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, 2024, the outstanding debt under the Amended and Restated Credit Agreement subject to interest rate fluctuations was $480.0 million.
−Removed: 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.
+Added: As of June 30, 2024, the outstanding debt under the Amended and Restated Credit Agreement subject to interest rate fluctuations was $474.4 million.
+Added: The variable interest rates on the Amended and Restated 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 an interest rate swap agreement to convert the variable interest rate on the balances outstanding under our Amended and Restated Credit Agreement to fixed interest rates.
+Added: We have an interest rate swap agreement converting the variable interest rate on the balances outstanding under our Amended and Restated Credit Agreement to fixed interest rates.
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 7, "Derivatives and Hedging Instruments", for further information on our interest rate swap contracts in effect as of March 31, 2024.
+Added: Refer to Note 7, "Derivatives and Hedging Instruments", for further information on our interest rate swap contracts in effect as of June 30, 2024.
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 started to stabilize by the end of 2023 and continue to be stable through the first quarter of 2024 .
+Added: Steel cost started to stabilize by the end of 2023 and continue to be stable through the first six months of 2024 .
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.
3 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.