What changed 10-Q

Item 3. Quantitative and Qualitative Disclosures About Market Risk

2021-05-25 compared with 2021-02-23 · 9 added, 0 removed, 4 unchanged (69% of the section changed)

3 unchanged sentences

“Quantitative and Qualitative Disclosures About Market Risk” of the 2020 Form 10-K.

Interest Rate Risk.

We have interest rate risk relative to our outstanding borrowings under our revolving credit facility.

At April 30, 2021, the Company had outstanding borrowings of $614,395 (see Note 5 to the Condensed Consolidated Financial Statements).

Borrowings under the Company’s credit facility bear interest, at the Company’s election, either at the prime rate or LIBOR plus a percentage point spread based on certain specified financial ratios.

The Company’s policy has been to manage interest cost using a mix of fixed and variable rate debt (see Notes 5 and 6 to the Condensed Consolidated Financial Statements).

To manage this risk in a cost efficient manner, we have entered into interest rate swaps.

At April 30, 2021, $400,000 of the Company’s outstanding borrowings were swapped at a weighted average interest rate of 5.86% (see Note 6 to the Condensed Consolidated Financial Statements for information on the Company’s interest rate swaps).

At April 30, 2021, the weighted average interest rate on the remaining $214,395 of the Company’s outstanding borrowings was 3.69%.

The impact of a one-percentage point increase or decrease on the remaining $214,395 of our outstanding borrowings is approximately $2,200 on a pre-tax annualized basis.

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.