1 unchanged sentence
There have been no material changes in our quantitative and qualitative market risks since July 30, 2021.
−Removed: For a discussion of the Company’s exposure to market risk, refer to the Company’s market risk disclosures set forth in Part II, Item 7A.
+Added: For a discussion of the Company’s exposure to market risk, refer to the Company’s market
+Added: risk disclosures set forth in Part II, Item 7A.
“Quantitative and Qualitative Disclosures About Market Risk” of the 2021 Form 10-K.
1 unchanged sentence
We have interest rate risk relative to our outstanding borrowings under our revolving credit facility.
−Removed: At April 30, 2021, the Company had outstanding borrowings of $614,395 (see Note 5 to the Condensed Consolidated Financial Statements).
−Removed: 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.
−Removed: 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).
−Removed: To manage this risk in a cost efficient manner, we have entered into interest rate swaps.
−Removed: 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).
−Removed: At April 30, 2021, the weighted average interest rate on the remaining $214,395 of the Company’s outstanding borrowings was 3.69%.
−Removed: 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.
+Added: At October 29, 2021, our
+Added: outstanding borrowings totaled $85,000 under our revolving credit facility (see Note 4 to the Condensed Consolidated Financial Statements).
+Added: Loans under the 2019 Revolving Credit Facility bear interest, at our election, either at the prime rate or
+Added: LIBOR plus a percentage point spread based on certain specified financial ratios.
+Added: Our policy has been to manage interest cost using a mix of fixed and variable rate debt (see Note 4 to our Condensed Consolidated Financial Statements).
+Added: fourth quarter of 2021, we issued and sold the Notes, which bear cash interest at a fixed rate of 0.625% per annum.
+Added: The impact of a one-percentage point increase or decrease in the $85,000 of our outstanding borrowings under our revolving credit facility is approximately $850 on a pre-tax annualized basis.
+Added: In the fourth quarter of 2021, the Company issued the Notes and entered into the Convertible Note Hedge Transactions and the Warrant
+Added: Transactions with the Hedge Counterparties.
+Added: Subject to the changes in the market price of the Company’s common stock price, the Company could be exposed to credit risk arising out of the net settlement of the Convertible Note Hedge Transactions
+Added: and the Warrant Transactions in its favor.
+Added: Based on the Company’s review of the possible net settlements and the creditworthiness of the Hedge Counterparties and their affiliates, the Company believes it does not have a material exposure to credit
+Added: risk as a result of these transactions at this time.
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.