14 unchanged sentences
dollar for such purchases.
−Removed: In the Company’s consolidated statements of operations, foreign exchange gains and losses are recognized in SG&A expense.
+Added: In the Company’s consolidated
+Added: statements of operations, foreign exchange gains and losses are recognized in SG&A expense.
A hypothetical 10% change in exchange rates, with the U.S.
−Removed: dollar as the functional and reporting currency, would result in an approximately $1.6 million increase in SG&A expenses.
+Added: dollar as the functional and reporting currency, would result in an increase of approximately $4.4 million in SG&A expenses.
The Company is a party from time to time to certain foreign exchange contracts, primarily to offset the earnings impact related to fluctuations in foreign currency exchange rates associated with inventory purchases denominated in foreign currencies.
1 unchanged sentence
Where the Company deems it prudent, the Company engages in hedging programs using foreign currency forward contracts aimed at limiting the impact of foreign currency exchange rate fluctuations on earnings.
−Removed: The Company purchases short-term (i.e., 12 months or less) foreign currency forward contracts to protect against currency exchange risks associated with the payment of merchandise purchases to foreign suppliers.
+Added: The Company purchases foreign currency forward contracts with terms less then 18 months to protect against currency exchange risks associated with the payment of merchandise purchases to foreign suppliers.
The Company does not hedge the translation of foreign currency profits into USD, as the Company regards this as an accounting exposure rather than an economic exposure.
−Removed: The Company's foreign exchange contracts, that had been designed as hedges in order to apply hedge accounting, matured in April 2020.
−Removed: At December 31, 2020, the Company had no outstanding foreign exchange contracts.
The aggregate gross notional values of foreign exchange contracts at December 31, 2021 was $22.6 million.
+Added: The Company had no outstanding foreign exchange contracts at December 31, 2020.
The Company’s ABL Agreement and Term Loan bear interest at variable rates.
5 unchanged sentences
The remainder of the debt at December 31, 2021 (approximately $75.0 million) carries a fixed rate of interest through the use of interest rate swaps.
−Removed: A hypothetical and instantaneous 100 basis point increase in the Company’s variable interest rates would increase interest expense by approximately $2.8 million over a
−Removed: twelve month period.
+Added: A hypothetical and instantaneous 100 basis point increase in the Company’s variable interest rates would increase interest expense by approximately $2.4 million over a twelve month period.
The sensitivity analysis above assumes interest rate changes are instantaneous and parallel shifts in the yield curve occur.
3 unchanged sentences
The Company does not enter into derivative financial instruments for trading purposes.
+Added: Financial Statements and Supplementary Data
+Added: The Company’s consolidated financial statements and accompanying notes listed in Part IV, Item 15 commencing on page F-1 are incorporated herein by reference.
+Added: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
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.