6 unchanged sentences
(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).
−Removed: There was no outstanding balance on the revolving loan as of December 31, 2022.
−Removed: We are a party to a credit agreement with U.S.
−Removed: Bank consisting of $500 million and a maturity date of May 5, 2023.
−Removed: 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.
−Removed: The alternate base rate is determined by a pricing schedule (which is the highest of:
−Removed: (a) 0 percent, (b) U.S.
−Removed: 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).
−Removed: At December 31, 2022, there was $379 million outstanding on the revolving loan.
+Added: There was $160 million outstanding on the revolving credit facility as of December 31, 2023.
We are a party to the Note Purchase Agreement, as amended, with various institutional investors with fixed rates consisting of:
−Removed: (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: There was $500 million outstanding on the notes as of December 31, 2022.
−Removed: The fair value of the notes approximated $468.7 million as of December 31, 2022.
+Added: (i) $150 million of the company’s 4.26 percent Senior Notes, Series B, due August 27, 2028, and (ii) $175 million of the company’s 4.6 percent Senior Notes, Series C, due August 27, 2033.
+Added: There was $325 million outstanding on the Senior Notes as of December 31, 2023.
+Added: The fair value of the Senior Notes approximated $315.7 million as of December 31, 2023.
We issued Senior Notes through a public offering on April 9, 2018.
3 unchanged sentences
The carrying value of the Senior Notes was $595.9 million as of December 31, 2023.
−Removed: We are a party to a Receivables Securitization Facility with various lenders, that provides a total availability of up to $500 million.
−Removed: Interest accrues on the facility at variable rates based on Bloomberg Short Term Bank Yield Index (“BSBY”) plus a margin.
+Added: We are a party to a Receivables Securitization Facility with various lenders that provides an aggregate funding available of $500 million.
+Added: Interest accrues on the facility at variable rates based on SOFR plus a margin.
There was $499.5 million outstanding, net of unamortized issuance costs, on the Receivables Securitization Facility as of December 31, 2023.
4 unchanged sentences
We frequently transact using currencies other than the U.S.
−Removed: Dollar, primarily the Chinese Yuan, Euro, Canadian Dollar, and Mexican Peso.
−Removed: We operate through a network of offices in North America, Europe, Asia, Oceania, and South America.
+Added: Dollar, primarily the Chinese Yuan, Euro, Canadian Dollar, Mexican Peso, and Singapore Dollar.
+Added: We operate through a network of offices in North America, Europe, Asia, Oceania, South America, and the Middle East.
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.
8 unchanged sentences
Dollar compared to other currencies in which we transact.
−Removed: Our primary foreign exchange risks are associated with balances denominated in U.S.
−Removed: 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.
+Added: Our primary foreign exchange risks are associated with the U.S.
+Added: Dollar versus the Euro, Chinese Yuan, and Singapore Dollar.
All other things being equal, a hypothetical 10 percent weakening of the U.S.
1 unchanged sentence
Dollar against these on December 31, 2023, would have increased our net income by approximately $25.2 million.
+Added: We are also exposed to foreign exchange risk associated with the U.S.
+Added: Dollar versus the Hong Kong Dollar, although the Hong Kong Dollar is pegged to the U.S.
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.