5 unchanged sentences
The Company’s functional currency is the U.S.
−Removed: The Company has foreign operations through its acquisitions, investments and strategic alliances in the U.K., Mexico, Canada, Hong Kong and China;
+Added: The Company has foreign operations through its acquisitions, investments and strategic alliances in the U.K., Netherlands, Mexico, Canada, Australia, New Zealand, Hong Kong and China;
therefore, the Company is subject to increases and decreases in its investments resulting from the impact of fluctuations in foreign currency exchange rates.
9 unchanged sentences
dollar as the functional and reporting currency, would result in an increase of approximately $0.8 million in SG&A expenses.
−Removed: 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.
−Removed: Fluctuations in the value of certain foreign currencies as compared to the USD may positively or negatively affect the Company’s revenues, gross margins, operating expenses, and retained earnings, all of which are expressed in USD.
−Removed: 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 than 18 months to protect against currency exchange risks associated with the payment of merchandise purchases to foreign suppliers.
−Removed: 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.
+Added: To reduce the impact of changes in foreign currency exchange rates on its results, from time to time the Company is a party to certain foreign exchange contracts, primarily to offset the earnings impact related to fluctuations in foreign currency exchange rates associated with inventory purchases.
+Added: The Company designates these contracts for accounting purposes as cash flow hedges.
+Added: The Company purchases foreign currency forward contracts with terms less than 18 months.
The aggregate gross notional values of foreign exchange contracts at December 31, 2024 and 2023 was $8.0 million and $9.8 million, respectively.
2 unchanged sentences
therefore, the Company is subject to increases and decreases in interest expense resulting from fluctuations in interest rates.
−Removed: The Company entered into interest rate swap agreements in June 2019, to manage interest rate exposure in connection with its variable interest rate borrowings with an aggregate notional value of $25.0 million at December 31, 2023.
+Added: The Company entered into interest rate swap agreements in June 2019, March 2024, and October 2024, to manage interest rate exposure in connection with its variable interest rate borrowings with an aggregate notional value of $75.0 million at December 31, 2024.
As of December 31, 2024, approximately $110.2 million of the Company’s debt carries a variable rate of interest, as compared to $185.4 million at December 31, 2023.
The remainder of the debt at December 31, 2024 (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
−Removed: in the Company’s variable interest rates would increase interest expense by approximately $2.3 million over a 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 $2.2 million over a twelve month period.
The sensitivity analysis above assumes interest rate changes are instantaneous and parallel shifts in the yield curve occur.
7 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.