2 unchanged sentences
Commodity Price Risk
−Removed: The price and availability of diesel fuel are subject to fluctuations attributed to changes in the level of global oil production, refining capacity, seasonality, weather and other market factors.
+Added: The price and availability of diesel fuel are subject to fluctuations attributed to changes in the level of global oil production, refining capacity, regulatory changes, seasonality, weather and other market factors.
Historically, we have recovered a majority, but not all, of fuel price increases from customers in the form of fuel surcharges.
1 unchanged sentence
However, we do not recover all of the fuel cost increase through these surcharge programs.
+Added: As of March 31, 2022, we had no derivative financial instruments to reduce our exposure to fuel price fluctuations.
Foreign Currency Exchange Rate Risk
5 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 losses were $1.1 million for third quarter 2021 and gains were $0.8 million for third quarter 2020.
+Added: Foreign currency translation gains were $1.2 million for first quarter 2022 and foreign currency translation losses were $1.6 million for first quarter 2021.
These were recorded in accumulated other comprehensive loss within stockholders’ equity in the consolidated condensed balance sheets.
Interest Rate Risk
−Removed: 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, 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, and we had $100 million of debt outstanding at September 30, 2021 at a fixed rate of 1.28%.
−Removed: We had $100 million of variable rate debt outstanding at September 30, 2021.
−Removed: Interest rates on the variable rate debt and our unused credit facilities are based on the LIBOR.
−Removed: Assuming this level of borrowing, a hypothetical one-percentage point increase in the LIBOR interest rate would increase our annual interest expense by approximately $1.0 million.
−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.
−Removed: 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.
−Removed: LIBOR is a widely-referenced benchmark rate, and our unsecured credit facilities are referenced to LIBOR.
−Removed: We are communicating with our banks regarding the eventual transition to a new benchmark rate.
+Added: We manage interest rate exposure through a mix of variable interest rate debt and interest rate swap agreements.
+Added: We had $150 million of variable interest rate debt outstanding at March 31, 2022, 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: In addition, we had $180 million of variable interest rate debt outstanding at March 31, 2022.
+Added: Interest rates on the variable rate debt and our unused credit facilities are based on the Secured Overnight Financing Rate (“SOFR”).
+Added: See Note 7 in the Notes to Consolidated Financial Statements (Unaudited) set forth in Part I of this report for further detail of our debt.
+Added: Assuming this level of borrowing, a hypothetical one-percentage point increase in the SOFR interest rate would increase our annual interest expense by approximately $1.8 million.
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.