4 unchanged sentences
We do not enter into derivatives or other financial instruments for trading or speculative purposes.
+Added: Commodity Price Risk
Our costs are affected by inflation in the U.S.
2 unchanged sentences
Generally, as we experience fluctuations in our costs, we reflect these increases in costs as price increases to our customers with the goal of being margin neutral.
−Removed: Currently, as a result of supply chain challenges, we are experiencing higher raw material costs.
+Added: We are currently experiencing higher raw material, freight, and logistics costs than we have seen in recent years, which we have been able to recover with pricing actions.
Further, increases in U.S.
4 unchanged sentences
The Company monitors the impact of tariffs and actively works to mitigate this impact through material productivity actions and pricing strategies.
−Removed: We have been, and may continue in future periods to be, materially and adversely impacted by the effects of the COVID-19 pandemic.
−Removed: In addition to global macroeconomic effects, the COVID-19 pandemic and any other related adverse public health developments have caused, and are expected to continue to cause, disruption to both our domestic and international operations and sales activities.
−Removed: The continued operation of our facilities is subject to local laws and regulations.
−Removed: While all of our facilities have been deemed essential under applicable law, there is no guarantee this will continue.
−Removed: Although we have thus far had no significant operating disruptions due to the pandemic, like all companies, the apparent increased contagiousness of the Omicron variant and subsequent variants poses risk to the availability of our workforce.
−Removed: Our third-party manufacturers, suppliers, distributors, sub-contractors and customers have been, and may in the future continue to be, disrupted by worker absenteeism, quarantines and restrictions on their employees’ ability to work, office and factory closures, disruptions to ports and other shipping infrastructure, border closures, and other travel or health-related restrictions.
−Removed: Depending on the magnitude of such effects on our manufacturing operations or the operations of our suppliers, third-party distributors, or sub-contractors, our supply chain, manufacturing and product shipments have been, and in the future may continue to be, delayed, which could adversely affect our business, operations, and customer relationships.
−Removed: In addition, COVID-19 or other disease outbreaks have in the short-run and may over the longer term adversely affect the economies and financial markets of many countries and have caused inflationary pressures in the U.S.
−Removed: and elsewhere, which could result in an economic downturn that could affect demand for our products and impact our operating results.
−Removed: There can be no assurance that any decrease in sales resulting from the COVID-19 pandemic will be offset by increased sales in subsequent periods.
−Removed: Although the magnitude of the impact of the COVID-19 pandemic on our business and operations remains uncertain, the continued spread of the COVID-19 or the occurrence of other epidemics and the imposition of related public health measures and travel and business restrictions has, and may in the future continue to, adversely impact our business, financial condition, operating results and cash flows.
+Added: Foreign Currency Exchange Risk
In fiscal 2023, 39% of our net sales were from manufacturing plants and sales offices in foreign jurisdictions.
12 unchanged sentences
In addition, the majority of our export sale transactions are denominated in U.S.
−Removed: We believe that our exposure to the Russia and Ukraine conflict is not significant, as our entity in Russia had income from operations of $400,000 in fiscal year 2022 and had total assets of approximately $1,000,000 as of March 31, 2022.
The Company has a cross currency swap agreement that is designated as a cash flow hedge to hedge changes in the value of an intercompany loan to a foreign subsidiary due to changes in foreign exchange rates.
2 unchanged sentences
During fiscal 2022, the Company modified the cross currency swap by extending it to fiscal year 2028, matching the intercompany loan.
−Removed: The Company has concluded that the transaction to modify the cross currency swap, as
−Removed: well as the modified swap, maintained hedge accounting.
+Added: The Company has concluded that the transaction to modify the cross currency swap, as well as the modified swap, maintained hedge accounting.
The modified cross currency swap is considered to have an other than insignificant financing element.
4 unchanged sentences
From its March 31, 2023 balance of AOCL, the Company expects to reclassify approximately $68,000 out of AOCL during the next 12 months based on the expected sales of the goods purchased.
+Added: Interest Rate Risk
The Company's policy is to maintain a capital structure that is comprised of 50-70% of fixed rate long-term debt and 30-50% of variable rate long-term debt.
The Company has three interest rate swap agreements in which the Company receives interest at a variable rate and pays interest at a fixed rate.
−Removed: The third interest rate swap agreement was entered into in fiscal year 2022 as a result of the additional debt from the Dorner and Garvey acquisitions.
−Removed: These interest rate swap agreements are designated as cash flow hedges to hedge changes in interest expense due to changes in the variable interest rate of the senior secured term loan.
+Added: The third interest rate swap agreement was entered into in fiscal 2022 as a result of the additional debt incurred from the Dorner and Garvey acquisitions.
+Added: These interest rate swap agreements are designated as cash flow hedges to hedge changes in interest expense due to changes in the variable interest rate of the senior secured term
The amortizing interest rate swaps mature by February 28, 2025 and had a total notional amount of $273,591,000 as of March 31, 2023.
2 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.