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We estimate that if the exchange rate were to change by 10% in any one country where we have our operations, the change in net income would not be material to our operations taken as a whole.
−Removed: We may manage our exposure to transactional exposures by entering into foreign currency forward contracts for forecasted transactions and projected cash flows for foreign currencies in future periods.
+Added: We may manage our exposure to transactional risk by entering into foreign currency forward contracts for forecasted transactions and projected cash flows for foreign currencies in future periods.
In 2021, 2022 and 2023, we entered into financial contracts at various times to hedge the risk of fluctuations associated with the Euro and the Chinese Yuan during 2023.
−Removed: For the nine months ended September 30, 2024, we have not entered into foreign currency contracts.
Interest Rate Risk
−Removed: 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 September 30, 2024, the outstanding debt under the Amended and Restated Credit Agreement subject to interest rate fluctuations was $468.8 million.
−Removed: 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.
+Added: Our primary exposure to interest rate risk results from outstanding borrowings under the Credit Agreement, which bears interest at variable rates.
+Added: As of March 31, 2025, the outstanding debt under the Credit Agreement subject to interest rate fluctuations was $382.5 million.
+Added: 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 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.
+Added: We have entered into an interest rate swap agreement to convert the variable interest rate on the balances outstanding under our 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 8 , "Derivatives and Hedging Instruments", for further information on our interest rate swap contracts in effect as of September 30, 2024.
+Added: Refer to Note 7, "Derivatives and Hedging Instruments", for further information on our interest rate swap contracts in effect as of March 31, 2025.
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 nine months of 2024 .
+Added: Steel cost started to stabilize by the end of 2024 and it began to raise again later part of first quarter of 2025 .
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.
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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.