5 unchanged sentences
We implemented customer fuel surcharge programs with most of our customers to offset much of the higher fuel cost per gallon.
−Removed: However, we do not recover all of the
−Removed: fuel cost increase through these surcharge programs.
−Removed: As of June 30, 2023, we had no derivative financial instruments to reduce our exposure to fuel price fluctuations.
+Added: However, we do not recover all of the fuel cost increase through these surcharge programs.
+Added: As of September 30, 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 gains were $2.7 million for second quarter 2023 and losses were $47 thousand for second quarter 2022.
−Removed: These gains and losses were recorded in accumulated other comprehensive loss within stockholders’ equity in the consolidated condensed balance sheets.
+Added: Foreign currency translation losses were $1.3 million and $0.7
+Added: million for third quarter 2023 and third quarter 2022, respectively.
+Added: These losses 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 $150.0 million of variable interest rate debt outstanding at June 30, 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.
−Removed: Subsequent to the end of the quarter, in July 2023, we entered into four additional variable-for-fixed interest rate swap agreements for a notional amount of $130.0 million to further limit our exposure to increases in interest rates on a portion of our variable-rate indebtedness (see Note 13 in the Notes to Consolidated Financial Statements (Unaudited) set forth in Part I of this report for additional information regarding these swap agreements).
−Removed: In addition, we had $450.0 million of variable interest rate debt outstanding at June 30, 2023.
+Added: We had $280.0 million of variable interest rate debt outstanding at September 30, 2023, for which the interest rate is effectively fixed at 4.31% with interest rate swap agreements to reduce our exposure to interest rate increases.
+Added: In addition, we had $320.0 million of variable interest rate debt outstanding at September 30, 2023.
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.
−Removed: Assuming this level of borrowing, a hypothetical one-percentage point increase in the SOFR interest rate would increase our annual interest expense by approximately $4.5 million.
+Added: Assuming this level of borrowing, a hypothetical one-percentage point increase in the SOFR interest rate would increase our interest expense by approximately $4.1 million for the next 12-month period.
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.