6 unchanged sentences
However, we do not recover all of the fuel cost increase through these surcharge programs.
−Removed: As of September 30, 2022, we had no derivative financial instruments to reduce our exposure to fuel price fluctuations.
+Added: As of March 31, 2023, 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 $0.7 million and $1.1 million for the third quarter 2022 and 2021, respectively.
−Removed: These were recorded in accumulated other comprehensive loss within stockholders’ equity in the consolidated condensed balance sheets.
+Added: Foreign currency translation gains were $3.0 million and $1.2 million for first quarter 2023 and 2022, respectively, and were recorded in accumulated other comprehensive loss within stockholders’ equity in the consolidated condensed balance sheets.
Interest Rate Risk
We manage interest rate exposure through a mix of variable interest rate debt and interest rate swap agreements.
−Removed: We had $150 million of variable interest rate debt outstanding at September 30, 2022, for which the interest rate is effectively fixed at 2.31% through May 2024 with two interest rate swap agreements to reduce our exposure to interest rate increases.
−Removed: In addition, we had $330 million of variable interest rate debt outstanding at September 30, 2022.
−Removed: Interest rates on the variable rate debt and our unused credit facilities are based on the Secured Overnight Financing Rate (“SOFR”).
+Added: We had $150.0 million of variable interest rate debt outstanding at March 31, 2023, for which the interest rate is effectively fixed at 2.88% through May 2024 with two interest rate swap agreements to reduce our exposure to interest rate increases.
+Added: In addition, we had $450.0 million of variable interest rate debt outstanding at March 31, 2023.
+Added: The interest rates on our credit facility are based on Secured Overnight Financing Rate (“SOFR”).
See Note 9 in the Notes to Consolidated Financial Statements (Unaudited) set forth in Part I of this report for further detail of our debt.
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.