14 unchanged sentences
dollar for such purchases.
−Removed: In the Company’s consolidated
−Removed: statements of operations, foreign exchange gains and losses are recognized in SG&A expense.
+Added: In the Company’s consolidated 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.
3 unchanged sentences
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 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.
+Added: The Company purchases foreign currency forward contracts with terms less than 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 aggregate gross notional values of foreign exchange contracts at December 31, 2021 was $22.6 million.
−Removed: The Company had no outstanding foreign exchange contracts at December 31, 2020.
+Added: The aggregate gross notional values of foreign exchange contracts at December 31, 2022 and 2021 was $6.3 million and $22.6 million, respectively.
The Company’s ABL Agreement and Term Loan bear interest at variable rates.
−Removed: The Credit Agreement provides for interest rates linked to one of the LIBOR, the Prime Rate or the Federal Funds Rate;
+Added: The Credit Agreement provides for interest rates linked to one of the SOFR, the Prime Rate or the Federal Funds Rate;
therefore, the Company is subject to increases and decreases in interest expense resulting from fluctuations in interest rates.
2 unchanged sentences
As of December 31, 2022, approximately $206.3 million of the Company’s debt carries a variable rate of interest, as compared to $177.1 million at December 31, 2021.
−Removed: 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.
+Added: The remainder of the debt at December 31, 2022
+Added: (approximately $50.0 million) carries a fixed rate of interest through the use of interest rate swaps.
A hypothetical and instantaneous 100 basis point increase in the Company’s variable interest rates would increase interest expense by approximately $2.6 million over a twelve month period.
8 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.