3 unchanged sentences
The primary market risks associated with these investments are liquidity risks.
−Removed: We are a party to a credit agreement with various lenders consisting of a $1 billion revolving loan facility.
−Removed: Interest accrues on the revolving loan at a variable rate determined by a pricing schedule or the base rate (which is the highest of (a) the administrative agent's prime rate, (b) the federal funds rate plus 0.50 percent, or (c) the sum of one-month LIBOR plus a specified margin).
+Added: We are a party to a credit agreement with various lenders consisting of a $1 billion revolving credit facility.
+Added: Interest accrues on the revolving loan at a variable rate determined by a pricing schedule or the base rate (which is the highest of:
+Added: (a) the administrative agent's prime rate, (b) the federal funds rate plus 0.50 percent, or (c) the sum of one-month SOFR plus a specified margin).
+Added: There was no outstanding balance on the revolving loan as of December 31, 2022.
+Added: We are a party to a credit agreement with U.S.
+Added: Bank consisting of $500 million and a maturity date of May 5, 2023.
+Added: Interest accrues at an alternate base rate plus a margin or a term SOFR-based rate plus a margin of 0.625 percent to 1.25 percent.
+Added: The alternate base rate is determined by a pricing schedule (which is the highest of:
+Added: (a) 0 percent, (b) U.S.
+Added: Bank’s prime rate, (c) the federal funds effective rate plus 0.50 percent, or (d) a term SOFR-based rate plus 1.00 percent).
At December 31, 2022, there was $379 million outstanding on the revolving loan.
1 unchanged sentence
(i) $175 million of the company’s 3.97 percent Senior Notes, Series A, due August 27, 2023, (ii) $150 million of the company’s 4.26 percent Senior Notes, Series B, due August 27, 2028, and (iii) $175 million of the company’s 4.6 percent Senior Notes, Series C, due August 27, 2033.
−Removed: At December 31, 2021, there was $500 million outstanding on the notes.
+Added: There was $500 million outstanding on the notes as of December 31, 2022.
+Added: The fair value of the notes approximated $468.7 million as of December 31, 2022.
We issued Senior Notes through a public offering on April 9, 2018.
2 unchanged sentences
The fair value of the Senior Notes, excluding debt discounts and issuance costs, approximated $569.5 million as of December 31, 2022, based primarily on the market prices quoted from external sources.
−Removed: The carrying value of the Senior Notes was $594.2 million at December 31, 2021.
−Removed: We are a party to a Receivables Securitization Facility, with various lenders, that provides a total availability of up to $300 million and funded at $300 million as of December 31, 2021.
+Added: The carrying value of the Senior Notes was $595.0 million as of December 31, 2022.
+Added: We are a party to a Receivables Securitization Facility with various lenders, that provides a total availability of up to $500 million.
Interest accrues on the facility at variable rates based on Bloomberg Short Term Bank Yield Index (“BSBY”) plus a margin.
−Removed: At December 31, 2021, there was $299.5 million outstanding, net of unamortized issuance costs, on the Receivables Securitization Facility.
−Removed: On February 1, 2022, we amended the Receivables Securitization Facility primarily to increase the total availability from $300 million to $500 million pursuant to the provisions of the existing agreement.
−Removed: T able of Contents
+Added: There was $499.7 million outstanding, net of unamortized issuance costs, on the Receivables Securitization Facility as of December 31, 2022.
A hypothetical 100-basis-point change in the interest rate would not have a material effect on our earnings.
1 unchanged sentence
A rise in interest rates could negatively affect the fair value of our debt facilities.
−Removed: Foreign Exchange
−Removed: We operate through a network of offices in North America, Europe, Asia, Oceania, and South America.
−Removed: As a result, we frequently transact using currencies other than the U.S.
+Added: Foreign Exchange Risk
+Added: We frequently transact using currencies other than the U.S.
Dollar, primarily the Chinese Yuan, Euro, Canadian Dollar, and Mexican Peso.
−Removed: This often results in assets and liabilities, including intercompany balances, denominated in a currency other than the functional currency.
+Added: We operate through a network of offices in North America, Europe, Asia, Oceania, and South America.
+Added: Due to the global nature of our business, we use our expertise and global logistics platform to connect shippers with transportation providers that are in different parts of the world to efficiently and cost-effectively move our customers’ freight.
+Added: This often results in a shipment involving multiple parties, currencies, and participating C.H.
+Added: Robinson offices.
+Added: This global cooperation often results in assets and liabilities, including intercompany balances, denominated in a currency other than the functional currency.
In these instances, most commonly, we have balances denominated in U.S.
Dollars in regions where the U.S.
−Removed: Dollar is not the functional currency.
+Added: Dollar is not the functional currency, and vice versa.
This results in foreign exchange risk.
1 unchanged sentence
Dollar compared to other currencies in which we transact.
−Removed: Our primary foreign exchange risk is associated with balances denominated in U.S.
−Removed: Dollars held in China where the functional currency is the Chinese Yuan.
+Added: Our primary foreign exchange risks are associated with balances denominated in U.S.
+Added: Dollars held in China where the functional currency is the Chinese Yuan and balances denominated in Euro and Chinese Yuan held in entities where the functional currency is U.S.
All other things being equal, a hypothetical 10 percent weakening of the U.S.
−Removed: Dollar against the Chinese Yuan on December 31, 2021, would have decreased our net income by approximately $16.1 million and a hypothetical 10 percent strengthening of the U.S.
−Removed: Dollar against the Chinese Yuan on December 31, 2021, would have increased our net income by approximately $13.2 million.
−Removed: T able of Contents
+Added: Dollar against these currencies on December 31, 2022 would have decreased our net income by approximately $20.4 million and a hypothetical 10 percent strengthening of the U.S.
+Added: Dollar against these on December 31, 2022 would have increased our net income by approximately $16.2 million.
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.