8 unchanged sentences
To manage its exposure to variable interest rates in a cost-efficient manner, the Company enters into interest rate swaps in which the Company agrees to exchange, at specified intervals, the difference between fixed and variable interest amounts calculated by reference to an agreed-upon notional principal amount.
−Removed: The Company entered into an interest rate swap agreement to fix the interest rate on an initial aggregate amount of $73.1 million, which is 50% of the outstanding Term Loan Facility as of December 31, 2021 thereby reducing exposure to interest rate changes.
+Added: The Company entered into an interest rate swap agreement to fix the interest rate on approximately 50% of the outstanding Term Loan Facility, which was an initial aggregate amount of $87.5 million thereby reducing exposure to interest rate changes.
A change in our variable interest rate of 100 basis points for a full twelve-month period would have an approximate $1.0 million impact on interest expense assuming approximately 50% of our average fiscal 2022 variable-rate term loan debt had not been hedged via an interest rate swap agreement.
−Removed: In connection with the transition away from the use of the London interbank offered rate (LIBOR) as an interest rate benchmark, the United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that for U.S.
−Removed: dollar LIBOR, the cessation date has been deferred to June 30, 2023 for the most commonly used tenors (overnight and one, three, six and 12 months).
−Removed: Prior to the USD LIBOR ceasing to be published or no longer represented, we will work with our credit lending banks and expect to come to an agreement to replace the benchmark rate on our floating rate debt to be in line with the industry recommended benchmark replacement, which is likely the Secured Overnight Financing Rate (SOFR) plus a spread adjustment.
−Removed: Additionally, with respect to our interest rate swaps, we are managing the transition from LIBOR based on industry-wide LIBOR reform efforts, including the LIBOR protocols issued by the International Swaps and Derivatives Association.
−Removed: We are in the process of managing the transition, and any financial impact will be accounted for under Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848):
−Removed: Facilitation of the Effects of Reference Rate Reform on Financial Reporting .
Foreign Currency Risk
3 unchanged sentences
The contracts typically run from one month up to eighteen months.
−Removed: To mitigate our exposure to Mexican Pesos, where we have our greatest exposure, we have entered into multiple monthly forward exchange contracts that have been designated as cash flow hedge instruments which are recorded in the Consolidated Balance Sheets at fair value.
+Added: To mitigate our exposure to Mexican Pesos,
+Added: where we have our greatest exposure, we have entered into multiple monthly forward exchange contracts that have been designated as cash flow hedge instruments which are recorded in the Consolidated Balance Sheets at fair value.
Noncash gains and losses are deferred in accumulated other comprehensive loss and recognized when settled in our Consolidated Statements of Operations.
13 unchanged sentences
Dollar against the respective foreign currency.
−Removed: The principal currencies of exposure are the Mexican Peso, Chinese Yuan, British Pound, Euro, Czech Koruna, Australian Dollar, Japanese Yen, Indian Rupee, Thai Baht, and Ukrainian Hryvnia.
+Added: The principal currencies of exposure are the Mexican Peso, Chinese Yuan, British Pound, Euro, Czech Koruna, Australian Dollar, Indian Rupee, Thai Baht, and Ukrainian Hryvnia.
Foreign currency translation adversely impacted fiscal year 2022 revenues by $18.6 million.
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.