2 unchanged sentences
The company has exposure to interest rate risk from its debt.
−Removed: In general, the company’s long-term debt is fixed rate and, to the extent it has any, its short-term debt is variable rate.
+Added: In an effort to manage interest rate exposures, the company strives to achieve an acceptable balance between fixed and variable debt positions.
+Added: As of December 31, 2022, substantially all of the company’s total long-term debt is at a fixed rate and therefore do not expose the company to risk related to rising interest rates.
See Note 16, “Debt,” of the Notes to Consolidated Financial Statements.
−Removed: The company believes that the market risk assuming a hypothetical 10% increase in interest rates would not be material to the fair value of these financial instruments, or the related cash flows, or future results of operations.
−Removed: As of December 31, 2021, the company had outstanding $478.1 million ($485.0 million face value) of senior secured notes due 2027.
−Removed: The interest rates on the notes are fixed and therefore do not expose the company to risk related to rising interest rates.
−Removed: As of December 31, 2021, the fair value of the senior secured notes due 2027 was $527.0 million.
+Added: Although at December 31, 2022 the company had no outstanding borrowings under the Amended and Restated ABL Credit Facility, future borrowings, if any, will be subject to variable interest rates.
+Added: As of December 31, 2022, the company had outstanding $479.2 million ($485.0 million face value) of 6.875% senior secured notes due 2027 (the 2027 Notes).
+Added: As the 2027 Notes have a fixed interest rate, the company does not have financial and economic exposure related to rising interest rates with respect to the 2027 Notes.
+Added: However, the fair value of fixed rate instruments fluctuates when interest rates change.
+Added: As of December 31, 2022, the fair value of the 2027 Notes was $373.0 million.
Foreign currency exchange rate risk
11 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.