6 unchanged sentences
We entered into our current credit facility on April 18, 2022, and simultaneously terminated our previous credit facility.
−Removed: The applicable interest rate for the outstanding borrowings under our credit facility as of December 31, 2022 and 2021 was approximately 6.3% and 2.4 %, respectively.
+Added: The applicable interest rate for the outstanding borrowings under our credit facility as of December 31, 2023 ranged between approximately 7.7% and 9.8%.
+Added: As of December 31, 2022, the interest rate was approximately 6.3%.
Amounts outstanding as of December 31, 2023 and 2022 were $119,750,000 and $138,360,000, respectively.
−Removed: A change of 100-basis points in market interest rates would cause an impact of approximately $1,384,000 to annual interest expense as of December 31, 2022.
+Added: Subsequent to year end and upon the closing of the sale of the Precision Sport segment, the Company terminated and settled all outstanding borrowings on our revolving credit facility and term debt under the Restated Credit Agreement.
Foreign Currency Risks
+Added: Our consolidated financial statements are denominated in, and our principal currency is, the U.S.
We transact business predominantly in U.S.
−Removed: dollars, Australian dollars, Euros, and Canadian dollars.
−Removed: Given the current geopolitical environment and other economic uncertainties worldwide, changes in the relation to these and other currencies to the U.S.
+Added: dollars, Australian dollars, Euros (EUR), and Canadian dollars ($CAD).
+Added: Given the current geopolitical environment and other economic uncertainties worldwide, changes in these and other currencies in relation to the U.S.
dollar will affect our sales and profitability and could result in exchange losses.
−Removed: For the year ending December 31, 2022, approximately 37% of our sales were denominated in foreign currencies (compared to 41% of our pro forma sales in the prior year), the most significant of which were the Australian Dollar, Euro, Canadian Dollar, Norwegian Kroner, and Swiss Franc.
−Removed: The primary purpose of our foreign currency hedging activities is to mitigate the foreign currency exchange rate exposure on the cash flows related to forecasted inventory purchases and sales.
+Added: For the year ending December 31, 2023, approximately 54% of our sales from continuing operations were denominated in foreign currencies (compared to 53% of our sales from continuing operations in the prior year), the most significant of which were the Australian Dollar, Euro, Canadian Dollar, Norwegian Kroner, and Swiss Franc.
+Added: Our Australian Dollar denominated expenses associated with our Australian operations (which include business operations and distribution facilities) provide a natural hedge for Australian Dollar denominated revenues.
+Added: The Company’s primary exchange rate risk management objective is to attempt to mitigate the uncertainty of anticipated cash flows attributable to changes in foreign currency exchange rates.
+Added: The Company primarily focuses on mitigating changes in cash flows resulting from sales denominated in currencies other than the U.S.
+Added: The Company manages this risk primarily by using currency forward and option contracts.
+Added: As of December 31, 2023 and 2022, we had entered into foreign currency forward contracts for Euros and Canadian dollars, which qualified as cash flow hedges.
+Added: As of December 31, 2023 and 2022, the aggregate notional amounts of Euro contracts were EUR 20,612,000 and EUR 20,760,000, respectively, and the aggregate notional amounts of Canadian dollar contracts were $CAD
+Added: 7,925,000 and $CAD 2,807,000, respectively.
A hypothetical 10% change in foreign currency rates would not have a material effect on foreign currency gains and losses related to the foreign currency derivatives or the net fair value of the Company’s foreign currency derivatives.
−Removed: We have not held a material amount of foreign assets during the years ended December 31, 2022, 2021, and 2020, and do not believe our foreign assets expose us to a material foreign currency risk.
+Added: Gains or losses on the fair value of derivative contracts would generally be offset by gains and losses on the underlying hedged transaction.
+Added: These offsetting gains and losses are not reflected above.
+Added: See Note 9 to our consolidated financial statements for additional discussion of our foreign currency contracts.
Derivative Instruments
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.