7 unchanged sentences
Foreign Currency Exchange Rate Risk
−Removed: We conduct business in several foreign countries, including Mexico, Canada, and China.
+Added: We conduct business in foreign countries, primarily in Mexico.
To date, most foreign revenues are denominated in U.S.
3 unchanged sentences
Foreign currency translation gains and losses primarily relate to changes in the value of revenue equipment owned by a subsidiary in Mexico, whose functional currency is the Peso.
−Removed: Foreign currency translation gains were $0.8 million for third quarter 2020 and losses were $1.1 mil lion for third quarter 2019.
+Added: Foreign currency translation losses were $1.6 million for first quarter 2021 and $9.9 million for first quarter 2020.
These were recorded in accumulated other comprehensive loss within stockholders’ equity in the Consolidated Balance Sheets.
1 unchanged sentence
We manage interest rate exposure through a mix of variable rate debt and interest rate swap agreements.
−Removed: We had $150 million of debt outstanding at September 30, 2020, for which the interest rate is effectively fixed at 2.34% through May 2024 with two interest rate swap agreements to reduce our exposure to interest rate increases.
−Removed: We had $25 million of variable rate debt outstanding at September 30, 2020.
+Added: We had $150 million of debt outstanding at March 31, 2021, for which the interest rate is effectively fixed at 2.34% through May 2024 with two interest rate swap agreements to reduce our exposure to interest rate increases.
+Added: We had $25 million of variable rate debt outstanding at March 31, 2021.
Interest rates on the variable rate debt and our unused credit facilities are based on the LIBOR.
Assuming this level of borrowing, a hypothetical one-percentage point increase in the LIBOR interest rate would increase our annual interest expense by approximately $250,000.
−Removed: Due to uncertainty surrounding the suitability and sustainability of LIBOR, central banks and global regulators have called for financial market participants to prepare for the discontinuation of LIBOR by the end of 2021.
+Added: Due to uncertainty surrounding the suitability and sustainability of LIBOR, central banks and global regulators have called for financial market participants to prepare for the discontinuation of LIBOR.
+Added: On March 5, 2021, ICE Benchmark Administration ratified its proposal on ceasing publication of one-week and two-month settings of the USD LIBOR benchmark at the end of December 2021, and ceasing publication of the remaining overnight and one-, three-, six- and 12-month USD LIBOR settings at the end of the June 2023.
LIBOR is a widely-referenced benchmark rate, and our unsecured credit facilities are referenced to LIBOR.
1 unchanged sentence
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.