in further declines in operating margins for the full year of 2023 compared to operating margins for the full year of 2022.
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.