3 unchanged sentences
These risks primarily include interest rate sensitivities.
−Removed: As of March 31, 2024 and December 31, 2023 , the outstanding amounts related to our 2020 Credit Facility incur interest fees at variable interest rates and are affected by changes in the general level of market interest rates.
−Removed: However, there was zero outstanding balance on the 2020 Credit Facility as of March 31, 2024 and December 31, 2023.
+Added: As of June 30, 2024 and December 31, 2023, the outstanding amounts related to our 2020 Credit Facility incur interest fees at variable interest rates and are affected by changes in the general level of market interest rates.
+Added: However, there was zero outstanding balance on the 2020 Credit Facility as of June 30, 2024 and December 31, 2023.
Foreign Currency Exchange Risk
3 unchanged sentences
We generally target to hedge a majority of our forecasted yearly foreign currency exchange exposure through a 24-month rolling layered approach and leave a portion of our currency forecast floating at spot rate.
−Removed: Our currency forecast and hedge positions are reviewed quarterly.
+Added: Our currency forecast and hedge
+Added: positions are reviewed quarterly.
The gains and losses on the forward contracts associated with our balance sheet positions are recorded in ‘‘Other income (expense), net” in the condensed consolidated statements of operations appearing elsewhere in this Quarterly Report on Form 10-Q.
−Removed: The total notional values of our forward exchange contracts were $105.0 million and $121.0 million as of March 31, 2024 and December 31, 2023, respectively.
−Removed: The derivatives on the forward exchange contracts resulted in an unrealized loss of $(2.5) million for the three months ended March 31, 2024, and we estimate that a 10% strengthening or weakening of the U.S.
+Added: The total notional values of our forward exchange contracts were $101.8 million and $121.0 million as of June 30, 2024 and December 31, 2023, respectively.
+Added: The derivatives on the forward exchange contracts resulted in an unrealized loss of $(8.5) million for the six months ended June 30, 2024, and we estimate that a 10% strengthening or weakening of the U.S.
dollar would have resulted in an approximately $0.3 million gain or loss.
A portion of our cash and cash equivalents are denominated in foreign currencies.
−Removed: As of March 31, 2024, a 1% change in the value of the U.S.
+Added: As of June 30, 2024, a 1% change in the value of the U.S.
dollar compared to foreign currencies would have caused our cash and cash equivalents to decrease or increase by $0.1 million.
5 unchanged sentences
More specifically, we source a large amount of our finished goods from international countries, which exposes us to international supply chain inflation, particularly ocean freight.
−Removed: In the three months ended March 31, 2024, general inflationary pressures continue to increase the other elements of our cost of goods and operating expenses.
+Added: In the six months ended June 30, 2024, general inflationary pressures continue to increase the other elements of our cost of goods and operating expenses.
We are exposed to concentration of credit risk from our major customers.
−Removed: In the three months ended March 31, 2024, sales to two customers represented approximately 47% of our consolidated net sales.
+Added: In the six months ended June 30, 2024, sales to two customers represented approximately 49% of our consolidated net sales.
We have not experienced credit issues with these customers.
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.