3 unchanged sentences
Interest Rate Risk
−Removed: The Credit Facilities bear interest at a floating rate.
+Added: The Credit Facilities, excluding our Senior Notes, bear interest at a floating rate.
The ABL Credit Facility bears interest at a floating rate of LIBOR plus an applicable margin.
−Removed: The First Lien Term Loan Facility bears interest at the greater of LIBOR or 1.00% plus an applicable margin.
−Removed: As a result, we are exposed to fluctuations in interest rates to the extent of our net borrowings under the Credit Facilities, which were $811.5 million at September 30, 2020 .
+Added: The Senior Secured Term Loan Facility bears interest at the greater of LIBOR or 1.00% plus an applicable margin.
+Added: As a result, we are exposed to fluctuations in interest rates to the extent of our net borrowings under the New Senior Secured Term Loan, which were $373.0 million at September 30, 2021.
As of September 30, 2021, LIBOR exceeded 1.00%;
−Removed: therefore, each one percentage point change in interest rates would result in an approximately $8.2 million change in the annual interest expense on our First Lien Term Loan Facility.
+Added: therefore, each one percentage point change in interest rates would result in an approximately $3.8 million change in the annual interest expense on our Senior Secured Term Loan Facility.
As of September 30, 2021, assuming availability was fully utilized, each one percentage point change in interest rates would result in an approximately $3.3 million change in annual interest expense on the ABL Credit Facility.
4 unchanged sentences
However, no single customer comprised more than 10% of our consolidated net sales in fiscal 2021, 2020 or 2019.
+Added: As of September 30, 2021, CED National represented 11% of the Company’s accounts receivable, with no significant amounts past due.
As of September 30, 2020, one customer, Sonepar Management US, Inc., represented 11% of the Company’s accounts receivable balance due to increased sales in the last 60 days of the year.
−Removed: As of September 30, 2019, no single customer represented more than 10% of the Company's accounts receivable balance.
See Note 17, “Segment Information” to the accompanying consolidated financial statements included elsewhere in this Annual Report.
7 unchanged sentences
We seek to minimize the effects of inflation and changing prices through economies of purchasing and inventory management resulting in cost reductions and productivity improvements as well as price increases to maintain reasonable gross margins.
−Removed: Such commodity price fluctuations have from time to time produced volatility in our financial performance and could do so in the future.
+Added: Such commodity price fluctuations continue to cause volatility in our financial performance and could do so in the future.
+Added: “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for further details.
Foreign Currency Risk
5 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.