5 unchanged sentences
We manage our debt portfolio to achieve an overall desired proportion of fixed and floating rate debts and may employ interest rate swaps as a tool from time to time to achieve that position.
−Removed: To manage our interest rate risk exposure, we entered into three interest rate swap contracts to hedge the floating rate term loans.
+Added: To manage our interest rate risk exposure, we entered into four interest rate swap contracts to hedge the floating rate term loans.
See Note 9 - Derivative Financial Instruments to the consolidated financial statements in this Annual Report on Form 10-K for additional information.
−Removed: As of December 31, 2022, our aggregate floating rate debt’s outstanding principal balance without hedging was $164.8 million, or 94.1% of total debt, consisting of long-term debt and revolving line of credit (see Note 11 - Debt to the consolidated financial statements in this Annual Report on Form 10-K).
+Added: As of December 31, 2023, our aggregate floating rate debt’s outstanding principal balance without hedging was $60.8 million, or 35.2% of total debt, consisting primarily of our revolving line of credit (see Note 10 - Debt to the consolidated financial statements in this Annual Report on Form 10-K).
Our floating rate debt interest is based on the floating 1-month SOFR plus a predetermined credit adjustment rate plus the bank spread.
−Removed: The remaining 5.9% of our debt are on a fixed rate or a floating rate with hedging.
+Added: The remaining 64.8% of our debt is on a fixed rate or a floating rate with hedging.
In a hypothetical scenario, a 1% change in the applicable rate would cause the interest expense on our floating rate debt to change by approximately $0.6 million per year.
Fuel Price Risk
−Removed: We are also exposed to fluctuations risk in the price and availability of diesel fuel.
+Added: We are also exposed to risks relating to fluctuations in the price and availability of diesel fuel.
We require significant quantities of diesel fuel for our vehicle fleet, and the inbound delivery of the products we sell is also dependent upon shipment by diesel-fueled vehicles.
−Removed: We currently are able to obtain adequate supplies of diesel fuel, and average prices in 2022 increased 52.1%, compared to average prices in 2021.
+Added: Additionally, elevated fuel costs can negatively impact consumer confidence and discretionary spending and thus reduce the frequency and amount spent by consumers for food-away-from-home purchases.
+Added: We currently are able to obtain adequate supplies of diesel fuel, and average prices in 2023 decreased in comparison to average prices in 2022, decreasing 15.5% on average.
However, it is impossible to predict the future availability or price of diesel fuel.
4 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.